Mr. Somchai Sujjapongse, Director-General of the Fiscal Policy Office , revealed that "Thai economy in August 2013 showed improving signs from previous month especially in exports which expanded by 3.9 from a year earlier, with an expansion of 6.0 percent from previous month after seasonal adjustment (m-o-m SA). This was due to exports to the United States and Europe. For private consumption indicator, which was reflected by the real VAT collection in August 2013 expanded by 1.7 percent from last year, increasing by 2.4 from previous month after seasonal adjustment (m-o-m SA). Moreover, the real VAT collection on domestic consumption expanded by 9.0 percent from last year which showed continued expansion. Private investment indicator in construction showed recovery sign as reflected by cement sale which expanded by 4.7 from last year, with an expansion of 3.1 percent from last month after seasonal adjustment (m-o-m SA)."
Ms. Kulaya Tantitemit, Executive Director of Macroeconomic Policy Bureau further elaborated that "Economic indicators on supply-side in manufacturing and agriculture still contracted per year but expanded from last month. Manufacturing Production Index (MPI) in August 2013 decreased by -3.1 percent from a year earlier, with an expansion of 2.6 percent from previous month after seasonal adjustment (m-o-m SA). However, the petroleum industry expanded by 10.6 percent per year due to increasing domestic consumption in benzene 91 and the hard disk drive industry showed expansion for the first time in 8th month due to increasing orders with new products to the market. Meanwhile, Agricultural Production Index (API) in August 2013 contracted by -3.1 percent from last year but increased by 4.1 percent from previous month after seasonal adjustment (m-o-m SA). This was due to rubber products. Service sector indicators as reflected by tourism indicators in August 2013 still showed strong expansion. The number of inbound tourists was recorded at 2.5 million persons in August 2013, or increased 28.1 percent from last year. This expansion was owing to inbound tourists from China, Malaysia and Vietnam."
The spokesman of the Fiscal Policy Office concluded that "Thai economic indicators in the first 2 months in the 3 rd quarter of 2013 showed improving sign from last quarter. This indicates that Thai economy in this quarter should grow from previous quarter (q-o-q SA)."
Source: Fiscal Policy Office / www.fpo.go.th