UTCC: June consumer confidence index at 9-month high

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BANGKOK, 5 July 2012  – The latest study showed Thai consumer confidence has strengthened to a 9-month high in June. 

The University of the Thai Chamber of Commerce (UTCC) Rector, Ms. Saowanee Thairungroj, said that, in June, the consumer confidence index rose to the highest level in 9 months, at 78.6.

Ms. Saowanee stated that the higher index was brought on by easing political standoff and falling global oil prices.

Moreover, the overall economic confidence index improved from 62.8 in October 2011 to 68.5 in June this year

The UTCC Rector noted that Thai consumers were still worried about the local political conflicts and the debt crisis in Europe, which could hurt Thai economic growth and exports.

In addition, the UTCC’s Economic and Business Forecasting Center has forecast that the export industry will expand about 8-9 percent this year, considerably lower than the Commerce Ministry’s prediction of 15 percent.

Ms. Saowanee said that even though Thai exports to Europe make up only 10 percent of the whole year’s trade, the industry will likely see indirect impacts from business with some countries which are European market’s active trade partners.

However, with high domestic spending and private investment and the return of the manufacturing sector to normalcy, Thai GDP in 2012 should end up at 5.5-6.0 percent.