Thai Chamber of Commerce University's Economic and Business Forecasting Center director Thanawat Polvichai said the increase was due to fewer worries about floods, improved tourism, reduced interest rates and lower oil prices.
The CCI last month stood at 77.8, compared to 77 in September, while the Business Sentiment Index was at 68.1 in October, increasing from 67.5 the previous month.
The confidence index of current economic conditions stood at 58.7 in October, the highest growth in the past 13 months, while the index of future economic conditions reached 77.5, also the highest increase of this category in four months.
However, Dr Thanawat said consumers are still worried about the ongoing troubled world economy and domestic political situations, particularly the anti-government rally of the Pitak Siam--the Protecting Siam group--led by retired Gen Boonlert Kaewprasit, set to be held again later this month.
The Economic and Business Forecasting Center also lowered Thailand's projected GDP slightly from its previous forecast of 5.5 per cent. More detail is to be provided next week.
According to the centre director, exports are expected to grow 3-5 per cent this year, given improved indications in September, while tourism will be lively with estimated revenue to be generated in circulation at Bt800 billion this year and Bt1 trillion next year.