Private Consumption Index (%YoY)
0.2%
July 2024
Thai Economy
conditions • indicators • outlook
Press Release on the Economic and Monetary Conditions for July 2024
The Thai economy showed improvement after a slowdown in the previous month, driven by rising external demand. Increases in exports and tourism revenue positively affected manufacturing and related service sector activities. Private investment increased from the previous month, while private consumption remained stable. However, consumer and business sentiment continued to decline, partly due to concerns over slow economic growth. Government spending expanded from the previous year in both current and capital expenditures of the central government, although investment spending by state-owned enterprises contracted due to lower disbursements in transportation projects.
On the economic stability front, headline inflation rose compared to the previous month, driven by higher prices in the fresh food category and increased core inflation.
Economic Outlook
The Thai economy is expected to grow at 2.6 and 3.0 percent in 2024 and 2025, respectively. This economic expansion is supported by (1) an improvement in the tourism outlook in terms of both the number of foreign tourists and spending per head; (2) continued expansion of private consumption despite having been some moderation from high growth last year; and (3) an acceleration of public expenditure in the remainder of the year. In contrast, exports of goods are anticipated to recover only gradually in the second half of this year. (Forecast as of 10 April 2024)
Economic Publications
Report on Business Sentiment Index
Business Outlook Report
Credit Conditions Report
Key Economic and Financial Statistics
