The BoT reveals the Thai economic situation in August 2023 has recovered following tourism sector income. Exports slowed following demand from trading partners. Inflation increases as the price of gasoline increases.
Mr. Sakkapop Panyanukul, Senior Director Macroeconomic Department Bank of Thailand Revealing the Thai economic situation in August 2023, it is in the direction of recovery based on income in the tourism sector. Part of this is expected to be a result of an increase in the number of stay days for foreign tourists. The number of foreign tourists decreased from the previous month. according to the number of Chinese tourists is important This is partly a result of the Chinese economy slowing down. As a result, Chinese people are more cautious in spending. However, tourists from many nationalities have increased, such as Japan, Malaysia, Germany, and Australia. According to the demand for tourism that still continues.
while domestic demand Both private consumption and investment slowed down somewhat. After accelerating expansion last month The value of merchandise exports excluding gold decreased. Partly from the slowdown in demand from trading partners. Exports of processed agricultural products decreased following a slowdown in demand from trading partners. Meanwhile, the agricultural product category decreased following durian exports to China. After the harvest season ended, however, exports of some product categories improved. Especially products whose value moves with the price of oil. and electrical appliances Meanwhile, industrial production remained stable. As for government spending, it continues to expand from current expenses.
Economic stability General inflation increased from the energy category. following the increase in the price of gasoline Meanwhile, core inflation and the fresh food category decreased. according to the price of ready-made food and the price of pork from increased market supply The labor market continues to improve. As for the current account balance, the surplus was mainly due to the trade balance. The average exchange rate of the baht against the US dollar depreciated. This is because the market has raised its expectation of an increase in the US Federal Reserve's (Fed) policy interest rate. The depreciation of the Yuan follows Chinese economic data that is lower than the market expected. And the Thai economic numbers came out lower than the market expected.
Source: Thai News Agency