“Thai economy in October 2012 showed a continued expansion in domestic spending, both in private consumption and investment, while export and manufacturing sectors showed an improving sign from previous month”
Mr. Somchai Sujjapongse, Director?General of the Fiscal Policy Office, revealed that “Economic indicators in October 2012 suggested a continued expansion in domestic spending, both in private consumption and investment. Meanwhile, export showed an improving sign from the previous month, partly due to new markets, especially Hong Kong, Australia and the Middle-East and an economic recovery of The United States and Japan. Also,manufacturing sector showed a positive sign, this is the first expansion in 5 months from June 2012. Looking into detail, automobile and electronics showed a strong expansion.”
Mr. Boonchai Charassangsomboon, Executive Director of Macroeconomic Policy Bureau, further elaborated that “There was a continued expansion in domestic spending, both in private consumption and investment. This was reflected by the real VAT collection in October 2012, which grew by 19.4 percent from last year. And, the passenger car sales in October 2012 that increased 263.7 percent per year. This was mainly due to an increased in production of various carmakers to meet the demand for cars which continues to grow at an accelerated rate, also a higher demand from consumers and a fully recovery in production capacity from flooding crisis in late 2011. Export value in October 2012 stood at 19.5 billion USD, equivalent to an expansion of 15.6 percent from last year and 1.4 percent from last month after seasonally adjusted. An electronics, electrical appliances, automobile and parts showed a strong expansion. Manufacturing Production Index (MPI) in October 2012 increased 36.1 percent from a year earlier, accelerating from the previous month’s expansion of 4.9 percent, partly due to low base from last year’s flooding crisis which caused severe losses and damages in manufacturing area.”
The Director-General of the Fiscal Policy Office concluded that “According to Thai economic indicators in October 2012, it could be pointed out that Thai economy in the fourth quarter would show a continued expansion. Meanwhile, given all of the above economic indicators and trend, the Fiscal Policy Office will revise and announce the revised Thailand’s economic forecast for 2012 and 2013 again at the end of December 2012”
Source: Fiscal Policy Office / www.fpo.go.th