BANGKOK, Dec 27 — Thailand's economy slowed in November compared to the previous month as reduced private consumption and investment offset continued growth in tourism and exports, according to the country's central bank today, reported Xinhua.
The Bank of Thailand (BOT) said that private consumption saw a decline last month due to lower spending on both non-durable and durable goods after experiencing significant growth in October, driven by the government's cash handout programme.
In a statement, it said private investment also contracted, with declines seen in machinery, equipment and construction. Lower commercial vehicle registrations and reduced imports of capital goods were key contributors to the slowdown.
BOT senior director Pranee Sutthasri said Thailand's vital tourism sector continued its recovery in November, with an increase in foreign tourist arrivals from key markets like India, Japan, and China.
Merchandise exports expanded last month, driven by automotive and agro-manufacturing products as passenger car and pickup truck shipments surged, alongside shipments of synthetic rubber.
Speaking at a press conference, she noted that the tourism and service sectors remain a key driver for the economic activities going forward, while exports continue to grow. However, industrial production remains under pressure from structural factors and rising competition.
— Bernama
