BANGKOK, Dec. 27 (Xinhua) -- Thailand's economy slowed in November compared to the previous month as reduced private consumption and investment offset continued growth in tourism and exports, the country's central bank said on Friday.
Private consumption saw a decline last month due to lower spending on both non-durable and durable goods after experiencing significant growth in October, driven by the government's cash handout program, according to the Bank of Thailand (BOT).
Private investment also contracted, with declines seen in machinery, equipment and construction. Lower commercial vehicle registrations and reduced imports of capital goods were key contributors to the slowdown, the central bank said in a statement.
The Southeast Asian country's vital tourism sector continued its recovery in November, with an increase in foreign tourist arrivals from key markets like India, Japan and China, said BOT senior director Pranee Sutthasri.
Merchandise exports expanded last month, driven by automotive and agro-manufacturing products as passenger car and pickup truck shipments surged, alongside shipments of synthetic rubber, Pranee told a news conference.
She noted that the tourism and service sectors remain a key driver for the economic activities going forward, while exports continue to grow. However, industrial production remains under pressure from structural factors and rising competition. ■
