2024-03-28 08:14:51
28/03/2024 print
Economic and fiscal situation for February 2024
The Thai economic situation in February 2024 shows signs of improving from merchandise exports that continued to expand for the 7th month. The number of tourists continued to expand, both foreign tourists and Thai visitors. Meanwhile, private consumption and investment showed stable signs from the previous month.
“The Thai economic situation in February 2024 shows signs of improving from merchandise exports that continued to expand for the 7th month, and the number of tourists continued to expand, both foreign tourists and Thai visitors. Meanwhile, private consumption and investment showed signs of stabilizing from the previous month. We still need to closely monitor the economic situation both inside and outside the country that affects the Thai manufacturing sector.”
Mr. Pornchai Teerawet, Director of the Fiscal Policy Office Revealing the fiscal and economic situation for February 2024, “The Thai economic situation in February 2024 shows signs of improving from merchandise exports that continued to expand for the 7th month, and the number of tourists that continued to expand, both foreign tourists and visitors. Thai people Meanwhile, private consumption and investment showed signs of stabilizing from the previous month. However, it is still necessary to closely monitor the economic situation both inside and outside the country that affects the Thai manufacturing sector,” with details summarized as follows.
Economic indicators for private consumption There are signs of stability from the previous month: with VAT at a stable price level. In February 2024, an increase of 5.7 percent from the same period last year and an increase compared to the previous month following removing seasonal effects of 5.7 percent. Consumer Confidence Index In February 2024, it increased to a level of 63.8 from the level of 62.9 in the previous month, which was an increase for the seventh consecutive month and the highest in 48 months, reflecting consumer confidence in the improving economic situation. continued to improve, however, consumption in the durable goods category This is reflected in the volume of passenger car sales and the number of newly registered motorcycles. In February 2024, it decreased from the same period last year at -20.1 percent and -10.0 percent, respectively, and real farmer income In February 2024, it decreased from the same period last year at -1.7 percent.
Economic indicators for private investment There are signs of stability from the previous month: by private investment in the machinery and equipment category. Reflected by the volume of imports of capital goods. In February 2024, it increased from the same period last year at 27.1 percent and increased compared to the previous month following eliminating seasonal effects at 16.4 percent, while commercial vehicle sales volume In February 2024, it decreased from the same period last year at -29.4 percent for investment in the construction category. This is reflected in the amount of cement sold within the country. In February 2024, it decreased from the same period last year at -7.7 percent and decreased compared to the previous month following eliminating the seasonal effect of -0.5 percent, while taxes on real estate transactions Decreased from the same period last year at –15.4 percent.
The value of merchandise exports continued to expand from the same period last year: with the total merchandise export value in US dollars. In February 2024, it was US$23,384.9 million. Increased from the same period last year at 3.6 percent, and if considering only the value of merchandise exports excluding oil and related products, gold, and military equipment, it was found to have increased at 2.3 percent, which is a continuous expansion for the month. 7 This is partly a result of the expansion of products in the electrical transformer and components category. Computer category Equipment and components and the category of iron, steel and products. They expanded by 35.0, 24.9 and 18.0 percent, respectively. In addition, rice, rubber, milk and dairy products and pet food expanded by 53.6, 31.7, 26.5 and 21.5 percent respectively. However, exports of cassava products Air conditioners and components and sugar decelerated. When considering the value of product exports Classified by market of Thailand’s main trading partners, it was found that there was improvement in the markets of Australia, the United States, and Indochina-4. which grew by 26.4, 15.5 and 4.5 percent respectively, including other market groups such as the Russian market and the Commonwealth of Independent States. (Commonwealth of Independent States: CIS) that expanded by 46.4 percent.
Thai economic indicators on the supply side As for the service sector, there are signs of improvement from the same period last year: the tourism service sector In February 2024, there were a total of 3.35 million foreign tourists traveling to Thailand, representing a continuous expansion rate from the same period last year at 58.6 percent and increasing compared to the previous month following eliminating the negative effects. Seasonal at 39.7 percent, the majority were tourists from China, Malaysia, Russia, South Korea and India, respectively, as well as domestic tourism with Thai visitors. In February 2024, the number was 22.2 million people, representing an expansion rate from the same period last year of 9.1 percent and an increase compared to the previous month following eliminating seasonal effects of 6.9 percent, while the agricultural sector Reflected from the agricultural product production index. In February 2024, it decreased from the same period last year at -7.5 percent and decreased compared to the previous month following eliminating seasonal effects of -0.6 percent from the decrease in output in important crop categories such as rubber and cassava. and palm oil. However, corn continues to expand for the industrial sector. Reflected from the Industrial Sentiment Index In February 2024, it dropped to 90.0 from 90.6 in the previous month. This has been pressured by the slowdown of the domestic economy and the economy of Thailand’s main trading partners.
Economic stability is still in good condition: as reflected by the general inflation rate in February 2024 at -0.77 percent, while the core inflation rate was 0.43 percent. The public debt ratio at the end of January 2024 was at 62.2 percent to GDP, which It is still under the framework of fiscal and financial discipline set up in accordance with the State Fiscal and Fiscal Discipline Act of 2018. External stability remains at a stable level. and can support risks from fluctuations in the world economy This is reflected in international reserves at the end of February 2024 at a high level of 251.8 billion US dollars.
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