The Fiscal Policy Office of Thailand has reported that the local economy in May 2016 significantly improved following the first increase in auto sales in 36 months at 8.3 percent.
 |
|
A supermarket in Thailand (Photo: Getty Images)
|
Deputy Director of the Office Pornchai Theerawet said the Thai economy in May this year was mainly driven by the public sector's spending, especially its investment spending which expanded by 51 percent. Private investment also showed signs of improvement since the retail sales of cars continuously increased 26.5 percent.
He added that an increase in consumption in the private sector resulted in a 1.7 percent rise in value added tax collection. A 4.4 percent decrease in export value was in line with the region.
The better economy in May led to the Fiscal Policy Office's estimation of a higher second quarter growth rate than 3.2 percent in the first quarter.
The office will revise its estimation of the Thai economic expansion this year at the end of July./.