Pattaya Daily News

28 July 2006 :: 15:07:37 pm 23153

Thailand‘s Economic Conditions Improve

According to the Thai Finance Ministry, economic conditions continued to improve in the month of June, boosted by spending in the private sector in the country.
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   Somchai Sajjapongse, the ministry’s spokesperson, reported on Thursday that the figures in June were much better than those in May. This is in part due to local private consumption has continued to increase despite the country’s economic slowdown.

   This could be seen by an increase in value added tax (VAT) revenue from 27.4% to 25.8% from consumption. Without calculating inflation rates, the actual VAT rose by 20.3%, the highest since back in February.

   The cash balance in June was 90 billion baht in surplus. Revenue from the corporate tax collection in August is expected to be around 100 billion baht.

   This, coupled with an acceleration of the government budget disbursement, will put the government’s cash balance in deficit of around 10 billion baht for the 2006 fiscal year.

   Mr. Somchai said that revenue from the first nine months of this fiscal year (October 2005-June 2006) totaled 1.004 trillion baht. That figure is 7.7 billion baht higher than over the same period from the previous year.

   The budget disbursement in the first 9 months of this fiscal year totaled 1.019 trillion baht, which is 10% higher than the same period of the previous year.

   He said that the private sector have begun to have a little more confidence in investing since the general election has been set for October 15th.

    Taking everything into account, he believes that the investment figures would improve in the second half of the year.

   The ministry still believes that the country‘s economy would grow 4-5% for the whole year.

Reporter : PDN staff   Photo : Internet   Category : Business News

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