Tuesday, June 18, 2024

Thai economy improved in April with growth driven by tourist arrivals

Thai economy improved in April with growth driven by increased tourist arrivals, boosting service sector. Domestic demand saw an upswing in private consumption and investment amid positive indicators in exports, inflation, and labor market.

Thai Economy Improvement in April

In April, the Thai economy witnessed improvement, driven by growth in the service sector attributed to an increase in tourist arrivals. Domestic demand also showed a positive trend, with a rise in private consumption and investment. Additionally, positive indicators were seen in exports, inflation, and the labor market.

Key Takeaways

Foreign tourist arrivals, particularly from Muslim tourists, Chinese, and Russian visitors, increased in April. Private consumption and investment indicators showed growth, while consumer confidence was slightly impacted by economic recovery concerns. Private investment in machinery, equipment, and construction sectors increased alongside manufacturing production.

Summary

The Thai economy exhibited improvement with a continued expansion in the service sector, driven by tourist arrivals post-Ramadan. Private consumption and investment picked up, while exports of goods increased with higher manufacturing production. However, government spending contracted due to delays in the Budget Act. Inflation turned positive, and the labor market slightly improved.

Source : Thai economy improved in April with growth driven by tourist arrivals

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