BANGKOK, June 30 (Xinhua) -- Thailand's economic growth remained broadly stable in May on a monthly basis, buoyed by a recovery in the vital tourism sector and slightly improved domestic demand, the central bank said on Tuesday.
According to the Bank of Thailand, overall tourism receipts rose, in line with higher inbound visitors, as supported by a rebound in long-haul markets alongside increased arrivals from China and Malaysia due to their long holiday periods.
However, arrivals from other short-haul markets fell owing to lower demand and fewer flight services in the face of rising energy costs linked to the Middle East conflict, the central bank said in a statement.
Domestic demand grew marginally, driven by higher private consumption and investment, particularly in electric vehicle sales, partly reflecting a shift in consumer preferences toward green mobility amid elevated fuel prices, said the central bank's senior director, Pranee Sutthasri.
Exports, a key driver of Thai economic growth, dipped 0.6 percent month-on-month in May due to lower electronics and jewelry shipments, after accelerating in the previous period, Pranee told a news conference.
On the supply side, manufacturing output fell in tandem with lower merchandise exports, while the services sector remained broadly unchanged, she said.
Looking forward, the central bank noted that the economy is projected to slow down given weaker private consumption in the wake of elevated pressure on household purchasing power and softer tourism after the peak season.
Despite that, exports and investment in technology-related products are expected to continue expanding, while government measures to support the economy would help cushion the downturn, the official added. ■
