webfact Posted September 29, 2020 Share Posted September 29, 2020 August indicators show Thai economy recovering By The Nation Economic indicators for August show significant improvement from July but suggest the economy is still contracting, according to the Finance Ministry. Releasing its monthly economic report on Monday, the ministry’s Fiscal Policy Office predicted the economic situation would get better in the third quarter after a sharp contraction of 12.2 per cent in the second quarter. Reopening the country to tourists would also boost the recovery, said fiscal policy adviser Wuttipong Jittungsakul, referring to a plan to allow foreign travellers back into Thailand next month. Before the Covid-19 travel ban, Thailand welcomed 6.7 million foreign tourists this year. August’s revenue from value added tax (VAT), an indicator of private consumption, fell 3.8 per cent year on year – but far less than the 11.6 per cent drop in July. Car sales rose 14.8 per cent from July, but contracted 35.5 per cent year on year. Motorcycle registration dropped 2.5 per cent year on year, compared to 5.8 per cent contraction in July. Farmers’ income increased for the second month in a row, by 9.2 per cent, up from 3.8 per cent in July. The consumer confidence index rose for the fourth consecutive month, to 51. Effective control of Covid-19, relaxation of restrictions, and implementation of aid packages had helped boost consumer spending. The fiscal Policy Office predicted the economic situation in the third quarter (July-September) would be better than the second quarter, he said. Private investment also improved slightly, with imports of capital goods and commercial cars increasing 1.5 per cent and 13.1 per cent respectively from July. They dropped year-on-year, but at a decelerating rate of 11.5 and 0.5 per cent. Cement sales in August rose 2.7 per cent year on year but were flat compared to sales in July. However the property sector remained on a downward trajectory, with tax revenue from real estate transactions dropping 6.9 per cent from July and 14.1 per cent year on year. Exports in dollar terms contracted 7.9 per cent in August, better than the 11.4 per cent contraction in July. Budget disbursement rose 9.2 per cent year on year in August with a monthly increase of 3.3 per cent. Meanwhile, Pisit Puapan, executive director of the Finance Ministry’s Macroeconomic Policy Bureau, said economic indicators in August pointed to recovery in all four regions of the country. Source: https://www.nationthailand.com/business/30395278 -- © Copyright The Nation Thailand 2020-09-29 - Whatever you're going through, the Samaritans are here for you - Follow Thaivisa on LINE for breaking COVID-19 updates Link to comment Share on other sites More sharing options...
Popular Post PatOngo Posted September 29, 2020 Popular Post Share Posted September 29, 2020 Go on, tell us tourism is leading the recovery! Oh, and don't mention how much you have borrowed to finance the questionable "stimulus packages!" 6 1 Link to comment Share on other sites More sharing options...
Popular Post mr mr Posted September 29, 2020 Popular Post Share Posted September 29, 2020 (edited) 21 minutes ago, webfact said: Exports in dollar terms contracted 7.9 per cent in August, better than the 11.4 per cent contraction in July. almost a 20 percent contraction recovery. can these clowns come do a show at my sons next birthday party. we can play pin the tail on the ass. Edited September 29, 2020 by mr mr 5 Link to comment Share on other sites More sharing options...
Puchaiyank Posted September 29, 2020 Share Posted September 29, 2020 I didn't see any mention of how the meat market in Pattaya is fairing at this time...???? 1 Link to comment Share on other sites More sharing options...
Popular Post NCC1701A Posted September 29, 2020 Popular Post Share Posted September 29, 2020 (edited) yes this coincides with my three months and Bangkok and my activities there. September's numbers should be even better. Edited September 29, 2020 by NCC1701A 2 3 Link to comment Share on other sites More sharing options...
scaldedfummy Posted September 29, 2020 Share Posted September 29, 2020 I get it, this is all coincidence Thanks for sharing, very informative Link to comment Share on other sites More sharing options...
Flying Saucage Posted September 29, 2020 Share Posted September 29, 2020 3 hours ago, webfact said: Reopening the country to tourists would also boost the recovery, said fiscal policy adviser Wuttipong Jittungsakul, referring to a plan to allow foreign travellers back into Thailand next month. Before the Covid-19 travel ban, Thailand welcomed 6.7 million foreign tourists this year. So, they really believe that 300 tourists per week are enough to boost the countries recovery? Is that statement pure propaganda, or a result of what Thai education did to advisor Wuttipong, or both? 1 Link to comment Share on other sites More sharing options...
PatOngo Posted September 29, 2020 Share Posted September 29, 2020 6 hours ago, NCC1701A said: yes this coincides with my three months and Bangkok and my activities there. September's numbers should be even better. You've also helped the rubber farmers! 2 Link to comment Share on other sites More sharing options...
Scot123 Posted September 29, 2020 Share Posted September 29, 2020 3 hours ago, Flying Saucage said: So, they really believe that 300 tourists per week are enough to boost the countries recovery? Is that statement pure propaganda, or a result of what Thai education did to advisor Wuttipong, or both? Both! So the so called 300 tourist which most likely are returning expats will all have £5,000 ++ (maybe over 10k less depending on how many stars their prison has) less to spend in thailand due to their expenditure thus far in getting released from house sorry hotel arrest. 1 Link to comment Share on other sites More sharing options...
Benmart Posted September 29, 2020 Share Posted September 29, 2020 7 hours ago, Puchaiyank said: I didn't see any mention of how the meat market in Pattaya is fairing at this time...???? Many of the markets have closed due to the lack of carnivores. Others are hanging on with rather "lean" patronage. Statisical analysis is not available as officially they do not exist. 1 1 Link to comment Share on other sites More sharing options...
hotchilli Posted September 29, 2020 Share Posted September 29, 2020 8 hours ago, webfact said: August indicators show Thai economy recovering A very subjective statement, depends what line of business you're in. 2 Link to comment Share on other sites More sharing options...
Cake Monster Posted September 29, 2020 Share Posted September 29, 2020 It will be interesting to see the last 4 Months of the Year figures. Many Companies will be putting off the purchase of new Vehicles during the next financial year because of Covid and Political uncertainty. Exports will slow , I believe due to the Christmas / New Year Markets already being supplied, and lower reorder for next year All the personal Loan Moratoriums will cease soon, and the Banks are not lending, which in turn will reduce the VAT receipts due to consumer reduced spending. The picture is not a Rosy one, but it isnt for the entire Global Economy next Year. 2 Link to comment Share on other sites More sharing options...
Popular Post Isaan sailor Posted September 29, 2020 Popular Post Share Posted September 29, 2020 Kinda like when after the Titanic hit the iceberg—the band played on... 2 1 Link to comment Share on other sites More sharing options...
timendres Posted September 29, 2020 Share Posted September 29, 2020 VAT down 3.8% is the most meaningful number in the cute infographic. With exports also down 7.9%, one can imagine why cement sales are up. Link to comment Share on other sites More sharing options...
Popular Post uncle_tom Posted September 29, 2020 Popular Post Share Posted September 29, 2020 Do they normally quote cement sales in national economic summaries, but not tourist revenues? Rather looks as though they cherry picked an indicator that showed an uptick.. 2 1 Link to comment Share on other sites More sharing options...
Soikhaonoiken Posted September 29, 2020 Share Posted September 29, 2020 Never read such BS in years, these guys need locking up for spreading false information.. Link to comment Share on other sites More sharing options...
heybuz Posted September 30, 2020 Share Posted September 30, 2020 11 hours ago, timendres said: VAT down 3.8% is the most meaningful number in the cute infographic. With exports also down 7.9%, one can imagine why cement sales are up. concrete boots for the non believers. Link to comment Share on other sites More sharing options...
JonnyF Posted September 30, 2020 Share Posted September 30, 2020 Interesting that they left tourism off the cute little cartoon chart. Maybe that's not a key economic indicator any more? Or maybe they didn't want a red, down facing arrow with 100% written next to it? Link to comment Share on other sites More sharing options...
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