31-7-2023 (BANGKOK) Thailand’s economy continued to recover in June as the tourism sector expanded in line with higher foreign tourist arrivals, according to the Bank of Thailand (BOT). Although exports declined, economic activity was seen gradually improving, with the tourism sector remaining the main driver of growth.
In June, Thailand recorded a current account surplus of $1.4 billion, a significant improvement from the $2.8 billion deficit recorded in May. However, exports, a key driver of growth, dropped 5.9% year-on-year in June, similar to the decline in May.
Private consumption dipped by 0.3% in June from the previous month, while private investment contracted 1.8% on the month, according to the BOT.
The second quarter of 2023 saw a moderate improvement in Southeast Asia’s second-largest economy from the previous quarter, as foreign tourist numbers increased and the service a
