BANGKOK (Xinhua): Thailand's economic growth slowed in April on a monthly basis, as tourism receipts and private consumption declined amid higher energy expenses linked to the Middle East conflict, the central bank has announced.
According to the Bank of Thailand, foreign tourist arrivals fell 3.9 percent in April compared to the previous month, particularly among short-haul markets, while tourism revenue followed a similar downward trajectory as elevated fuel costs led several airlines to reduce flight services.
Private consumption fell, driven by reduced spending on consumer goods and fuel following earlier front-loaded purchases, alongside adjustments in working and travel patterns amid notably rising energy prices, said the central bank's assistant governor, Chayawadee Chai-anant.
Private investment also dropped, reflecting a downturn in machinery and equipment expenditure, while investment in construction edged up, supported by both residential and non-residential segments, Chayawadee told a news conference.
Merchandise exports, a key driver of Thai economic growth, expanded 1.3 percent month-on-month in April, fueled by technology products and automotive shipments, though exports to the Middle East remained contracted, she said.
Looking forward, the Southeast Asian country's economy is expected to weaken further as tensions in the Middle East weigh on private consumption and tourism, the central bank said in a statement.
However, it noted that exports and investment in technology-related products are projected to continue expanding, while government stimulus measures would provide support to overall economic activities. -- Xinhua
