Economic recovery accelerated in November, says Finance Ministry

[webfact]

Economic recovery accelerated in November, says Finance Ministry

By The Nation

 

Pisit Puapan, left, executive director of the macroeconomic policy bureau at the Fiscal Policy Office (FPO), and Wuttiong Jittungsakul, fiscal policy adviser, report on the state of the economy in November on Monday.

 

Economic indicators for November suggest Thailand’s recovery from Covid-19 is gathering pace, Wuttipong Jittungsakul, fiscal policy adviser to the Fiscal Policy Office, said on Monday.

 

Collection of VAT, an indicator of private consumption, rose 2.5 per cent from the previous month while contracting 6.5 per cent year on year (YoY) – a big improvement on the 9.4 per cent contraction in October.

 

Auto sales in November increased 8.7 per cent from October and contracted 7.2 per cent year on year, significantly improving from the 25.9 per cent YoY contraction in October, he said.

 

As for private spending, commercial vehicle sales rose 8.2 per cent year on year, for a third consecutive month in growth. However, the growth rate decelerated from 10.4 per cent and 13.5 per cent in October and September respectively.

 

Imports of capital goods expanded 6.2 per cent month on month, but contracted 3.2 per cent YoY, compared with 17 per cent yearly contraction in October.

 

Cement sales grew 10.8 per cent from the month before but contracted 1.5 per cent YoY – better than the 9.1 per cent contraction in October.

 

Government spending, which is a key driver of the economy, increased 100.6 per cent year on year to Bt363.8 billion.

Consumer confidence also grew in November, with the spending sentiment index up 52.4 to reach its highest level in nine months after the second consecutive monthly increase.

 

Farmers’ real income rose 13.6 per cent, boosting their purchasing power. Covid relief packages have driven rising consumer sentiment and farmer’s income, said Wuttipong.

 

Meanwhile, Pisit Puapan, executive director of the macroeconomic policy bureau, said most on Thailand’s regional economies also expanded in November on the month before.

 

The economic situation in the Northeast, Central Region, Greater Bangkok, East and South improved from October.

 

However, economic conditions in the West and North stayed flat in November compared with October.

 

Source: https://www.nationthailand.com/business/30400366

 

 

-- © Copyright The Nation Thailand 2020-12-29

 

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[mstevens]

Economic growth might have accelerated in November but it's about to stall in January, given the resurgence of Covid across the country.

[Soikhaonoiken]

If you believe the above figures, you believe that pigs can fly, those figures have been produce to make it sound more attractive to foreign investors, 

Not much has changed since mid year when exports are down, production is down, and the lack of tourists... 

[timendres]

21 minutes ago, webfact said:

Economic indicators for November suggest Thailand’s recovery from Covid-19 is gathering pace

 

Just in time to hit the wall....

[sammieuk1]

Another day another unbelievable this time from the appropriately named Pisit Puapan ????

[Laughing Gravy]

I believe they are trying to polish a curd. I am all for staying positive but this just does not make sense.

[Tarteso]

Is there any Minister out there who stops saying nonsense that they don't believe themselves? 

[hotchilli]

6 hours ago, webfact said:

Economic indicators for November suggest Thailand’s recovery from Covid-19 is gathering pace, Wuttipong Jittungsakul, fiscal policy adviser to the Fiscal Policy Office, said on Monday.

And will probably stall and go into reverse soon.

[bloodyholly]

Don’t think Phuket had a November this year

[Isaan sailor]

Now I actually believe them!  Thailand, the world’s #1 gold exporter?  Thai households have enough gold to sell well into next year.

[Scot123]

If I remember sales in the UK go up something like 25% this time of year every year and it's due to christmas and new year so cheering a single digit increase on last month but not lingering on the true guide Yeat on Year down, down, down and since over turning an elected government crashing down, down, down.....