Thailand's economic growth slowed in May compared with the previous month, affected by factors such as the sluggish tourism industry and the decline in manufacturing output.
Reuters reported that the Bank of Thailand issued a statement on Monday (June 30) saying that both tourism revenue and the number of foreign tourists in Thailand declined in May. Manufacturing output also declined compared to April, mainly due to previous inventory replenishment and the temporary closure of a refinery for maintenance.
Exports are the main driving force of the Thai economy. The Bank of Thailand said that Thailand's exports rose significantly in May, especially in the export of electronic products. This was attributed to the increase in global demand and the accelerated shipment during the grace period of US tariffs.
In addition, private investment in Thailand declined by 0.6% in May compared to the previous month, while private consumption increased by 0.2%, mainly driven by the sustained strong growth in durable goods consumption.
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