BANGKOK (Reuters) – Thailand’s economic system expanded slowly in February with progress within the service sector and a rise in vacationer arrivals offseting a fall in exports from the earlier month, the Financial institution of Thailand (BOT) stated on Friday.
Thailand recorded a present account surplus of $2 billion in February, after a deficit of $0.2 billion within the earlier month, the BOT stated.
There have been 8.73 million overseas vacationer arrivals in Thailand this yr as much as March 24, up 44% year-on-year, with guests from China reaching 1.63 million, tourism ministry information confirmed.
The federal government is aiming for a file of 40 million overseas guests this yr following the 28 million in 2023.
The economic system in March shall be helped by tourism, however export restoration and industrial manufacturing should be carefully monitored, Assistant Governor Chayawadee Chai-Anant instructed a briefing.
The BOT is monitoring the worldwide financial restoration, authorities spending and financial stimulus measures, she added.
Southeast Asia’s second-largest economic system unexpectedly shrank 0.6% within the remaining quarter of 2023 from the third, with full-year progress at 1.9%, decrease than the two.5% progress in 2022.
Final month, the central financial institution lowered its 2024 progress outlook to 2.5%-3.0% from 3.2%.
Automobile manufacturing in regional autos hub Thailand fell 19.28% in February from a yr earlier, largely because of a decline in manufacturing of pickup vans and extra imported electrical automobiles (EVs), an area trade group stated.
This week, BOT Governor Sethaput Suthiwartnarueput stated first-quarter gross home product was “not prone to look fairly” however drag elements would ease later within the yr, and the BOT should make sure the coverage price was applicable for supporting long-term progress.
Regardless of authorities strain to ease coverage, the BOT final month left its key rate of interest unchanged at 2.50%, the very best in additional than a decade, in a break up vote. It can subsequent evaluation financial coverage on April 10.
(Reporting by Orathai Sriring and Kitiphong Thaichareon; Writing by Chayut Setboonsarng; Modifying by Martin Petty)
