Thailand’s economy was helped by exports and manufacturing in August, but tourism slows By Reuters

BANGKOK (Reuters) – Thailand’s economy in August remained at levels similar to the previous month, the central bank said on Monday, with economic activity supported by exports and manufacturing, but tourism slowed.

Exports, a key driver of the Thai economy, rose 11.4 percent in August from a year earlier, while imports rose 8.5 percent, resulting in a trade account surplus of $2.4 billion, a said the Bank of Thailand.

The current account surplus was $1.4 billion in August, up from a revised $0.1 billion surplus in July, due to accelerated exports of agricultural products to trading partners facing deficits , said BOT.

Private consumption rose 0.5 percent in August from a month earlier, while private investment fell 3.3 percent, the central bank said.

The tourism sector, another key economic driver, has slowed due to falling arrivals after a period of expansion, the BOT said.

Southeast Asia’s second-largest economy grew at a faster pace of 2.3 percent in the April-June quarter of the year, but analysts said fiscal policy uncertainty clouded the outlook.

The central bank forecast economic growth of 2.6 percent for this year, after last year’s expansion of 1.9 percent, which lagged behind regional comparisons.

The central bank left its key interest rate unchanged at 2.50 percent for a fifth consecutive meeting on Aug. 21 as it looks to see whether the country’s new prime minister will make changes to economic stimulus policies.

The central bank said the current policy rate is not high compared to global rates, but it is ready to adjust policy if necessary. The next BOT rate review is on October 16.