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Economy grows at slower pace, but consumption still higher in May
BANGKOK, June 30 (TNA) - The country's economy grew at a slower pace with high living costs in May, but local consumption remained higher as could be witnessed by an increase in the value-added tax collection, according to the Finance Ministry.
Somchai Sajjapong, the ministry's spokesman, revealed the economic and fiscal status in May had been bolstered by the increased exports , boosted by an average economic growth of 4.4 per cent of 11 trading partners in the first quarter. The consumption-based tax incomes increased significantly at 18.2 per cent from 7.3 per cent in the previous month because people were still confident of the consumption despite the economic slowdown. The farm product price index in May continued to expand at 14.8 per cent per annum and the employment rate rose 18.4 per cent, the first-ever two-digit growth in several years. The industrial sector also picked up from the slowdown in the month before with imports of raw materials rising at 8.1 per cent per annum from contracting at 14.2 per cent in April. The private investment improved from that of April since the investment in machinery and property expanded along with the increased imports of capital goods. Exports in May totaled US$10.8 billion, up 18.8 per cent from the same month last year while imports totaled $11.5 billion, up 6.4 per cent, resulting a trade deficit of $646 million. By Rajesh Kumar, Section Business Posted on Thu Jun 29, 2006 at 11:09:47 PM EST
Public debts reduced to 41.4 per cent of gross domestic product from 46.4 per cent as at end of last year.
The unemployment rate reduce to only 1.4 per cent while the general inflation rate increased to 6.2 per cent per annum due to higher fuel prices. It is expected the inflation rate would decline if the fuel prices began to stabilize. As of the end of May, the international reserve stood at $57.7 billion, up $52.1 billion as of the end of last year. It represented around 3 times of short-term foreign debts. A current account balance in April was in deficit of $282.7 million, but was in suplus of $1.37 billion in the first four months of this year. Foreign debts reduced slightly to$54.4 billion in April due to an increase in global crude prices and higher interest rates in the world market. (TNA) - E005
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