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Oil prices, lower car sales stunt July economic growth in Thailand.
Byline: Darana Chudasri
Sep. 1--Economic growth slowed down in July due to higher oil prices and declining sales of new cars ahead of the announcement of new tax rates, according to the Bank of Thailand.
Nitaya Pibulratagit, senior director for the Domestic Economy Department, said the rise in oil prices had taken its toll on economic growth by taking a bite out of overall domestic consumption.
The private consumption index grew 2.2 percent in July, down from 3.4 percent growth in June. The slowdown was attributed to the government's gradual lifting of the fuel subsidy which resulted in petrol prices rising by three baht to over 20 baht per ...
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Source: HighBeam Research, Oil prices, lower car sales stunt July economic growth in Thailand.