While the results aren't blockbuster, they point to how Thailand is getting a major economic boost from countries like China and Russia.
Thailand’s economy in May improved from the previous month as tourism gathered momentum and private consumption increased while exports remained weak, the central bank said on Friday.
Economic activity was seen rising steadily with tourist arrivals still increasing, the Bank of Thailand (BOT) said in a statement. The BOT expects economic growth at 3.6% this year and 3.8% next year, with the tourism sector a key driver.
In May, Thailand recorded a current account deficit of $2.8 billion, after a revised deficit of $0.6 billion the previous month, the BOT said on Friday.
Exports, a key driver of growth, dropped 5.9% year-on-year in May, from a 4.9% year-on-year drop the previous month.
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Southeast Asia’s second-largest economy expanded by a more than expected 2.7% in the first quarter from a year earlier as the vital tourism sector gathered strength.
Global financial market volatility and the formation of a new government and its policies would be monitored going forward, the BOT said.
(Reporting by Orathai Sriring and Kitiphong Thaichareon; Writing by Chayut Setboonsarng; Editing by Martin Petty)
Photo credit: Thailand's economy in May improved as tourism gathered momentum. Klim Levene / Flickr Commons