Domestic consumption in August remained stable, supported by tourism and export growth, though vehicle sales lagged. Despite declines in consumer confidence and private investment, total exports rose by 7% year-on-year to twenty-six point one billion dollars. Economic stability is reflected in a low inflation rate and steady international reserves.
In August, domestic consumption remained stable, but passenger car, motorcycle, and commercial vehicle sales have yet to fully recover.
The economy was bolstered by growth in tourism and export sectors, according to Pornchai Thiraveja, director-general of the Fiscal Policy Office (FPO).
Value-added tax (VAT) at constant prices increased by 9.6% year-on-year, while new registrations for passenger cars and motorcycles fell by 25.5% and 15.9% respectively.
The consumer confidence index dropped to 56.5 in July from 57.7 in June, reflecting concerns over economic recovery and living costs.
Real agricultural income increased by 7.2% year-on-year.
While private investment in machinery rose by 5.5% year-on-year, it declined by 8.9% month-on-month.
Similarly, domestic cement sales grew by 5.7% year-on-year but fell by 3.1% from the previous month.
Real estate transaction taxes decreased by 5.2% year-on-year and 11.3% month-on-month.
Total export value in August reached twenty-six point one billion dollars, a 7% rise year-on-year, driven by strong performances in computers, machinery, and telecom equipment.
Economic stability is evident with a headline inflation rate of 0.35% and core inflation at 0.62%.
Public debt stood at 63.7% of GDP, while international reserves remained steady at two hundred thirty-six billion dollars.