BANGKOK, Sept. 30 (Xinhua) -- Thailand's economy remained broadly unchanged in August on a monthly basis, as higher private investment and a slight rise in private consumption offset declines in manufacturing output and service-sector activity, the central bank said on Wednesday.
According to the Bank of Thailand, merchandise exports excluding gold held steady at a high level, dipping 0.1 percent in August from a month earlier, supported by the global technology and artificial intelligence (AI) cycle.
Electronics exports decreased, reflecting lower shipments of computer parts and electronic integrated circuits and components. Automotive exports also dropped, while exports of petroleum and agricultural products increased, the central bank said in a statement.
Inbound tourists rose 1.8 percent from the previous month, mainly driven by higher arrivals from China, partly due to stronger travel demand during the summer school holiday period, the central bank's assistant governor, Chayawadee Chai-anant, said.
Despite that, tourism receipts remained relatively stable as the average length of stay for foreign tourists shortened, reflecting the recovery of long-haul flights to levels close to those seen before the outbreak of the Middle East conflict, Chayawadee told a news conference.
On domestic demand, private investment rose 2.2 percent month-on-month, boosted by higher investment in machinery and equipment and supported by the global technology cycle and investment in data centers, Chayawadee said.
Private consumption picked up 0.4 percent from a month earlier, fueled by higher spending on services, notably hotels and restaurants, in line with increased foreign arrivals, while spending on durable goods also continued to grow, she noted.
Looking ahead, the central bank expects the Thai economy to recover, though unevenly across sectors, with key growth drivers being exports and private investment, which benefit from the global electronics and AI cycle.
Meanwhile, household consumption is supported by government stimulus measures and improving labor income prospects, consistent with the rebound in tourism and higher agricultural commodity prices, the central bank said.
It added that geopolitical conflicts and international trade protectionist policies, alongside the impact of flooding and El Nino weather conditions, were among the key factors to monitor. ■
