Thailand’s current account turns to deficit, consumption grows

BANGKOK  – Thailand’s private consumption and investment grew in November but exports increased less than in October leading to a current account deficit, the central bank said on Thursday.

The country recorded a current account deficit of $1.2 billion in November, after a surplus of $0.7 billion the previous month, the central bank said in a statement.

Exports, a key driver of Thai growth, rose 3.9 percent in November from a year earlier, after October’s 7 percent increase on the year, it said.

READ: Thai October export growth highest in more than a year but misses forecast

Revenue generated by foreign tourist arrivals dropped in November and manufacturing decreased, the central bank said.

However, private consumption increased by 0.8 percent from October and private investment rose by 1.8 percent, the central bank said, noting domestic demand was expected to continue underpinning economic activities in December.

READ: World Bank cuts Thai growth outlook to 2.5% this year, 3.2% in 2024

Southeast Asia’s second-largest economy grew by 1.5 percent in the July-September quarter from a year earlier, the slowest pace this year and less than expected, on weak exports and government spending.