BANGKOK, Jan. 31 (Xinhua) -- Thailand's economy slowed in December 2024 on a monthly basis due to declines in exports and manufacturing, despite a slight growth in private consumption and tourism revenue, the country's central bank said on Friday.
The value of merchandise exports, the Southeast Asian country's key driver of economic growth, expanded 8.4 percent year-on-year last month, slowing from a 9.1 percent rise in November, according to the Bank of Thailand (BOT).
Private consumption saw a slight uptick across most categories, except for non-durable goods, which slowed following previous gains supported by the government's cash handout program, the central bank said in a statement.
Private investment remained steady, while tourism revenue saw an increase, driven by a higher proportion of long-haul tourists, said BOT Assistant Governor Chayawadee Chai-Anant.
Public spending continued to grow in both current and capital expenditures, driven by investment by state enterprises, particularly in infrastructure projects, Chayawadee told a news conference.
Looking ahead, the Thai economy continues to gain momentum from the tourism and service sectors, while the export continues to expand, Chayawadee said.
However, industrial production remains under pressure from structural factors and increased competition, affecting the recovery of business revenues and household incomes, particularly among vulnerable groups, she added. ■