Private Consumption Index (%YoY)
conditions • indicators • outlook
Economic and Monetary Conditions for October of 2023
In October 2023, the Thai economy continued to recover on the back of domestic demand, driven by private consumption and investment. However, activities in service sector slowed down, following lower numbers of both Thai and foreign tourists. In addition, the value of merchandise exports, excluding gold, declined after a good expansion in the preceding period and was in line with the manufacturing production. Meanwhile, public spending contracted from lower capital expenditures.
The economic growth is projected to be 3.6 and 3.8 percent in 2023 and 2024, respectively. A key impetus is the broad-based recovery in tourism, which should promote employment and labor income, in turn sustaining private consumption. Merchandise exports are recovering broadly consistent with expectation, and should improve in line with a moderate expansion in the global economic activity. (Forecast as of 31 May 2023)
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