BANGKOK, Sept. 30 (Xinhua) -- Thailand's economic activity remained stable in August compared to the previous month, thanks to improved merchandise exports and slightly increased private consumption despite a slowdown in the tourism sector, the central bank said on Monday.
The Southeast Asian country's exports saw improvement across several categories due to rising shipments of agricultural and agro-manufacturing products, particularly rubber and sugar, to trading partners who encountered supply shortages, according to the Bank of Thailand (BOT).
Private consumption showed a slight increase, especially in non-durable goods, driven by reduced fuel prices. However, spending in the service sector marginally dropped in line with a fall in the number of international tourists, the BOT said in a statement.
Thailand's vital tourism sector experienced a decline in August, with foreign tourist arrivals dropping from the previous month, notably from key markets including China and Malaysia, said BOT Assistant Governor Chayawadee Chai-Anant.
This slowdown came after a period of significant growth in tourist numbers earlier in the year, while overall tourism revenue remained steady on the back of increased spending per trip, Chayawadee told a news conference.
Looking ahead, the service sector will continue to be a key driver of the kingdom's economy as exports and industrial output gradually recover, the central bank said, adding that accelerated budget disbursement and economic impact from floods are factors to be monitored. ■
