Sales of trucks and motorcycles, as well as farmers’ incomes nationwide, continued to contract in August due to the economic slowdown, according to the Fiscal Policy Office’s (FPO) regional economic report.
Pornchai Thiraveja, director-general of the FPO, said new truck registrations declined across all regions, with those in the central region falling by 70.8% year-on-year, the South by 30.3%, the Northeast by 49.9%, the North by 57.7%, the East by 31.2%, the West by 55.4% and Bangkok and surrounding areas by 50.7%.
New motorcycle registrations also decreased in every region during August, with those in the central region dropping by 9.2%, the South by 14.1%, the Northeast by 15.5%, the North by 22.1%, the East by 3.1%, the West by 4.4% and Bangkok and surrounding areas by 9.7%.
Farmers’ incomes fell across all regions, with those in the central region declining by 16.2%, the South by 5.9%, the Northeast by 11.4%, the North by 26.8%, the East by 10%, the West by 9.6% and Bangkok and surrounding areas by 21.5%.
The FPO also conducted the Regional Economic Sentiment Index (RSI) for September, reflecting regional economic prospects over the next six months.
These prospects are still expected to expand, particularly in the eastern and southern regions, driven by improvements in the agricultural and industrial sectors.
However, issues such as volatile weather conditions, global economic and trade fluctuations as well as progress on stimulus measures require monitoring, noted the office.
All regional RSIs tallied higher than 50%, with the eastern region the highest at 75.4%, while Bangkok and surrounding areas were the lowest at 57.4%.
The eastern region’s future index reflects confidence in continued economic expansion, particularly in the services and investment sectors, as the high season for tourism brings festivals in many areas, said Mr Pornchai.
Measures to promote tourism and investment to develop tourist attractions and infrastructure from both the public and private sectors should also support the sector, he said.
Further stimulus measures and government policies to promote high-technology industries are anticipated, which should support the recovery of domestic demand and investment. As a result, the future economic sentiment index for the Eastern Economic Corridor rose to 79.9.
Meanwhile, the southern region’s RSI tallied 71.0, driven mainly by confidence in the services and investment sectors as the high season for tourism approaches.