The baht, which last week spiked up above Bt30 per dollar for the first time since January, will continue to appreciate because of expected higher exports and more foreign direct investment, boosted by the natural disasters in Japan, according to HSBC Global Research.
Domestic oil product demand, excluding bitumen and liquefied petroleum gas, rose 3.7% year-on-year in January to 592,754 barrels per day, reflecting expanded business activity and industrial use of energy.
The Bank of Thailand remains confident that economic growth this year would not dip below 3 per cent, despite the surge in oil prices.
The Thai economy is expected to expand by 3.5-4.5% this year, according to the National Economic and Social Development Board (NESDB).
Value-added tax expanded 9.8% from the same period last year, while consumer product imports rose 28.6%, according to the office's director-general Naris Chaiyasoot.
Thailand's economy should continue its growth in the first quarter, but high oil prices will soften domestic demand, says the Fiscal...
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