FPO: Pandemic hits hard - News Summed Up

FPO: Pandemic hits hard


Arnun ChonmahatrakoolThe coronavirus pandemic took an obvious toll on domestic investment and the tourism sector in February, but consumption remained resilient, according to a senior official at the Fiscal Policy Office (FPO). Private investment momentum was sluggish last month, with an 18.1% year-on-year contraction in commercial truck sales and a 10.2% fall in capital goods imports, said FPO deputy director-general Wuttipong Jittungsakul, attributing the contraction to concerns over coronavirus infections. However, investment in the building sector improved as cement sales contracted only 1.9% year-on-year in February from 5% in January. The capital goods import contraction aligned with exports, which shrank 4.5% on year in February after 3.3% growth in January, said Mr Wuttipong. Consumer confidence last month fell to 52.5 points on concerns that the pandemic would affect tourism, people's lifestyle and the economy.


Source: Bangkok Post March 30, 2020 20:15 UTC



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