Decline in tourism, industrial downturn: Thailand's economy slows down

The Thai economy slowed down in May, hampered by a decline in tourism and production, despite a rebound in exports.

The Thai economy experienced a slowdown in May compared to the previous month, due to a slowdown in the tourism sector and a decline in manufacturing production.

These two factors have slowed down the dynamics, despite a sharp rise in exports, indicated the Bank of Thailand (BoT) on Monday, June 30.

An economy weakened by several key sectors

The tourism sector recorded a decline in its revenues and the number of foreign tourists in May, particularly long-haul travelers, the BoT said in a statement.

Manufacturing production declined in May compared to April, due to prior stock replenishment and the temporary closure of an oil refinery for maintenance, it уточн.

Exports rising, but insufficient to offset the decline

The BoT added:

Exports, the main engine of the economy, have increased sharply, driven by exports of electronic products and boosted by the rise in global demand as well as the acceleration of shipments during the tariff grace period.

See: Thailand: exports surge before the tariff war

Thailand recorded a current account deficit of $0.3 billion in May.

Private investment fell by 0.6% in May compared to the previous month, but private consumption rose by 0.2%, supported by the continued sharp increase in consumption of durable goods

See also:

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Thailand investment crisis: call for economic overhaul

Consumption is collapsing in Thailand: alert on the economy

Thailand: 4.24% drop in foreign tourist numbers

Economic uncertainty: Thailand abandons 10,000 baht aid plan

Source: Bangkok Post