The Thai economy began signaling recovery in April despite political unrest and long public holidays, according to the Bank of Thailand (BoT).
BoT Local Economy Division senior director Amara Sripayak was quoted by Thailand News Agency (TNA) as saying on May 29 that economic data released in April was better than expected.
The industrial production index rose 7.6 percent and private consumption index edged up 0.7 percent from the previous month because there was an increase in purchase orders in the electronics and electrical appliance sectors.
However, private investment index shrank 16.4 percent due to the economic slowdown as Thailand’s production capacity utilization stayed low at 59.7 percent.
Additionally, the business confidence index edged down to 39.2 from 40 points in March because of concerns over the political and economic uncertainties.
She said the shrinkage in the country’s gross domestic product (GDP) of 7.1 percent in the first quarter of this year announced by the National Economic and Social Development Board is a further contraction from the fourth quarter last year.
Still, economic indicators had picked up on a monthly basis. Even so, the central bank remained uncertain whether the economic recovery could gain momentum. It needed to monitor internal and external factors for a while.
April also saw private-sector loans increase by 29.4 billion Thai Baht (roughly 856 million USD) after contracting for three consecutive months. Most are consumer loans and credit facilities extended by state-owned banks after the government had accelerated lending.
Exports totalled 10.28 billion USD, down 25.2 percent, while imports amounted to 9.66 billion USD, down 36.4 percent, resulting in a trade surplus of 619 million USD.
The general inflation rate in April edged down by 0.9 percent while the core inflation stayed at 1 percent./.