Thai consumer confidence index makes 11 month high in July

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BANGKOK, Aug 7 —  The Centre of Economics and Business Forecasting of University of the Thai Chamber of Commerce reported that its July survey found the consumer confidence index was at 68.5, its highest level in 11 months thanks to political stability.

It also found that in July the index of consumer happiness was the highest in 13 months, that of consumer attitudes towards politics was the best in 34 months, that of consumer confidence in buying new vehicles exceeded 100 for the first time in eight months, that of consumer confidence in buying new houses was the highest in 13 months and that of consumer confidence in the economic outlook improved.

The centre predicts that the Thai economy will grow by more than 2 per cent this year due to economic stimulation measures and by 5 per cent next year thanks to the National Council for Peace and Order’s decision to invest Bt2.4 trillion in infrastructure development.

It expects the Thai public will spend Bt12 billion on Mother’s Day Tuesday rising by 3.2 per cent year-on-year, Bt19.4 billion on the four-day extended weekend including Tuesday increasing by 6.8 per cent year-on-year, and nearly Bt3 billion on the Chinese Autumn Festival, or Chinese Ghost Festival on Sunday rising by 7.6 per cent year-on-year.

Thanawat Ponvichai, director of the centre, supports a plan to spend Bt50 billion of state funds to help low-income people. He said that would increase the national economic growth by 0.3 per cent and push up inflation by only 0.1 per cent.