Goods are being loaded for shipment at Bangkok Port in Klong Toey. The economic outlook looks promising, thanks largely to a boost in exports.Krit Promsaka na Sakolnakorn
The economy in the third quarter could expand at a level close to the previous quarter, thanks to the second straight month of export growth in September, says a senior Bank of Thailand official.
"The overall [Thai] economy in the third quarter might be close to that of the second quarter or slightly softer but still better than we expected," said Roong Mallikamas, senior director of the central bank's macroeconomic and monetary policy department.
According to the National Economic and Social Development Board (NESDB), Thailand's GDP rose by 3.5% year-on-year in the second quarter, up from 3.2% in the first quarter, putting first-half growth at 3.4%.
Mrs Roong said the promising economic outlook was largely attributed to exports, which showed better-than-expected results in the third quarter after growing for the second consecutive month in September.
Merchandise exports in September grew 3.5% year-on-year when excluding gold shipments and 3.9% when factoring them in. Exports were supported by several factors including recovering oil prices, low base effects from last year, the launch of new smartphone models boosting electronics demand, and rising demand of electrical appliances from Cambodia, Laos, Myanmar and Vietnam, as well as Europe and the US, the central bank's data showed. In August, exports of goods grew 2.7% from the same period last year.
"Exports of goods in September became more broadly-based as growth was seen in more sectors," said Mr Roong.
She said these factors supported growth in exports of electronics and optical appliances, electrical appliances, machinery and equipment.
"Factors supporting Thai exports in the third quarter are expected to be present during the fourth quarter as well," added Mr Roong.
She said merchandise imports in September grew by 1.7% year-on-year if including gold imports and 0.3% if excluding them. Imports of machinery and raw materials for electronics and electrical appliances industries also showed a better outlook.
She said that government spending remained robust in the third quarter, while regular expenditures and state investment had remained the main drivers of the economy during the period.
Private consumption during the July-to-September quarter, which slowed down less than expected, also lent support to the Thai economy, said Mrs Roong.
People, however, remained cautious on spending.
According to the Bank of Thailand's data, the Private Consumption Index in the third quarter rose by 3.1% year-on-year, compared with 3.9% in the second quarter.
In September, the overall economy grew more quickly than in the previous month, but private investment stayed flat.
No comments:
Post a Comment