The economy steadily expanded in January on government expenditures, exports and tourism but private consumption weakened as some government stimulus measures had ended, the Bank of Thailand (BoT) said on Tuesday.
Growing government expenditures continued to drive the economy while tax revenue also increased, reflecting the economic recovery, the BoT said.
Exports rose 8.5% year-on-year in value on growing demand, especially for electronic products, rising crude oil prices, Chinese manufacturers' relocation to Thailand to avoid anti-dumping measures of the United States and more exports of rubber and rubber products to China.
The number of foreign tourists rose 6.5% year-on-year and 6.9% month-on-month after seasonal adjustment. Chinese tourists were returning partly due to visa-fee incentives and the Lunar New Year holidays. Their numbers had earlier dropped due to the suppression of zero-dollar tour services.
Private sector investment in construction, machinery and equipment remained stable and centred on renewable energy, services and transport.
Private consumption slowed down after a surge driven by government measures to stimulate consumption and tourism in the previous month. Auto sales grew due to the launches of new models.
Household income increased only for farmers in some sectors and areas, including rubber growers in the Northeast thanks to demand from China. Income of non-farm households had not recovered yet, the BoT said.
The value of imports grew 11.3% year-on-year. When gold import was excluded, the increase was 5.4%.
Headline inflation ran at 1.55%, up from 1.13% in December, due to the rising prices of retail oil and fresh food.