Thai July exports up 10.5 pct y/y, below forecast. Thailand’s customs-cleared annual exports rose for a fifth straight month in July, but fell short of expectations, as demand from major markets increased. Exports, a key driver of Thailand’s growth, rose 10.5 percent in July from a year earlier after June’s 11.7 percent rise, commerce ministry data showed on Wednesday. A Reuters poll expected an annual rise of 11.6 percent in July. (Reuters, 23/8/17)
BoT mulls further anti-speculation steps. The Bank of Thailand may consider additional measures to curb baht speculation after occasional increases in the volume of foreign exchange transactions have been detected, says a senior official at the central bank.
New excise tax to be implemented. The Thai cabinet approved new excise taxes for 13 goods and 4 services sectors. This will take effect on September 16. (Naew Na, 23/8/17)
GDP up 3.7%, best since 2013. The economy grew at its fastest pace in more than four years in the second quarter, prompting the government’s planning unit to raise its 2017 economic growth forecast range to 3.5-4% from 3.3-3.8% projected in May. (Bangkok Post, 22/8/17)
Cabinet approves new excise tax for beverages (soda pop, juices, green tea, and energy drinks). The implication is that these will be taxed an additional Bt1 per liter. (Khao Hoon, 23/8/17)
Media association fears no recovery in 2H17. The Media Agency Association of Thailand says 2H17 may not bring recovery for the media industry as ad budgets continue to shrink. Budgets are expected to contract 11% this year. (IQ Biz, 23/8/17)
Approval of West Orange Line put off. Cabinet approval of this line has been postponed to April 2018 to allow further study of the PPP format. (IQ Biz, 23/8/17
Consumer sentiment rises to highest level since January. Consumer confidence was better than expected in August, beating projections from economists surveyed by Reuters. The consumer sentiment index, a survey of consumers by The University of Michigan, rose to 97.6 in August. Economists estimated the index would climb to 94 from the 93.4 reading in July. (CNBC, 18/8/17)
Philly Fed finds nonmanufacturing activity continues to expand. The Federal Reserve Bank of Philadelphia’s Nonmanufacturing Business Outlook Survey for August found that current general activity at the firm level rose to its highest level in four months. (NJ Biz, 23/8/17)
N.Y. Fed raises U.S. third-quarter GDP growth view above two percent. The New York Federal Reserve on Friday raised its estimate of U.S. gross domestic product growth for the third quarter above 2 percent based on this week’s data on retail sales, industrial output and regional manufacturing. The regional central bank’s “Nowcast” model calculated the economy was expanding at an annualized pace of 2.09 percent in the third quarter, faster than the 1.96 percent rate a week earlier. (Reuters, 21/8/17)
