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Economy continues to shrink in January: BoT

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Economy continues to shrink in January: BoT

Thailand’s economy in January continued to shrink with all economic indicators showing a continuing contraction, according to the Bank of Thailand (BoT).
BoT Local Economy Division senior director, Ummara Sripayak, revealed that incomes earned by farmers increased slowly at 8.6 percent compared with 20.3 percent in December 2008 because the output of natural rubber and sugarcane had dropped.
Prices of agricultural commodities continued to drop due to the global economic recession.
She said the industrial output index, particularly in the electronics, electrical appliance, and auto sectors, dropped 21.3 percent, resulting in the production capacity efficiency staying at only 57.1 percent.
Private consumption and investment contracted 4.5 and 7.9 percent respectively.
Imports plunged by 36.5 percent with a total value of US$8.69 billion and exports shrank in the third consecutive month by 25.3 percent with a value of $10.38 billion, resulting in a trade surplus of $1.69 billion.
The general inflation rate contracted 0.4 percent, the first time since October 1999, in tandem with falling oil prices.
Ummara said the baht weakened to move at 36.06-36.08 to the dollar in the same direction with other currencies in the region while the dollar and the Japanese yen strengthened. (TNA)

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