Thailand's Economy Dip in May on Faltering Tourism, Manufacturing
(MENAFN) Thailand's economy showed signs of slowing down in May, according to the Bank of Thailand, as tourism and manufacturing activities faltered despite a strong performance in exports.
The central bank reported a dip in both foreign tourist spending and arrivals, especially from long-distance markets. However, short-haul tourism, notably from China, Malaysia, and Japan, saw a modest uptick.
Manufacturing output also contracted, primarily due to previous stockpiling and a brief shutdown of an oil refinery for maintenance, explained Pranee Sutthasri, Senior Director at the Bank of Thailand.
On a positive note, the automotive industry displayed recovery signs, with increased production and rising sales of passenger cars, Pranee revealed during a press briefing.
Private consumption held steady, bolstered by higher spending on durable goods, although service-related expenditures dropped due to weaker tourist activity, Pranee added.
Thailand's merchandise exports surged, largely driven by robust global demand for electronics, especially those utilized in data centers. The surge was also supported by a rush to ship goods before U.S. tariff deadlines, the central bank said.
Inflationary pressures remained under control, with headline inflation dipping into negative territory, primarily due to falling fresh food prices. Meanwhile, core inflation edged slightly higher, attributed to rising costs of prepared food.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
