BANGKOK, 29 November 2018 (NNT) - Thai auto sales have hit a five-year high amid strong economic indicators in October, despite fears that the US-China trade war and the US Federal Reserve’s rate hikes would jeopardize growth.

Spokesperson for the Ministry of Finance, Pornchai Thiraveja, said economic indicators in October showed steady growth among consumers and private spending, with VAT revenue reaching a three-month high. Auto sales grew by 36%, the highest in 70 months, while domestic cement sales reached a 65-month peak. Exports grew by 8.7% year on year, while all markets posted positive growth, including the US and Chinese markets that had contracted in the previous month.

However, the tourism sector has been impacted by fewer Chinese arrivals, resulting in the total number of tourists shrinking by 0.5%. Despite the drop, Pornchai said the ministry maintains its GDP forecast of 4.5% for the year, due to the upbeat outlook on the export sector as well as policies to boost tourism during the upcoming high season.

National News Bureau Of Thailand | Thai economy performs well in Oct, despite global economic woes