Tourism Continues to Boost up Economy in November: Bank of Thailand

According to Bank of Thailand, the tourism sector continued to increase in November in spite of China’s new tourism law and Thailand’s political protest. The central bank releasing the

monthly economic and monetary conditions, disclosed that the tourism sector extended this month with 2.4 million foreign tourist arrivals, up 11.9 per cent on year. The tourist arrival from all regions accelerated despite Thailand’s political protests and the implementation of China’s new tourism law since October 2013.

In the month, headline inflation edged up to 1.92 per cent following increases in fresh food and energy prices. Core inflation increased slightly to 0.85 per cent on the back of increased pass-through of higher costs to prepared food prices. The current account posted an additional thanks to a positive trade balance, an increase in tourist receipts, and a fall in revival of profits and allowance. The capital account reported a loss mainly because of the emergence of foreign portfolio investment. Overall, the balance of payments posted a deficit.

Overall, economic activities in November 2013 melted from the previous month due to contraction in personal consumption and investment. While production in export-oriented industries, extended from the preceding month.