Thailand's economy slowed in December last year on a monthly basis from weaker exports and manufacturing, the central bank said on Friday.
Thailand's economic growth has lagged regional peers since the coronavirus 2019 (Covid-19) pandemic, hobbled by high household debt and borrowing costs as well as contracting manufacturing.
The Bank of Thailand (BoT) reported private consumption rose 0.3% in December from November, and private investment rose 0.2% on the month.
Exports rose 8.4% in December from a year earlier, while foreign tourist numbers increased 0.1% from November, the central bank said.
The current account surplus rose to US$2.9 billion in December from a surplus of $2 billion in November.
"Thai economy continued to expand from the previous quarter," the central bank said, adding that growth was driven by improving activities in the service sector, higher tourism revenue, as well as a good expansion in government investment.
Thailand's economic growth may falter at under 2.9% this year after a weaker-than-expected fourth quarter despite a government cash handout, BoT governor Sethaput Suthiwartnarueput told Reuters on Thursday in his first remarks this year.
Mr Sethaput said growth could be close to 2.7% in 2024, with the final quarter pace seen in the 3% plus range, less than earlier forecast, due mainly to softer-than-expected consumption.
Industry Ministry data earlier on Friday showed manufacturing output dropped by a bigger-than-expected 2.1% in December from a year earlier due to a slump in the automotive industry and weak consumption.
Thailand's car production fell 17.37% in December from a year earlier, down for the 17th successive month due to lower domestic sales and exports, according to the Federation of Thai Industries (FTI).
