BANGKOK, April 30 (Xinhua) -- Thailand's economic growth remained broadly stable in March on a monthly basis, supported by higher exports, manufacturing output, and government spending, despite early signs of impact from the Middle East conflict, the central bank said on Thursday.
Exports, a key driver of the Southeast Asian country's economic growth, expanded 3.3 percent in March compared to a month earlier, fueled by ongoing expansion in the electronics sector, alongside gains in some product groups from temporary firm-specific factors, according to the Bank of Thailand.
Manufacturing production rose from the previous month across all categories, mainly thanks to picking up sugar yields and a rebound in petroleum output as refinery operations resumed after maintenance shutdowns, the central bank's senior director Pranee Sutthasri told a press conference.
Government expenditure increased, led by both central government and state-owned enterprise spending, while public investment also expanded, reflecting higher disbursements by transportation agencies and rollover budget spending, Pranee said.
However, spillovers from the Middle East tensions have begun to emerge in March, with foreign tourist arrivals falling sharply, particularly from the Middle East and Europe, she said.
She added that tourism receipts grew, but only due to temporarily longer lengths of stay amid reduced flight services.
Meanwhile, private consumption softened, despite some front-loaded spending on fuel and consumer goods resulting from concerns over rising prices, the official noted.
Looking forward, the central bank said Thai economic growth is expected to slow as the Middle East conflict weighs on external demand, while domestic consumption is hampered by higher costs passed on to consumers. ■
