The Thai economic activity improved across all sectors in May, supported by continued rise in manufacturing output, consumer spending and investment, the Bank of Thailand said in a monthly report published Friday.
The manufacturing production expanded 5.5 percent year-on-year, rebounding from steady declines the previous months. The increase was due mainly to a marked increase in automobile production.
The private consumption index rose 6.6 percent annually and private investment index grew 14 percent. Exports registered favorable growth despite the adverse impact from the European debt crisis.
The current account balance was in a deficit of $1.54 billion in May, slightly higher than $1.52 billion in the previous month.
On Thursday, the Finance Ministry upped the growth forecast for the economy this year citing signs of economic rebound from last year's severe floods. The ministry now expects growth to range between 5.2 percent and 6.2 percent this year, with a mid-point of 5.7 percent.
The Thai economy expanded 0.3 percent in the first quarter, after a flood-related 8.9 percent slump in the final three months of last year.
by RTT Staff Writer
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