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BoT: Tourism, consumption slowed by recent political unrest

BANGKOK (NNT) -- The recent domestic political unrest has slowed down tourism and consumption while investment and exports continue to grow in response to the recovering world economy.

Director of the Domestic Economy Department, Bank of Thailand (BoT), Mathee Supapongse revealed that the tourism and consumption figures as of May 2010 had slumped compared to last year due to the recent political turmoil in Bangkok. The number of tourists has dropped by 11.8% year-on-year while the room occupancy rate has plunged to 34.9% which is considered the steepest fall ever recorded in Bangkok and the central region. The public consumption rate in May decreased 0.2% from the previous month.

However, the private sector’s investment has risen 20.7%, favored by the expansion in the production capacity in the electronics and automobile industries.

Meanwhile, Thai exports in May expanded by 42.5% bringing in 16 billion USD, making the country resume a trade surplus after a deficit in April.

Mr Mathee said May’s inflation rate also adjusted up slightly from the previous month, and the overall economic situation was considered good.

-- NNT 2010-07-01