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Thailand’s economy picks up in May

Thailand's economy in May improved from the previous month as tourism gathered momentum and private consumption increased while exports remained weak, according to the central bank.
Thailand’s economy picks up in May ảnh 1Thailand's economy in May improves from the previous month mostly thanks to tourism and private consumption. (Photo: AFP/VNA)

Bangkok (VNA) - Thailand's economy in May improved from theprevious month as tourism gathered momentum and private consumption increasedwhile exports remained weak, according to the central bank.

The Bank of Thailand (BOT) expects economic growth at 3.6% this yearand 3.8%  next year, with the tourismsector a key driver, BOT said in a statement on June 30.

In May, Thailand recorded a current account deficit of 2.8 billion USD,after a revised deficit of 0.6 billion USD the previous month, it said.

Exports, a key driver of growth, dropped 5.9% year-on-yearin May, from a 4.9% year-on-year drop the previous month.

Southeast Asia's second-largest economy expanded by amore than expected 2.7% in the first quarter from a year earlier thanks tostrong recovery of the tourism sector.

The BOT said it will closely monitor global financial market votalityas well as the formation of a new government after the May 14 general election.

Thailand’s household debt to grosss domestic product ratio stood at90.6% in the first quarter ofthis year, down from 91.4% in the previousquarter, it added./.

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