Ms. Chayawadee Chaianan, Assistant Governor Corporate relations line Bank of Thailand Mentioned that the Thai economy in October 2023 was in the direction of recovery following improved private consumption and investment. However, the service sector slowed down due to the number of Thai and foreign tourists. Meanwhile, the value of merchandise exports, excluding gold, decreased. After accelerating a lot in the previous month consistent with industrial production and government spending contracted due to capital expenditures of the central government.

“The Thai economy continues to expand better. According to private consumption indicators that remove seasonal factors, they increased from the previous month in almost every major product category. Except for spending in the service sector which decreased from hotels and restaurants in line with the decrease in the number of Thai and foreign tourists. By monthly consumption index October increased 7.3% from the same period last year and increased 1.7% from the previous month. Meanwhile, the private investment indicator, after removing seasonality factors, increased 1.4% from the previous month. Investment in machinery and equipment increased from domestic machinery sales and imports of capital goods.”

In October, the number of foreign tourists after removing seasonal factors decreased by 1.4% from the previous month, following Russian tourists after accelerating in the previous period. and Malaysian tourists who delayed their travel to wait for a special holiday in November after the government made additional announcements. However, tourists of some nationalities improved, such as China, which partly benefited from the visa exemption measure. and European groups Especially the UK and Germany. As for tourism sector income, it decelerated from the previous month. This corresponds to the decrease in the number of tourists and hotel occupancy rates.

The value of merchandise exports excluding gold, after removing seasonal factors, decreased by 1.4% from the previous month due to jewelry exports to Hong Kong. After rushing in the month before there was a product exhibition. electronic products from a decrease in hard disk drive exports following product delivery cycles and electronic circuit boards that decreased following exports to the United States and Hong Kong and agricultural products. according to fruit exports to China In line with the Industrial Production Index, removing seasonal factors, decreased 2.1% from the previous month.

cr. https://www.thairath.co.th/…/thailand_econ/2744745…

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