Thai economy slows in May on weaker tourism and production, says its central bank
BANGKOK (Reuters): Thailand's economy in May softened from the previous month following a slowdown in the tourism sector and a decline in manufacturing production, which offset the surge in exports, the central bank said on Monday.
The tourism sector in May saw a decline in both revenue and the number of foreign tourists, particularly long-haul travellers, the Bank of Thailand said in a statement.
Manufacturing production declined in May from April, attributed to a prior inventory replenishment and the temporary closure of an oil refinery for maintenance, it said.
Exports, a key driver of the economy, rose sharply, led by electronics exports and driven by increasing global demand as well as an acceleration of shipments during the tariff grace period, it said.
Thailand posted a current account deficit of $0.3 billion in May, the BOT said.
Private investment in May dropped 0.6% from the previous month but private consumption rose 0.2%, supported by a continued surge in consumption of durables, it said.
(Reporting by Orathai Sriring, Kitiphong Thaichareon and Thanadech Staporncharnchai; Editing by David Stanway) - Reuters
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