BANGKOK: Thailand’s economic conditions had a slow pace of recovery in February, with growth mostly driven by tourism and public spending, the Bank of Thailand said Thursday.
According to the central bank’s monthly report, Thailand’s private consumption index rose 3.1% from a year earlier and 0.3% from a month earlier in February. In a statement, the central bank said consumption appeared stable after the impact of the government’s tax rebate at the end of last year and the accelerated car purchases ahead of a price increase on Jan. 1 waned. Thailand’s private investment index also rose 2.0% year-over-year but fell 1.0% from a month earlier in February.
Meanwhile, the country’s trade surplus increased to $5.9 billion in February from $2.63 billion in January as exports returned to growth for the first time since December 2014. Overseas shipment value increased 6.3% from a year earlier, largely due to high gold exports following an increase in prices, while imports plunged 16.3% from a year earlier due to export contraction, falling oil prices and sluggish private investment.
The current account surplus in February shot up to $7.4 billion from $4.0 billion in January. The central bank report also showed that the tourism sector continued to record healthy growth last month, when more than three million tourists arrived in the country–a 16% increase from a year earlier. Thailand’s business sentiment index slipped to 48.2 in February from 48.5 in January.
