Thailand’s economy maintained its robust growth in May, driven by strong domestic demand and higher exports in terms of both value and volume according to the Bank of Thailand.
“Overall the Thai economy continued to expand favourably in May, supported by both domestic and external demand,” said Atchana Waiquamdee, senior director at the central bank.
All aspects of economic growth showed good signs although there was some minor impact from the outbreak of Severe Acute Respiratory Syndrome (SARS) on domestic consumption. SARS, which sparked a regional crisis in April, severely impacted the service sector and lowered external demand more than expected, she added.
The Bank of Thailand said that on the supply side, the Manufacturing Production Index (MPI) grew 12.7 per cent in May against 16.5 per cent in April. This was the seventh consecutive month of double-figure growth in the MPI.
