The Bank of Thailand (BOT) holds an optimistic outlook for the country’s economic growth in the third quarter, expecting improvements compared to the previous quarter. The Thai economy continued to expand during this period, primarily driven by increased private consumption and a recovery in the service sector, supported by a growing number of domestic and international tourists.
According to the BOT, merchandise exports, excluding gold, showed a slight increase in the third quarter. This growth was attributed to notable contributions from the automobile and petroleum sectors, aligning with increased activities in the manufacturing sector. Other sectors that performed well included jewelry, agricultural products, and agro-manufacturing.
However, the bank reported a decline in private investment due to reduced investments in machinery and equipment compared to the previous period. Public spending also contracted, both in terms of current and capital expenditures.
Thailand welcomed 20 million foreign tourists from January to September this year. In September, there was a notable increase in the number of tourist arrivals, especially from countries like South Korea and India, which enjoyed extended public holidays. The Middle East and Europe also saw an increase in travelers compared to the previous month. Additionally, Chinese tourists benefited from a visa exemption scheme introduced towards the end of the month.
Tourist expenditures continued to rise, reflecting the higher number of visitors and increased occupancy rates. However, it’s worth noting that a recent incident at a Bangkok shopping mall could slightly affect tourist sentiment and confidence. Nonetheless, the government’s free visa policies and seasonal tourism trends are expected to help mitigate some of this impact. (NNT)
