Consumer confidence in Thailand reached its highest level in 47 months, driven by economic recovery. Positive signs included growth in tourism and merchandise exports, but concerns remain regarding the manufacturing sector.
Positive Consumer Confidence in Thailand
In January, consumer confidence in Thailand reached its highest level in 47 months, driven by the ongoing economic recovery. The consumer confidence index rose for a sixth consecutive month, reaching 62.9, up from 62.0 in December.
Key Points of Economic Recovery
- Consumer confidence in Thailand reached its highest level in 47 months, driven by economic recovery and improved domestic consumption.
- The overall economy in January showed positive signs, with growth in tourism, private consumption, and merchandise exports, but a slowdown in private investment.
- Despite stable public debt and international reserves, there are concerns about the manufacturing sector, reflected in declining commercial vehicle sales and domestic cement sales.
Improvements in Domestic Consumption and Economic Stability
- Domestic Consumption: Passenger car sales increased by 2.4% year-on-year and 9.4% month-on-month after adjusting for seasonal effects.
- Tourism Sector: Foreign tourist arrivals totaled 3.04 million, up by 41.5% compared to the same period last year. China, Malaysia, South Korea, Russia, and India contributed significantly.
- Merchandise Exports: The value of merchandise exports rose for a sixth consecutive month, reaching US $22.6 billion, a 10% year-on-year increase.
- Economic Stability: Public debt at the end of December accounted for 61.3% of GDP, considered “under control” according to the 2018 State Financial and Fiscal Discipline Act.
- External Stability: The country’s international reserves stood at $222 billion at the end of January, providing stability amid global economic volatility.
Source : Consumer confidence in Thailand reached highest level in 47 months in Jan.
