BANGKOK: Thailand's economy improved overall in September on a monthly basis, as the global artificial intelligence (AI) boom lifted electronics exports and data-centre investment, though tourism and consumer spending weakened, the central bank said on Friday (Oct 30).
According to the Bank of Thailand, merchandise exports excluding gold rose 3.7 per cent in September from a month earlier on a seasonally adjusted basis, led by shipments of telecommunications equipment and computers.
The bank's private investment index surged 21.6 per cent month-on-month in September, driven by increased imports of data-centre equipment, which also boosted manufacturing output.
In contrast, foreign tourist arrivals fell 6.3 per cent from the previous month as short-haul travel slowed after the summer school holidays amid flight constraints and higher travel costs following a rise in oil prices, said Pranee Sutthasri, senior director of the central bank's Macroeconomic Department.
Tourism receipts nonetheless rose 12.5 per cent month-on-month as visitors stayed longer and the share of long-haul travelers increased, Pranee told a news conference.
Private consumption dropped 2.2 per cent from the previous month, mainly due to weaker spending on services, particularly hotels and restaurants, as high living expenses made households more cautious, Pranee said.
She noted that government spending contracted 0.9 per cent from a year earlier, reflecting lower disbursements from both the central government and state enterprises.
The central bank said the recovery remained uneven, with gains largely confined to businesses and workers in AI-related industries. Household consumption, however, is expected to recover gradually, supported by government measures and improving labor incomes. - Xinhua
