ID :
141476
Thu, 09/09/2010 - 18:16
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Shortlink :
http://m.oananews.org//node/141476
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Thai Consumer Confidence Index hits 44-month high in August: UTCC
BANGKOK, Sept 9 – Confidence index among Thai consumers in August has risen from 79.3 in July to 80.8, marking its fourth consecutive month rise and the highest level in 44 months since January 2007, according to a monthly survey by the Economic and Business Forecasting Center of the University of Thai Chamber of Commerce (UTCC).
Centre director Thanawat Polvichai said on Thursday the confidence index for the country’s overall economy registered at 72.8, up from 71.4 in July, the fastest growing and steadiest increase in 28 months.
“Positive factors helping improve the August consumer confidence index are the National Economic and Social Development Board’s revision of GDP projection for the whole year to 7-7.5 per cent from the 3.5-4.5 per cent earlier forecast in May and the cabinet decision to keep the 7 per cent value added tax (VAT) collection for two more years,” Dr Thanawat explained.
The index however remains below 100, reflecting consumers are concerned over the volatile political situation, particularly a series of bombings and security threats in the capital but still pin hopes on the government’s national reconciliation plan.
In addition, they also are concerned about the stronger baht which is forecast to touch Bt30 against the US dollar or appreciate further in the fourth quarter of the year.
If the baht strengthens to the level predicted by the centre, it will hurt Thai exports and tourism with a Bt100 billion (over US$3.2 billion) loss, the director said.
Meanwhile, the confidence index for the future situation in August rose by 85.7 from 83.7, hitting its highest level in five years.
The gain reflected that consumers still hope that Thai politics will be stable and that the consumer confidence has been notably restored. (MCOT online news)
Centre director Thanawat Polvichai said on Thursday the confidence index for the country’s overall economy registered at 72.8, up from 71.4 in July, the fastest growing and steadiest increase in 28 months.
“Positive factors helping improve the August consumer confidence index are the National Economic and Social Development Board’s revision of GDP projection for the whole year to 7-7.5 per cent from the 3.5-4.5 per cent earlier forecast in May and the cabinet decision to keep the 7 per cent value added tax (VAT) collection for two more years,” Dr Thanawat explained.
The index however remains below 100, reflecting consumers are concerned over the volatile political situation, particularly a series of bombings and security threats in the capital but still pin hopes on the government’s national reconciliation plan.
In addition, they also are concerned about the stronger baht which is forecast to touch Bt30 against the US dollar or appreciate further in the fourth quarter of the year.
If the baht strengthens to the level predicted by the centre, it will hurt Thai exports and tourism with a Bt100 billion (over US$3.2 billion) loss, the director said.
Meanwhile, the confidence index for the future situation in August rose by 85.7 from 83.7, hitting its highest level in five years.
The gain reflected that consumers still hope that Thai politics will be stable and that the consumer confidence has been notably restored. (MCOT online news)
