BANGKOK, May 30 (TNA) - The Thai economy began signalling recovery in April despite political unrest and long public holidays, according to the Bank of Thailand (BoT).
BoT Local Economy Division senior director Amara Sripayak said Friday that economic data released in April was better than expected.
The industrial production index rose 7.6 per cent and private consumption index edged up 0.7 per cent from the previous month because there was an increase in purchase orders in the electronics and electrical appliance sectors.
However, private investment index shrank 16.4 per cent due to the economic slowdown as Thailand’s production capacity utilization stayed low at 59.7 per cent.
Additionally, the business confidence index edged down to 39.2 from 40 points in March because of concerns over the political and economic uncertainties.
She said the shrinkage in the country’s gross domestic product (GDP) of 7.1 per cent in the first quarter of this year announced by the National Economic and Social Development Board is a further contraction from the fourth quarter last year.
Still, economic indicators had picked up on a monthly basis. Even so, the central bank remained uncertain whether the economic recovery could gain momentum. It needed to monitor internal and external factors for a while.
April also saw private-sector loans increase by Bt29.4 billion after contracting for three consecutive months. Most are consumer loans and credit facilities extended by state-owned banks after the government had accelerated lending.
Exports totalled US$10.28 billion, down 25.2 per cent, while imports amounted to $9.66 billion, down 36.4 per cent, resulting in a trade surplus of $619 million.
Regarding a call by exporters for making the baht weaken further to help, Mrs. Amara said BoT had currently supervised the baht value to ensure it moves in line with the economic trend.
The general inflation rate in April edged down by 0.9 per cent while the core inflation stayed at 1 per cent.
She said the Bank of Thailand was unwooried about a surge in oil prices to $60 dollar per barrel because in July 2008 the oil prices skyrocketed to $140 per barrel. (TNA)
Business News : Last Update : 11:13:25 30 May 2009 (GMT+7:00)
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