Thailand's Economic Growth Rate In August Decreased

Thailand's economic growth rate in August decreased

Fiscal Policy Office Deputy Director Somchai Sajjapong (สมชัย สัจจพงษ์) said the economic growth rate in August slowed down when compared to the figure in July. However, the revenue of the government increased in comparison to the same period of last year.

Mr. Somchai said that the reduction of the economic growth rate in August was due to the decrease of consumers’ confidence index from 74.2 percent to 73.2 percent. The investment of the private sector also decreased. However, the revenue and the expense of the government in the previous month increased. The revenue in August was 197.1 billion baht, up by 11.9 percent when matched up to the same period of last year. This showed that the financial sector played a more important role in supporting the national economy.

Mr. Somchai said that Thailand has a trade surplus of 329 million US dollars, and this could also indicate that the current account of the Bank of Thailand is also positive.

Source: Thai National News Bureau Public Relations Department - 28 September 2006