Thailand's central bank reports economic slowdown in July

[webfact]

Central bank reports economic slowdown in July
By English News



BANGKOK, Aug 31 – Thailand’s economy continued to decline in July in every sector linked with a 0.7 per cent decrease in private consumption, said an official of the Bank of Thailand (BoT).

Mathee Supapongse, senior director of BoT’s Macroeconomic and Monetary Policy Department, said purchases of automobiles and durable products as well as private investment have declined.

July’s exports shrank by 1.3 per cent year-on-year to US$18.804 billion, he said.

“It could not be indicated if the Thai economy has reached its bottom but there was a positive sign that the economy in Q3 would be better than Q2. We need to wait for the August performance,” said Mr Mathee.

The current account deficit in July was US$709, an increase from US$664 in the preceding month, due to gold imports, he said, adding that, excluding gold imports, the country enjoyed a current account surplus of US$255 million.

He was optimistic that Thailand would not encounter a serious current account deficit problem such as has happened to India.

Price rises in liquefied petroleum gas and expressway fees, starting Sunday, would have a slight impact on Thailand’s inflation which should be in the predicted framework of 0.5 per cent. (MCOT online news)


-- TNA 2013-08-31

[Thait Spot]

The current account deficit was 709 bucks?

My white lie detector is on black alert!

Sent from my Galaxy Nexus using Thaivisa Connect Thailand mobile app

[Joel Barlow]

Gold imports? was that to replace all the gold given to the latest notorious monk?

[webfact]

Kittiratt: World economic fluctuation will not affect Thai economy

BANGKOK, 31 August 2013 (NNT) – Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong said the current world economic fluctuation will not affect the country’s economy, while expressing confidence that the depreciation of Thai baht will benefit Thai export.

During the “PM Yingluck Meets the People” program on NBT, Finance Minister Kittiratt mentioned about the world economic situation, saying the US’s and Japan’s measures to boost their economies will not affect Thailand, instead, he believes it will benefit the country’s economy as Thailand will see an influx of money coming in, causing the value of Thai currency to go down, which will in turn boost the export sector.

The minister also affirmed that Thailand has sufficient reserves and strong economic foundation, unlike other countries in Asia that need foreign direct investments (FDI) to compensate for their trade deficit.

He further revealed that the current depreciation of Thai baht may have a slight effect on the country, but will benefit the exporters, adding that Thailand still sees a positive sign in the inflation rate.


-- NNT 2013-08-31

[livinthailandos]

Well as far as khun kittiratt goes he was on cbnc the call a few days ago and a few things he said made my head hurt

He said thailand is not in a recession and the reason for the lower gdp numbers were as follows

thailand had a shortage of gas from Myanmar in april and dont forgot thai people had holiday so that was the reason for the low gdp numbers

When asked about the rice scheme he couldnt really comment

Sent from my GT-I9300T using Thaivisa Connect Thailand mobile app

[Thai at Heart]

Does he have a time machine or something.

It 2013, not 2008. I think kittirat will find songkran and all the other holidays have been around in Thailand for a few decades.

Edited August 31, 2013 by Thai at Heart

[Neilly]

Kittiratt: World economic fluctuation will not affect Thai economy

That, I think you will find is false dear chap

[kimamey]

The current account deficit was 709 bucks?

My white lie detector is on black alert!

Sent from my Galaxy Nexus using Thaivisa Connect Thailand mobile app

I'm sure that's a typo.

If not I'm quite prepared to settle that deficit for them from my own accounts in exchange for Thai citizenship so I don't have to get visas and can buy land.

[kimamey]

Kittiratt: World economic fluctuation will not affect Thai economy

BANGKOK, 31 August 2013 (NNT) – Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong said the current world economic fluctuation will not affect the country’s economy, while expressing confidence that the depreciation of Thai baht will benefit Thai export.

During the “PM Yingluck Meets the People” program on NBT, Finance Minister Kittiratt mentioned about the world economic situation, saying the US’s and Japan’s measures to boost their economies will not affect Thailand, instead, he believes it will benefit the country’s economy as Thailand will see an influx of money coming in, causing the value of Thai currency to go down, which will in turn boost the export sector.

The minister also affirmed that Thailand has sufficient reserves and strong economic foundation, unlike other countries in Asia that need foreign direct investments (FDI) to compensate for their trade deficit.

He further revealed that the current depreciation of Thai baht may have a slight effect on the country, but will benefit the exporters, adding that Thailand still sees a positive sign in the inflation rate.

-- NNT 2013-08-31

A weaker baht is obviously good for exports. Not really something we didn't know anyway. Of course whether exports will benefit depends on other things as well such as demand and the situation in other exporting countries.

I'm not so certain if the influx of money coming in will cause the baht to go down. Wasn't it the influx of money that made it go up in the first place?

[Thai at Heart]

Kittiratt: World economic fluctuation will not affect Thai economy

BANGKOK, 31 August 2013 (NNT) Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong said the current world economic fluctuation will not affect the countrys economy, while expressing confidence that the depreciation of Thai baht will benefit Thai export.

During the PM Yingluck Meets the People program on NBT, Finance Minister Kittiratt mentioned about the world economic situation, saying the USs and Japans measures to boost their economies will not affect Thailand, instead, he believes it will benefit the countrys economy as Thailand will see an influx of money coming in, causing the value of Thai currency to go down, which will in turn boost the export sector.

The minister also affirmed that Thailand has sufficient reserves and strong economic foundation, unlike other countries in Asia that need foreign direct investments (FDI) to compensate for their trade deficit.

He further revealed that the current depreciation of Thai baht may have a slight effect on the country, but will benefit the exporters, adding that Thailand still sees a positive sign in the inflation rate.

-- NNT 2013-08-31

A weaker baht is obviously good for exports. Not really something we didn't know anyway. Of course whether exports will benefit depends on other things as well such as demand and the situation in other exporting countries.

I'm not so certain if the influx of money coming in will cause the baht to go down. Wasn't it the influx of money that made it go up in the first place?

Another typo I think.. The flood of money is outward not inward now.

[up-country_sinclair]

Well as far as khun kittiratt goes he was on cbnc the call a few days ago and a few things he said made my head hurt

He said thailand is not in a recession and the reason for the lower gdp numbers were as follows

thailand had a shortage of gas from Myanmar in april and dont forgot thai people had holiday so that was the reason for the low gdp numbers

When asked about the rice scheme he couldnt really comment

Sent from my GT-I9300T using Thaivisa Connect Thailand mobile app

I missed the CNBC appearance, but just found it online:

http://www.cnbc.com/id/100986961

The first thing that I found interesting is that according to the deputy PM, Songkran is a two week holiday.

[Thait Spot]

Kittiratt: World economic fluctuation will not affect Thai economy

BANGKOK, 31 August 2013 (NNT) – Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong said the current world economic fluctuation will not affect the country’s economy, while expressing confidence that the depreciation of Thai baht will benefit Thai export.

During the “PM Yingluck Meets the People” program on NBT, Finance Minister Kittiratt mentioned about the world economic situation, saying the US’s and Japan’s measures to boost their economies will not affect Thailand, instead, he believes it will benefit the country’s economy as Thailand will see an influx of money coming in, causing the value of Thai currency to go down, which will in turn boost the export sector.

 

The minister also affirmed that Thailand has sufficient reserves and strong economic foundation, unlike other countries in Asia that need foreign direct investments (FDI) to compensate for their trade deficit.

He further revealed that the current depreciation of Thai baht may have a slight effect on the country, but will benefit the exporters, adding that Thailand still sees a positive sign in the inflation rate.

-- NNT 2013-08-31

 

A weaker baht is obviously good for exports. Not really something we didn't know anyway. Of course whether exports will benefit depends on other things as well such as demand and the situation in other exporting countries.

 

I'm not so certain if the influx of money coming in will cause the baht to go down. Wasn't it the influx of money that made it go up in the first place?

Technically i'd agree however many goods are priced in dollars on the world stage including oil so it will drive up the price of imports and that will filter down to exports.

Thailand's previously strong markets were rice (destroyed) prawns (EMS) tapioca and chicken and it remains to be seen where that will all end up

Sent from my Galaxy Nexus using Thaivisa Connect Thailand mobile app

[Thai at Heart]

Well as far as khun kittiratt goes he was on cbnc the call a few days ago and a few things he said made my head hurt

He said thailand is not in a recession and the reason for the lower gdp numbers were as follows

thailand had a shortage of gas from Myanmar in april and dont forgot thai people had holiday so that was the reason for the low gdp numbers

When asked about the rice scheme he couldnt really comment

Sent from my GT-I9300T using Thaivisa Connect Thailand mobile app

I missed the CNBC appearance, but just found it online:

http://www.cnbc.com/id/100986961

The first thing that I found interesting is that according to the deputy PM, Songkran is a two week holiday.

We have holiday in April. Falang no understand Thailand.

And Mr. Minister, haven't you had this holiday for the last God knows how many years?

[Mampara]

Have Faith, the man knows what he is doing.

[surangw]

" World economic fluctuation will not affect Thai economy

I think we all know who is getting fluctuated here.

[annabel]

Isn't July part of the 3rd Q //// ?? That they are saying is going to see an increase ???????... I must be taking to many meds like Tramadol ...

[stkyricesf]

Not that I'm wishing ill will toward the thai currency, I wouldn't mind if it continued to depreciate. I gone from 3 visits a year down to 1. I really do miss Thailand.

[Mises]

"The current account deficit in July was US$709, an increase from US$664 in the preceding month, due to gold imports, he said, adding that, excluding gold imports, the country enjoyed a current account surplus of US$255 million."

It seems that the Thais (or at least some of them) are not as dumb as most westerners think they are. Buying gold the so-called barbarous relic is the best way to protect your wealth from idiotic governments since time immemorial. The people of the west will relearn this valuable truth sometime soon.

[Thai at Heart]

"The current account deficit in July was US$709, an increase from US$664 in the preceding month, due to gold imports, he said, adding that, excluding gold imports, the country enjoyed a current account surplus of US$255 million."

It seems that the Thais (or at least some of them) are not as dumb as most westerners think they are. Buying gold the so-called barbarous relic is the best way to protect your wealth from idiotic governments since time immemorial. The people of the west will relearn this valuable truth sometime soon.

Oh puleeeeeze.

[Baerboxer]

"The current account deficit in July was US$709, an increase from US$664 in the preceding month, due to gold imports, he said, adding that, excluding gold imports, the country enjoyed a current account surplus of US$255 million."

It seems that the Thais (or at least some of them) are not as dumb as most westerners think they are. Buying gold the so-called barbarous relic is the best way to protect your wealth from idiotic governments since time immemorial. The people of the west will relearn this valuable truth sometime soon.

Oh puleeeeeze.

Maybe Mises went to the same economics class as the Finance Minister! Obviously hasn't done much research on the history and predictions of gold prices. But, hey, why not make it up as you go. Wonder if Moody's were watching the cnbc program?

There was a farang poster a few weeks back who actually believed that Thailand wasn't in recession too. You see - lots do believe the little white lies.

[Thai at Heart]

"The current account deficit in July was US$709, an increase from US$664 in the preceding month, due to gold imports, he said, adding that, excluding gold imports, the country enjoyed a current account surplus of US$255 million."

It seems that the Thais (or at least some of them) are not as dumb as most westerners think they are. Buying gold the so-called barbarous relic is the best way to protect your wealth from idiotic governments since time immemorial. The people of the west will relearn this valuable truth sometime soon.

Oh puleeeeeze.

Maybe Mises went to the same economics class as the Finance Minister! Obviously hasn't done much research on the history and predictions of gold prices. But, hey, why not make it up as you go. Wonder if Moody's were watching the cnbc program?

There was a farang poster a few weeks back who actually believed that Thailand wasn't in recession too. You see - lots do believe the little white lies.

When the USA turns off the printing presses, gold is only going one way and it isn't up. Inflation is a thing that the world understands so well, that their problem is deflation.

The days of 10% to 15% inflation in the developed world are gone

[ray23]

Help me out here wasn't it the F,M, that said it was OK to lie?

[JulesMad]

"Kittiratt: World economic fluctuation will not affect Thai economy"

Finally, a confirmation that Thailand is obviously not on this world, but on a completely different planet....