“Thai economy in January 2013 showed a more balanced growth with an expansion in domestic spending, especially public spending, while exports expanded continually. Supply-side sectors showed improving signs in manufacturing and tourism sectors”
Mr. Boonchai Charassangsomboon, Executive Director of Macroeconomic Policy Bureau of the Fiscal Policy Office, revealed that “Economic indicators in January 2013 showed a more balanced growth, from low base in last year, supported by a continued expansion in domestic spending, both in private consumption and investment. In addition, public spending showed a strong growth, while export showed an expansion for the fifth consecutive month. Also, supply-side sectors showed a continued expansion both in manufacturing and tourism. Economic stability remained robust with low unemployment rate and high-level of international reserves”
Mr. Pisit Puapan, Director of Macroeconomic Analysis Division, further elaborated that “Economic indicators in January 2013 showed a strong expansion from a year earlier and from previous month after seasonal adjustment (m-o-m SA). Looking into details, private consumption indicators as reflected by the real VAT collection in January 2013 grew strongly by 16.1 percent from last year. The passenger car sales in January 2013 increased significantly at 108.6 percent per year. In addition, private investment showed continued expansion both in machinery and construction investments. This was reflected by real estate tax collection in January 2013 which expanded 56.5 percent per year. Government spending stimulated economic activities with budget disbursement recorded at 208.1 billion baht, a rise of 38.3 percent per year. Export value expanded 16.1 percent from last year. On the supply side, Manufacturing Production Index (MPI) increased 8.6 percent from a year earlier. Foreign tourist number also grew by 12.5 percent per year. Agriculture product expanded 0.8 percent. Economic stability remained robust with unemployment rate of 0.5 percent of total labor force. Public debt to GDP ratio stood at 44.0 percent, well below the 60 percent level under the Fiscal Sustainability Framework. The high-level of international reserves at the end of January 2013 stood at 181.7 billion USD, or approximately 3.0 times of short-term external debt.”
The Director of Macroeconomic Policy Bureau of the Fiscal Policy Office concluded that “Thai economic indicators in January 2013 showed continued expansion. Therefore it is expected that Thai economy in the first quarter of 2013 would continue strong growth. The Fiscal Policy Office will announce the revised Thailand’s economic forecast for 2013 at the end of March 2012”
Source: Fiscal Policy Office / www.fpo.go.th