Bangkok--28 Oct--MOF
“Thai economy in September 2010 continued to expand well particularly in the durable goods consumption and private investment, despite showing a deceleration from the previous month as economic growth returned to normal level. It is therefore expected that, Thai economy in the 3rd quarter will continue to grow strongly.”
Mr. Naris Chaiyasoot, Director-General of the Fiscal Policy Office, revealed that “Thai economy in September 2010 continued to expand well despite a deceleration from the previous month, resulted from growth returning to normal level. Main contributing factors come from durable goods consumption and private investment, as reflected from sales of passenger cars and motorcycle sales which expanded at 46.6 and 15.7 percent per year ,respectively. Private investment continued to grow strongly, as shown by 24.1 percent per year increase of import of capital goods, which was also in tandem with 35.4 percent per year growth of the commercial car sales. Meanwhile, exports grew at a decelerated pace, as reflected by export volume growth of 12.8 percent per year in September as opposed to 16.4 percent per year in August. Nevertheless, the number of inbound tourists grew strongly at 14.5 percent per year, showed that the number of tourist returning to normal level.”
Mr. Boonchai Charassangsomboon, Executive Director of Macroeconomic Policy Bureau, further elaborated that “Robust economic indicators in September has resulted in a continuously-expanded growth in the 3rd quarter of 2010. More specifically, from domestic spending from durable goods consumption and private investment while export sector continued to grow well, despite showing a deceleration from previous quarter.”
Director-General of the Fiscal Policy Office concluded that “Economic indicators in September and 3rd quarter of 2010 indicated ongoing domestic demand growth that could alleviate the trend of exports slow-down. It is therefore expected that the Thai economy in 2010 will expand within the range of 7.3 — 7.8% from last year, already taken into account the impact of Baht volatility and flooding.