Overall Economic Activity Remained Positive in Q1
Updated on Monday 14th May 2018
Thailand’s economy activity maintained a growing trend in the first quarter of the year, according to the country’s central bank governor. The positive evolution was encouraged by the developments in the tourism sector and those in the export industry. The overall economic activity is a positive sign for investors who are interested in company formation in Thailand.
Promising signs of strong economic growth in the first quarter of 2018
Thailand’s economy continued to grow through the first quarter of 2018, picking up the pace from the last months in 2017. The main economic boosters were the tourism sector and the merchandise export sector. Private consumption is also a market of a stable and overall good economic evolution. Spending increased in all categories, also influenced by the expansion of the manufacturing sector, this time for domestic consumption and not only for export purposes.
Tourism, one of the country’s economic pillars, registered a 16.3 percent year-on-year growth in March, consistent across various tourist nationalities, with Chinese tourists still leading the top of foreign tourists in the country. Compared to January, the total number of tourists increased by 1 percent in March.
Exports, on a seven-year high
Exports reached a seven-year high during the first three months of the year, growing to 11.3 percent on a year-on-year basis. They were mainly fueled by merchandise exports that reached a value of 22.363 billion U.S. dollars in March. The increase seems to have also been influenced by a positive evolution for Thailand’s trade partners. Continued demand improvement was seen for products like automotive and parts, chemical and petrochemical products, electronic products, most notably air conditioning units and mobile phones. As far as imports are concerned, the value of merchandise imports grew by 2.6 percent.
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