Thailand
Thailand: Consumer confidence rises for 3rd straight month
Thailand’s consumer confidence increased for a third straight month in October, boosted by better economic prospects as exports and tourism continued to expand strongly, but low farm prices remained a worry, a private survey showed on Thursday.
The index of the University of the Thai Chamber of Commerce rose to 76.7 in October from 75.0 in September.
Consumers may be more confident in spending in the final quarter, though they thought the economy has not recovered much, the university said in a statement.
Private consumption makes up half of Thailand’s GDP, but it has been crimped by high levels of household debt.
The government just approved a shopping tax incentive to lift spending before the end of the year.
Deputy Prime Minister Somkid Jatusripirak said on Thursday annual growth in July-September could exceed 4%, after the June quarter’s 3.7% pace, which was the fastest rate in over four years, due mainly to stronger exports. Official GDP data is due on Nov 20.
On Wednesday, the central bank said the economy was expected to grow more than previously assessed. In September it raised its growth outlook to 3.8% for 2017 and 2018. In 2016, Southeast Asia’s second-largest economy expanded 3.2%, slower than regional peers.
Source: https://www.bangkokpost.com/business/news/1357428/consumer-confidence-rises-for-3rd-straight-month