BOT: Thai economy continues its expansion momentum

[webfact]

BOT: Thai economy continues its expansion momentum

 

BANGKOK, 1st September 2017 (NNT) - The Bank of Thailand has reported that the national economy has continued expanding on the back of exports and tourism growth. 

Ms. Pornpen Sodsrichai, Director of the Economic Analysis Office at the Bank of Thailand, said on Thursday that the Thai economy continued to expand in July, when exports grew 8.0% from last year and tourism expanded 4.8% year-over-year. 

However, Ms. Pornpen noted that private consumption grew at a slower pace as falling farm product prices resulted in a contraction in farm income, while spending on durable goods continued growing. 

Meanwhile, private investment grew, as reflected by the increase in construction material sales and permitted construction areas, and public spending also rose as a result of higher disbursements of a provincial development budget and constructions projects of the Department of Highways. 

Thailand’s headline inflation was 0.17% in July, an increase from minus-0.05% due to an increase in retail petroleum prices following the increase in the global crude oil price, while the baht remained strong and helped attract foreign investors into the local stock market.

 

-- nnt 2017-09-01

[Thian]

3 minutes ago, webfact said:

while spending on durable goods continued growing. 

What are durable goods for a Thai person? 

[kotsak]

22 minutes ago, Thian said:

What are durable goods for a Thai person? 

 

Things that they can't leave without , e.g. mobile phones, cars, bikes. Anything that's being used to show off in general..

 

[Roadman]

15 minutes ago, kotsak said:

 

Things that they can't leave without , e.g. mobile phones, cars, bikes. Anything that's being used to show off in general..

 

Your giggle giver is mostly correct in that yes they are all non comsumable or durable vs consumable being non durable.

[nausea]

I'd be interested to know how big a part the "unsustainable" public spending plays in all this.

[ExpatOilWorker]

The numbers don't lie and it is true that both tourism and export is on a upward trajectory. The export machine of Thailand is centered around a handful industrial parks and tourist go to a few big cities and coastal areas. Each group probably employ a couple of million people and this is where the good news ends.

The 30 million or so farmers, whether they grow rice, rubber sugar cane or fruits, are staring down a barrel of lower income and more debt.

[ChrisY1]

Nothing but happy times news since YL did a runner.....exports up to record levels....domestic growth expanding....organic laws being enacted..the military is clean as a whistle...corruption down....Just gotta love everything here!

[hansnl]

1 hour ago, ChrisY1 said:

Nothing but happy times news since YL did a runner.....exports up to record levels....domestic growth expanding....organic laws being enacted..the military is clean as a whistle...corruption down....Just gotta love everything here!

You can nag about the military as much as you like, but numbers show a rise in economic growth, contrary what most farang think.

The investment into the railway industry, roads, infra, bring jobs and makes growth possible around the country, including other means of income for the poor.

Contrary to what the former governments did.

The low income groups, like anywhere in the world, gain nothing from the economic growth, a trait inherent to the so-called market economy.

The rich get richer, the poor get poorer, sad but true.

Doesn't take away the fact that I do feel the military should not take over a government, but I do really wonder what had happened in Thailand if the military had done nothing.

In my view the country was gliding into a possible civil unrest of big proportions.

[ExpatOilWorker]

1 hour ago, hansnl said:

You can nag about the military as much as you like, but numbers show a rise in economic growth, contrary what most farang think.

The investment into the railway industry, roads, infra, bring jobs and makes growth possible around the country, including other means of income for the poor.

Contrary to what the former governments did.

The low income groups, like anywhere in the world, gain nothing from the economic growth, a trait inherent to the so-called market economy.

The rich get richer, the poor get poorer, sad but true.

Doesn't take away the fact that I do feel the military should not take over a government, but I do really wonder what had happened in Thailand if the military had done nothing.

In my view the country was gliding into a possible civil unrest of big proportions.

Was it really?

I remember things being pretty calm prior to September 19, 2006.

[Cadbury]

7 hours ago, webfact said:

Thai economy continues its expansion momentum

The above is the spin headline. This is the story.

The month of July shows an improvement in exports and tourism. So based on one month the economy is on a roll. Other points of interest.

"..private consumption grew at a slower pace as falling farm product prices resulted in a contraction in farm income". 

"..an increase in retail petroleum prices".

"..spending on durable goods (imports?) continued growing.

"..public spending also rose as a result of higher disbursements of a provincial development budget" (which means 70% will go on development and 30% into the provincial management pockets) meaning that in effect it is NOT an increase.

"..headline inflation up."

[Eric Loh]

Don't see that many articles talk about lost economic opportunities because of the last 3 years of military rule. The lost of fresh foreign direct investments that went to Vietnam or Philippines will stifle Thailand economic potential. Growth of 3-4% annual will not be sufficient to move Thailand out of the middle income trap and be a candidate as a developed economy. 

[baboon]

3 hours ago, ChrisY1 said:

Nothing but happy times news since YL did a runner.....exports up to record levels....domestic growth expanding....organic laws being enacted..the military is clean as a whistle...corruption down....Just gotta love everything here!

Funny how the mechanics, shopkeepers, teachers and civil servants round my way are all complaining about being skint...

[YetAnother]

26 minutes ago, ExpatOilWorker said:

Was it really?

I remember things being pretty calm prior to September 19, 2006.

Compared to the eight years following that,you are right ,

taksin shot himself in the foot

;there is an old Chinese saying :'if you are going to eat at the trough ,wipe your mouth'; his corruption was too blatant

[Cadbury]

2 hours ago, Eric Loh said:

Don't see that many articles talk about lost economic opportunities because of the last 3 years of military rule. The lost of fresh foreign direct investments that went to Vietnam or Philippines will stifle Thailand economic potential. Growth of 3-4% annual will not be sufficient to move Thailand out of the middle income trap and be a candidate as a developed economy. 

Even big Thai investors have moved their money out of Thailand to spend it on largely on property development and retail in Vietnam. Large retail chains of Metro Cash & Carry and BigC Vietnam have been sold to Thai groups. BigC Vietnam was sold to Central Group for US$1.4 billion. Tax will go to Vietnam.

No confidence in their own country Thailand. You don't hear Prayut bragging about that.

 

Edited September 1, 2017 by Cadbury

[Media1]

9 hours ago, ExpatOilWorker said:

The numbers don't lie and it is true that both tourism and export is on a upward trajectory. The export machine of Thailand is centered around a handful industrial parks and tourist go to a few big cities and coastal areas. Each group probably employ a couple of million people and this is where the good news ends.

The 30 million or so farmers, whether they grow rice, rubber sugar cane or fruits, are staring down a barrel of lower income and more debt.

They have only buses and China. There figures are pumped up. Thais see very little. The regime pushed away foreign tourism for dirty China. Hitting the street Thais where it hurts 

Edited September 1, 2017 by Media1