Charting Thailand’s Economy® www.ChartingThailandEconomy.com 19th issue: กันยายน 2556
Original featured photo from http://freestock.ca/flags_maps_g80-thailand_grunge_flag_p1107.html
ตรวจสุขภาพ เศรษฐกิจไทย รายเดือน • • • • • • •
จีดีพีไตรมาสสองนาผิดหวัง การบริโภค การผลิต ชะลอตัว การจางงานยังสูง เงินเฟอต่ํา สงออกยังทรุด ดุลงบประมาณรัฐบาลดีขึ้น และดัชนีอื่นๆอีกครบถวน ภาษาไทย
ISSN: 2286‐6132
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Charting Thailand’s Economy® ѯюѶ ь
њѥіѝѥіѠѧѯјѶзъіѠьѧзѝіҙ ѥѕѯчѪѠьіѬюѰээѲўєҕъ Ѩѷ Җ Ѳндіѥђђѧ зєѥѠыѧэѥѕзњѥєѯюѶ ьѳюеѠк ѯћіќудѧлѳъѕ њѥкшјѥчъѫдѵњѤьъѨѷ 5 еѠк ѯчѪѠь
Ѩ ъѨє ѝѼѥўіѤэєѪѠѠѥнё ѷ з Ѩ њѥєлѼѥѯюѶ ьш ҖѠк шѧчшѥєѯћіќудѧлѳъѕѲьуѥьѣѝњҕ ьўьѩкѷ еѠккѥьѠѕѬѰ ҕ ј Җњ зѫцѝѥєѥіщьѼ ѥнѥіҙш Җ еѠкѯіѥѳюѲнѲькѥьеѠкзѫ цѳч ҖъѤьъѨ ѯёѨѕкѰзҕзц ѫ эѠдѰўјҕкъѨє ѷ ѥѰјѣѳєҕ ьѼ ѥѳючѤчѰюјк
Ѫѷ њҕѥдѥішѧчшѥєзњѥєѯюѶ ьѳюеѠк ѯіѥѯнѠ ѯћіќудѧлѱчѕіњє ѯюѶ ьѯіѪѠ ѷ кѝѼѥзѤръѨл ѷ ѣш ҖѠкєѨ зњѥєзіѠэзјѫєъѫдѵч Җѥь ѰјѣдѶш ҖѠккҕѥѕшҕѠ Ѥ дѥіъѼѥзњѥєѯе ҖѥѲл ѰшҕѲьѝщѥьдѥіцҙюѤллѫэь ъѨе ѷ ҖѠєѬјъѨѯѷ іѥѳч ҖіѤэдјѤэј ҖьѯдѧьѰјѣюѣюьдѤь ъѤкѸ зњѥєѯўѶьъѤкѸ е ҖѠѯъѶлліѧкльъѼѥѲў ҖѕѥдъѨл ѷ ѣ лѤэѲлзњѥє
ѝѼѥўіѤэьѤдыѫідѧлўіѪѠяѬ ҖюіѣдѠэдѥі ьѨз ѷ Ѡ Ѫ ѷ ѣнњҕ ѕѲў Җзѫц Ѱўјҕке ҖѠєѬјзњѥєіѬ ҖъѨл юіѣўѕѤчѯњјѥѲьдѥішѥєѯћіќудѧл ўіѪѠ Ѱє ҖдіѣъѤѷкѯюѶ ьъѨѠ ѷ ҖѥкѠѧкюіѣлѼѥ зѠєёѧњѯшѠіҙеѠкзѫцѲьѯіѪѠ ѷ кѯћіќудѧл ѳъѕ
ҕ ьѤь ч Җњѕзњѥєѯе ҖѥѲлѯнь Ѹ ѯіѥеѠѠѥѝѥьѼ ѥѯѝьѠ њѧыў Ѩ ьѩкѷ ъѨл ѷ ѣнњҕ ѕѲў Җъҕѥьѯе ҖѥѲлзњѥєѯюѶ ьѳю еѠкѯћіќудѧлѳъѕѳч Җкҕѥѕѵ ѯўєѪѠьѳч ҖѠҕѥьяј шіњлѝѫеѓѥёѯћіќудѧліѥѕѯчѪѠь ъѨѯѷ ь Җь е ҖѠѯъѶлліѧкѯюѶ ьёѪь Ѹ уѥь ѯіѥўњѤкњҕѥлѣѯюѶ ьюіѣѱѕньҙѰдҕъѥҕ ьѳч Җ Ѱјѣщ Җѥ ѧ ѳч ҖъѨѷ ъҕѥьѠѕѥдѯіѨѕьіѬ Җѯёѧє ѷ ѯшѧєдѶѯіѨѕьѯнр
ѩ ќѥіњєщѩкяѬ ҖъѨѷ ѝѼѥўіѤэьѤдѯіѨѕььѤдћд ѩ ќѥч ҖњѕшьѯѠк ьѨз ћд ѷ Ѡ Ѫ ѰўјҕкѯіѨѕьіѬ ҖъѨѷ зѫцлѣѳч ҖёэдѤэњѧыд Ѩ ѥіѯіѨѕьіѬ ҖѰјѣъѼѥ зњѥєѯе ҖѥѲліѣээѯћіќудѧлѳъѕъѨѯѷ юѶ ь іѣээѰјѣѝі Җѥкѝіізҙ іњєѳющѩкѱѠдѥѝѲь дѥіѰјдѯюјѨѕ ѷ ьзњѥєіѬ ҖѲьўєѬя ҕ Ѭ ҖъѨѝ ѷ ьѲл ѯіѪѠ ѷ кѯћіќудѧлѳъѕ
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Charting Thailand’s Economy чѼѥѯьѧьдѥіѱчѕэіѧќѤънѥіҙшѯєзѯдѠіҙлѼѥдѤч
лчъѣѯэѨѕьѯјеъѨѷ 0135555002491 ъѨѠ ѷ ѕѬ:ҕ 19 ўєѬҕ 11, щььјѼѥјѬддѥ шѼѥэјјѼѥјѬддѥ ѠѼѥѯѓѠјѼѥјѬддѥ юъѫєыѥьѨ 12150 Ѥ ъҙ: +662 987 0919, ѱъіѝѥі: +662 987 0917, ѱъіћё Email: admin@chartingthailandeconomy.com
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ѯіѨѕьъҕѥьяѬ ҖѠҕѥь, ўјѤклѥдєѨдѥіѯяѕѰёіҕшњѤ ѯјелѨчё Ѩ о Ѩ кѩѷ щѪѠѯюѶ ьўѤњѲлеѠкчѤньѨѯћіќудѧлдѶњѥҕ ѳч Җ ѲьѳшієѥѝъѨѝ ѷ ѠкеѠкюѨ 2013 дѶєд Ѩ іѣѰѝеҕѥњіњєъѤкѸ е ҖѠщдѯщѨѕкдѤьњҕѥ юіѣѯъћѳъѕдѼѥјѤкѠѕѬѲҕ ьнњҕ кѝѓѥњѣѯћіќудѧлщчщѠѕўіѪѠѳєҕ Cover story ѷ ѥъѨѳѷ юеѠкзѼѥ еѠкѯіѥѲьмэѤэьѨл Ѹ кѩ еѠнњьъҕѥьяѬ ҖѠҕѥьєѥъѼѥзњѥєѯе ҖѥѲлщѩкъѨє њҕѥѯћіќудѧлщчщѠѕ іњєщѩкшіњлѝѠэщѩкѝѓѥњѣеѠкѯћіќудѧлюѤ ллѫэь Ѥ њҕѥѯе Җѥ еҕѥѕ “щчщѠѕ” ўіѪѠѳєҕ ѰьҕьѠьњҕѥѝѼѥўіѤэ Charting Thailand’s Economy ѯіѥшіњлѝѠэшѧчшѥє ҕ чѤньѨѯћіќудѧлъѨѝ ѷ ѼѥзѤреѠкѳъѕѠѕѬѯҕ юѶ ьюіѣлѼѥѠѕѬѰ ҕ ј Җњ ѰјѣѲьмэѤэьѨд Ѹ Ѷѯнь ѯзѕдѤэдѥіѝѰдьѯћіќудѧлѳъѕъѫдѰкҕъд ѫ єѫє яєўњѤкњҕѥъҕѥьлѣѳч ҖюіѣѱѕньҙлѥдэіѧдѥіеѠкѯіѥ Ѱј ҖњёэдѤьмэѤэўь ҖѥзіѤэ
ѧ ѝѥѱін зкзѥюіѣѯѝіѧуѝь эііцѥыѧдѥіэіѧўѥі Editor@chartingthailandeconomy.com
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J F M A M J J A S O N D
¬¥º »n ¥¶´¥ ´¥Â ¶ Ä ѯћіќудѧлѳъѕѯшѧэѱшѯёѨѕк 2.8% ѲьѳшієѥѝѝѠкеѠкюѨ окѩѷ шѼѥѷ дњҕѥѠѤшіѥдѥі ѯшѧэѱшѲьѳшієѥѝѰіддњҕѥзіѩкѷ іѥѕлҕѥѕўјѤдъѨд ѷ іѣшѫ ҖьдѥіѯшѧэѱшеѠклѨчё Ѩ ѲѨ ьѳші єѥѝѝѠкеѠкюѨ ьє ѨѸ ѥлѥддѥіѝкҕ ѠѠд дѥіэіѧѱѓзѯѠднь Ѱјѣдѥіјкъѫь ѲьѐѤѷ кдѥіяјѧшдѥінѣјѠшѤњеѠкѓѥзѠѫшѝѥўдіієѕѤкзкѯюѶ ьѝњҕ ьѝѼѥзѤръѨъ ѷ ѼѥѲў Җ дѥіѯшѧэѱшшѼѥѷ ѲьѯчѪѠьд.з.яјяјѧшѠѫшѝѥўдіієѰјѣѯдќші јчјклѥдъѤкѸ ѯчѪѠьдҕѠьўь ҖѥѰјѣ нњҕ кѯчѨѕњдѤьеѠкюѨ ъѰ Ѩѷ ј Җњ ѰѝчкщѩкдѥіјчјкеѠкдѥіяјѧш ѲьѐѤѷ кіѥѕлҕѥѕ Ѥ рѥцдѥінѣјѠшѤњѯіѧє Ѥ ѯльеѩь ѝр ѷ нч Ѹ ѱчѕчѤньѨдѥіэіѧѱѓзѓѥзѯѠднь Ѱјѣдѥі јкъѫьѓѥзѯѠднь шҕѥкјчјклѥдѯчѪѠьдҕѠьўь Җѥ дѥіјкъѫьѱчѕшіклѥдшюъ.дѶ ҕ ѯчѨѕњдѤь ѝњҕ ьѓѥзѠѝкѤ ўѥіѧєъіѤёѕҙѯшѧэѱшѳч ҖчѨѲьнњҕ къѨя ѷ ѥҕ ьєѥеѠкюѨ ьѨѸ ѯнь Ѥ рѥцюѤ рўѥнч Ѥ ѯльѱчѕѲь 7 ѯчѪѠьѰідеѠкюѨ ѝкҕ ѠѠдѳч Җ дѥіѝкҕ ѠѠдѯіѧє ѷ ѝкҕ ѝр јчјк ецѣъѨд ѷ ѥіьѼ ѥѯе ҖѥдѶѯіѧє ѷ шѧчјэлѥддѥіьѼ ѥѯе ҖѥњѤшщѫчэ ѧ ъѨј ѷ чјк ч Җѥь ьѤдъҕѠкѯъѨѕ ѷ њѕѤкѯшѧэѱшѳч ҖчѨѯшѧэѱшѝѬкщѩк 20% лѥднњҕ кѯчѨѕњдѤьеѠкюѨ дѠ ҕ ь єѠкѳюе Җѥкўь Җѥьѱѕэѥѕдѥіѯкѧьѯь Җьдіѣшѫ Җьдѥіѯшѧэѱшъѥкѯћіќудѧл ѱчѕѠѤшіѥ чѠдѯэѨѕ Ѹ ьѱѕэѥѕѕѤкзкѠѕѬъ ҕ Ѩѷ 2.5% ѠѕҕѥкѳідѶчѲѨ ьч ҖѥььѱѕэѥѕдѥізјѤкєѨдѥіѲн Җ Ѫѷ єѤѷьеѠкѓѥзыѫідѧлѰѕҕ лҕѥѕјчјкѯєѪѠ ѷ ѯъѨѕэдѤэнњҕ кѯчѨѕњдѤьеѠкюѨ ъѰ Ѩѷ ј Җњ зњѥєѯнѠ ҕ ѯчѨѕњдѤьдѤэ јкѱчѕѓѥзыѫідѧлѰјѣѓѥзѠѫшѝѥўдіієєѠкѲьѰкҕі Җѥѕѯёѧє ѷ еѩь Ѹ ѯнь яѬ Җэіѧѱѓз ѲьѯчѪѠьјҕѥѝѫчѝѼѥьѤдкѥьѯћіќудѧлдѥізјѤкѰјѣѝѓѥёѤхьҙѢшҕѥкюіѤэјчюіѣєѥц дѥіцҙдѥіѯшѧэѱшеѠкѯћіќудѧлѳъѕѲьюѨ ьј ѨѸ к ъѼѥѲў ҖюіѣєѥцдѥіцҙіњєѠѕѬҕ іѣўњҕѥк 4.05-4.50% ѝѼѥўіѤэюѨ 2013 Ѱјѣ 4.7-5.0% ѝѼѥўіѤэюѨ 2014
´¥ n´ ´ ç² ´¥ ¥² ´¤¥´¤Æ n ѠѤшіѥдѥіњҕѥккѥьјчјкѯюѶ ь 0.55% ѲьѯчѪѠьєѧ.ѕ. ѰшҕѯєѪѠ ѷ ѯъѨѕэдѤэѯеш ѯћіќудѧлѝѼѥзѤрѵѲьѱјд ѠѤшіѥњҕѥккѥьеѠкѳъѕѠѕѬѲҕ ьіѣчѤэшѼѥѷ ъѨѝ ѷ ч ѫ іѥѕѳч ҖшҕѠўѤњеѠкѳъѕѠѕѬѲҕ ьѠѤьчѤэъѨѷ 102 еѠкѱјд зьѳъѕѱчѕѯмјѨѕ ѷ лѣєѨ іѥѕѳч Җь ҖѠѕдњҕѥзьлѨьѱчѕѯмјѨѕ ѷ ѠѕѬѯҕ јѶдь ҖѠѕ ѰшҕлѣєѨіѥѕѳч ҖєѥддњҕѥзьѠѧьѯчѨѕ ѷ щѩкдњҕѥѝѥєѯъҕѥдѥідіѣлѥѕіѥѕѳч ҖеѠкѳъѕьѤэѳч ҖњҕѥѠѕѬѲҕ ьѠѤьчѤэ ѱчѕѯмјѨѕ Ѩ ѰшҕѰьњѱь ҖєдѥідіѣлѥѕеѠкіѥѕѳч ҖѱчѕіњєчѨеь ъ ҖѥѕѵеѠкѯѠѯнѕ ѩѸ ѕдѯњ ҖьѲь Ѥ ѝњҕ ьзьѕѥдльєѨѰьњѱь ҖєјчјкѲьіѣѕѣўјѤкѕдѯњ Җь дъє. лѼѥьњьѰјѣѝч ѯёѨѕкѲьдъє. іѥѕѳч ҖзіѤњѯіѪѠьѯёѧє ѷ еѩь Ѹ ѯіѶњдњҕѥіѥѕлҕѥѕіњєъѤкѸ іѣѕѣѯњјѥ юјѠчўьѨъ Ѹ ј Ѩѷ чјкѲьдѥіѝѼѥіњлјҕѥѝѫчѲьюѨ 2011
¬ ·¤¥¢´ ´ ª¥« ¶ ѯѝщѨѕіѓѥёъѥкіѥзѥщѪѠњҕѥчѨєѥд ѯкѧьѯђҖ ѠъѤњѷ ѳюјчјкѯюѶ ь 1.59% Ѱјѣѯкѧь ѯђҖ ѠёѪь Ѹ уѥьјчјкѯюѶ ь 0.75% ѲьѯчѪѠьѝ.з. ѲьіѣчѤэяѬ ҖяјѧшєѨѯкѧьѯђҖ ѠѯёѨѕк 0.1% Ѥ ѝњҕ ьъѫьѲьіѣээыьѥзѥіјчјкѯюѶ ь ѯѝщѨѕіѓѥёѲьіѣээыьѥзѥіѰѕҕјкѱчѕѝч ѷ еѩь Ѹ 15.7% ѲьчѪѠьєѧ.ѕ. ѰшҕѕѤкщѪѠњҕѥѝѬкєѥд ўьѨъ Ѹ ѳѨѷ єҕдѠ ҕ Ѳў Җѯдѧчіѥѕѳч Җѯёѧє ѯјѶдь ҖѠѕѲьѳшієѥѝъѨѝ ѷ Ѡк ѝѓѥёзјҕѠкѲьіѣээыьѥзѥіѰѕҕјк ѯѝщѨѕіѓѥёч ҖѥьдѥізјѤкчѨеь ѩѸ ѱчѕѱчѕчѫјкэюіѣєѥцдјѤэєѥѯдѧьчѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ ўьѨѝ Ѹ ѥыѥіцѣѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ ѯѝщѨѕіѓѥёч ҖѥьѯкѧьшіѥшҕѥкюіѣѯъћѰѕҕјк чѫјдѥінѼѥіѣѯкѧьеѥччѫјѲьнњҕ к 7 Ѹ юъ. ѯчѪѠьѰідеѠкюѨ 2013 ѯьѪѠ ѷ кєѥлѥддѥіеѥччѫјэѤрнѯѨ чѧьѝѣёѤч ўьѨш ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ ѯкѧьэѥъѠҕѠьзҕѥјкщѩк 1.6% ѯєѪѠ ѷ ѯъѨѕэдѤэѝдѫјѯкѧь шҕѥкѵѲьѯчѪѠьѝ.з.
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• ѯћіќудѧлѳъѕѯшѧэѱшѯёѨѕк 2.8% Ѳьѳ зіѩкѷ Ͳ іѥѕлҕѥѕўјѤдъѨд ѷ іѣшѫ Җьдѥіѯшѧэ ѯѠднь Ѱјѣдѥіјкъѫь Ͳ ѲьѐѤѷ кдѥіяјѧшдѥінѣјѠшѤњеѠ • ѲьѯчѪѠьд.з. яјяјѧшѠѫшѝѥўдіієѰј • ѲьѐѤѷ кіѥѕлҕѥѕдѥіэіѧѱѓзѓѥзѯѠднь Ѱ • дѥіѝкҕ ѠѠдѲьнњҕ къѨя ѷ ѥҕ ьєѥеѠкюѨ шч ѧ ј • ьѱѕэѥѕдѥіѯкѧьѕѤкѯь Җьдѥіѯшѧэѱшѱчѕ • ѓѥзыѫідѧлѰјѣѓѥзѠѫшѝѥўдііє іњєщк • ѝѼѥьѤдкѥьѯћіќудѧлдѥізјѤкѰјѣѝѓѥё ьѨј Ѹ к ъѼѥѲў ҖюіѣєѥцдѥіцҙіњєѠѕѬіҕ ѣўњ
• ѠѤшіѥдѥіњҕѥккѥьјчјкѯюѶ ь 0.55% Ѳь њҕѥккѥьеѠкѳъѕѕѤкѠѕѬѲҕ ьіѣчѤэшѼѥѷ ъѨѝ ѷ ч ѫ • дѥідіѣлѥѕіѥѕѳч ҖеѠкѳъѕьѤэѳч ҖњҕѥѠ ѱчѕіњєчѨеь ѩѸ ѕдѯњ ҖьѲьдъє. Ѥ ѝњҕ ьзьѕѥдльєѨѰьњѱь • лѼѥьњьѰјѣѝч ѯіѶњдњҕѥіѥѕлҕѥѕіњєъѤкѸ іѣѕѣѯњјѥюјѠч
• ѯкѧьѯђҖ ѠъѤњѷ ѳюѰјѣѯкѧьѯђҖ ѠёѪь Ѹ уѥьѠѕѬѲҕ ѠѕѬъ ҕ Ѩѷ 1.59% ѯкѧьѯђҖ ѠёѪь Ѹ уѥь 0.75% • ѯѝщѨѕіѓѥёѲьіѣээыьѥзѥіѰѕҕјкѯјѶдь ѝѬк ўьѨъ Ѹ ѳѨѷ єҕдѠ ҕ Ѳў Җѯдѧчіѥѕѳч ҖјчјкѲьѳ • ѯѝщѨѕіѓѥёч ҖѥьдѥізјѤкчѨеь ѩѸ ѱчѕчѫјкэ ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ • ѯѝщѨѕіѓѥёч ҖѥьѯкѧьшіѥшҕѥкюіѣѯъћѰѕ шюъ.ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ ѯкѧьэѥ
ѝѥіэѤр
ѳшієѥѝѝѠкеѠкюѨ окѩѷ шѼѥѷ дњҕѥѠѤшіѥдѥіѯшѧэѱшѲьѳшієѥѝѰіддњҕѥ
ўь Җѥ 15
эѱшеѠклѨчё Ѩ ѲѨ ьѳшієѥѝѝѠкеѠкюѨ ьє ѨѸ ѥлѥддѥіѝкҕ ѠѠд дѥіэіѧѱѓз
ѠкѓѥзѠѫшѝѥўдіієѕѤкзкѯюѶ ьѝњҕ ьѝѼѥзѤръѨъ ѷ ѼѥѲў ҖдѥіѯшѧэѱшшѼѥѷ ѣѯдќші јчјклѥдъѤкѸ ѯчѪѠьдҕѠьўь ҖѥѰјѣнњҕ кѯчѨѕњдѤьеѠкюѨ ъѰ Ѩѷ ј Җњ Ѥ ѯль ѰјѣдѥіјкъѫьѓѥзѯѠднь нѣјѠшѤњѠѕҕѥкнч э дѥіьѼ ѥѯе ҖѥнѣјѠшѤњ ьѤдъҕѠкѯъѨѕ ѷ њѕѤкѯёѧє ѷ ѝѬк ѕзкчѠдѯэѨѕ Ѹ шѼѥѷ ецѣъѨіѷ ѥѕлҕѥѕіѤуѢўчшѤњјк кяѬ ҖэіѧѱѓзєѠкѲьѰкҕі Җѥѕєѥдеѩь Ѹ ёѤхьҙѢшҕѥкюіѤэјчюіѣєѥцдѥіцҙдѥіѯшѧэѱшеѠкѯћіќудѧлѳъѕѲьюѨ њҕѥк 4.05-4.50% ѝѼѥўіѤэюѨ 2013 Ѱјѣ 4.7-5.0% ѝѼѥўіѤэюѨ 2014
18 24 32 39 42 45
ьѯчѪѠьєѧ.ѕ. ѰшҕѯєѪѠ ѷ ѯъѨѕэдѤэѯешѯћіќудѧлѝѼѥзѤрѵѲьѱјд ѠѤшіѥ ч Ѩ ѰшҕѰьњѱь ҖєдѥідіѣлѥѕеѠкіѥѕѳч Җ ѕѬѲҕ ьѠѤьчѤэъ ҖѥѕѵеѠкѯѠѯнѕ
48
ь ҖєјчјкѲьіѣѕѣўјѤкѕдѯњ ҖьѯёѨѕкѲьдъє. іѥѕѳч ҖзіѤњѯіѪѠьѯёѧє ѷ еѩь Ѹ чўьѨъ Ѹ ј Ѩѷ чјкѲьдѥіѝѼѥіњлјҕѥѝѫчѲьюѨ 2011
55
ьіѣчѤэшѼѥѷ ѰјѣјчјкѠѕҕѥкшҕѠѯьѪѠ ѷ кѲьѯчѪѠьѝ.з. ѱчѕѯкѧьѯђҖ ѠъѤњѷ ѳю ѲьіѣчѤэяѬ ҖяјѧшѰъэѳєҕєѯѨ кѧьѯђҖ Ѡ Ѥ ѝњҕ ьъѫьѲьіѣээыьѥзѥіјчјкѲьѯчѪѠьєѧ.ѕ. ѰшҕѕѤкщѪѠњҕѥ ь ҖѠѕѱчѕѝч ѳшієѥѝѰід ѝѓѥёзјҕѠкјчјк эюіѣєѥцдјѤэєѥѯдѧьчѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ ўьѨѝ Ѹ ѥыѥіцѣ
61
ѕҕјк чѫјдѥінѼѥіѣѯкѧьеѥччѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ 2013 ўьѨѸ ъѠҕѠьзҕѥјкѠѕҕѥкіњчѯіѶњѲьѯчѪѠьѝ.з.
78
51
65 71
9
Á«¦¬ · Å ¥Á · à Á¡¸¥ 2.8% Ä Å ¦¤ Å ¦¤µÂ¦ ªnµ ¦¹ É ´¥q 1.05 – ´¥Â ¶ Ä ¯ · · ·Å ¯ · % дѥіѯюјѨѕ ѷ ьѰюјкюѨ шҕѠюѨ 7.1% 6.3% 5.3% 4.6%
CAGR* 2001Ͳ2012 = 4.3% 2.2%
5.1% 5.0%
2.5
2001 2002 2003 2004 2005 2006 2007 200
Note: (*) Cumulative Annual Growth Rate Source: NESDB; CTE analysis
µ° ° ¸ ¹É 뵃 ªnµ°´ ¦µ µ¦Á · à Ä
7.8% 6.5% 5.4%
2.8%
5%
0.1%
-2.3%
08 2009 2010 2011 2012
1Q13 2Q13 3Q13 4Q13
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µ¦ ³¨° ´ª ° £µ °» µ® ¦¦¤¥´ Á È ¸É ° εÉ
´¥q 1.06a – ´¥Â ¶ Ä ¯ · · · n´ ´¥ §¶ 2Q13 % дѥіѯюјѨѕ ѷ ьѰюјкюѨ шҕѠюѨ 2.8
GDP
14.2
Hotel&Res Other social
10.6
Financial
10.3 7.5
Transport
6.6
Education Construction
5.0
Health&Social
4.9
Private HH
4.1
RealEstate
3.9 3.4
PublicAdmin Trading
2.9
Mining
2.9
Utilities
2.7 1.5
Agriculture Manufacture Fishing -7.9
Source: NESDB; CTE analysis
-1.0
nª ε ´ ¸ É ÎµÄ®o µ¦Á · Ã Ä Å ¦¤µ
3
´¥q 1.06b – § ¥² m¯ ´¥Â ¶ Ä ¯ · · · 2Q13 % дѥіѯюјѨѕ ѷ ьѰюјкюѨ шѠ ҕ юѨ еѠклѨчё Ѩ іѨ њєъѨє ѷ ѥлѥдѓѥзшҕѥкѵ 2.8
GDP 0.7
Transport
0.6
Hotel&Res
0.5
Financial
0.4
Trading
0.2
Other social Education
0.2
RealEstate
0.2
Construction
0.1
Utilities
0.1
Agriculture
0.1
PublicAdmin
0.1
Mining
0.1
Health&Social
0.1
Private HH
0.0
Fishing Manufacture
-0.1 -0.4
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¦µ¥ n µ¥®¨´ ¸É ¦³ » o µ¦Á · à ° ¸ ¸¡Ä¸ ´¥q 1.08a – ´¥Â ¶ Ä ¯ · · · n´ ¥´¤ m´¤ 2Q13 % дѥіѯюјѨѕ ѷ ьѰюјкюѨ шҕѠюѨ
GDP
2.8
G
5.8
I
5.2
I (capital)
4.5
ͲM X C
4.1
2.8
2.4
Note: (*) C = дѥіэіѧѱѓзѯѠднь, I = дѥіјкъѫь ѰэҕкѯюѶ ь I (capital) = дѥіѝѣѝєъѫь Ѱјѣ I (inve ѧ з ҖѥѰјѣэіѧдѥі (іњєіѥѕѳч ҖлѥддѥіъҕѠкѯъѨѕ G = дѥіэіѧѱѓзѓѥзіѤу, X = дѥіѝкҕ ѠѠдѝь ѷ њ
Source: NESDB; CTE analysis
Ä Å ¦¤µ° ° ¸ ¸Ê ¤µ µ µ¦n °° ´¥q 1.08b – § ¥² m¯ ´¥Â ¶ Ä ¯ · · · 2Q13 % дѥіѯюјѨѕ ѷ ьѰюјкюѨ шѠ ҕ юѨ еѠклѨчё Ѩ іѨ њєъѨє ѷ ѥлѥдіѥѕлҕѥѕшҕѥкѵ
GDP
2.8
X
2.1
C
1.3
I (capital)
1.1
G
0.6
I (Inventory)
0.2
Discrpncy ͲM
0.0
-2.5
ѧ з ҖѥзкѯўјѪѠ entory) = дѥіѯюјѨѕ ѷ ьѰюјкеѠкѝь ѧ з ҖѥѰјѣэіѧдѥі (іњєіѥѕлҕѥѕдѥіѳюѯъѨѕ њ), M = дѥіьѼ ѥѯе Җѥѝь ѷ њшюъ.)
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• ѯћіќудѧлѳъѕѯшѧэѱшѯёѨѕк 2.8% Ѳьѳ зіѩкѷ Ͳ іѥѕлҕѥѕўјѤдъѨд ѷ іѣшѫ Җьдѥіѯшѧэ ѯѠднь Ѱјѣдѥіјкъѫь Ͳ ѲьѐѤѷ кдѥіяјѧшдѥінѣјѠшѤњеѠ • ѲьѯчѪѠьд.з. яјяјѧшѠѫшѝѥўдіієѰј • ѲьѐѤѷ кіѥѕлҕѥѕдѥіэіѧѱѓзѓѥзѯѠднь Ѱ • дѥіѝкҕ ѠѠдѲьнњҕ къѨя ѷ ѥҕ ьєѥеѠкюѨ шч ѧ ј • ьѱѕэѥѕдѥіѯкѧьѕѤкѯь Җьдѥіѯшѧэѱшѱчѕ • ѓѥзыѫідѧлѰјѣѓѥзѠѫшѝѥўдііє іњєщк • ѝѼѥьѤдкѥьѯћіќудѧлдѥізјѤкѰјѣѝѓѥё ьѨј Ѹ к ъѼѥѲў ҖюіѣєѥцдѥіцҙіњєѠѕѬіҕ ѣўњ
• ѠѤшіѥдѥіњҕѥккѥьјчјкѯюѶ ь 0.55% Ѳь њҕѥккѥьеѠкѳъѕѕѤкѠѕѬѲҕ ьіѣчѤэшѼѥѷ ъѨѝ ѷ ч ѫ • дѥідіѣлѥѕіѥѕѳч ҖеѠкѳъѕьѤэѳч ҖњҕѥѠ ѱчѕіњєчѨеь ѩѸ ѕдѯњ ҖьѲьдъє. Ѥ ѝњҕ ьзьѕѥдльєѨѰьњѱь • лѼѥьњьѰјѣѝч ѯіѶњдњҕѥіѥѕлҕѥѕіњєъѤкѸ іѣѕѣѯњјѥюјѠч
• ѯкѧьѯђҖ ѠъѤњѷ ѳюѰјѣѯкѧьѯђҖ ѠёѪь Ѹ уѥьѠѕѬѲҕ ѠѕѬъ ҕ Ѩѷ 1.59% ѯкѧьѯђҖ ѠёѪь Ѹ уѥь 0.75% • ѯѝщѨѕіѓѥёѲьіѣээыьѥзѥіѰѕҕјкѯјѶдь ѝѬк ўьѨъ Ѹ ѳѨѷ єҕдѠ ҕ Ѳў Җѯдѧчіѥѕѳч ҖјчјкѲьѳ • ѯѝщѨѕіѓѥёч ҖѥьдѥізјѤкчѨеь ѩѸ ѱчѕчѫјкэ ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ • ѯѝщѨѕіѓѥёч ҖѥьѯкѧьшіѥшҕѥкюіѣѯъћѰѕ шюъ.ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ ѯкѧьэѥ
ѳшієѥѝѝѠкеѠкюѨ окѩѷ шѼѥѷ дњҕѥѠѤшіѥдѥіѯшѧэѱшѲьѳшієѥѝѰіддњҕѥ
эѱшеѠклѨчё Ѩ ѲѨ ьѳшієѥѝѝѠкеѠкюѨ ьє ѨѸ ѥлѥддѥіѝкҕ ѠѠд дѥіэіѧѱѓз
ѠкѓѥзѠѫшѝѥўдіієѕѤкзкѯюѶ ьѝњҕ ьѝѼѥзѤръѨъ ѷ ѼѥѲў ҖдѥіѯшѧэѱшшѼѥѷ ѣѯдќші јчјклѥдъѤкѸ ѯчѪѠьдҕѠьўь ҖѥѰјѣнњҕ кѯчѨѕњдѤьеѠкюѨ ъѰ Ѩѷ ј Җњ Ѥ ѯль ѰјѣдѥіјкъѫьѓѥзѯѠднь нѣјѠшѤњѠѕҕѥкнч э дѥіьѼ ѥѯе ҖѥнѣјѠшѤњ ьѤдъҕѠкѯъѨѕ ѷ њѕѤкѯёѧє ѷ ѝѬк ѕзкчѠдѯэѨѕ Ѹ шѼѥѷ ецѣъѨіѷ ѥѕлҕѥѕіѤуѢўчшѤњјк кяѬ ҖэіѧѱѓзєѠкѲьѰкҕі Җѥѕєѥдеѩь Ѹ ёѤхьҙѢшҕѥкюіѤэјчюіѣєѥцдѥіцҙдѥіѯшѧэѱшеѠкѯћіќудѧлѳъѕѲьюѨ њҕѥк 4.05-4.50% ѝѼѥўіѤэюѨ 2013 Ѱјѣ 4.7-5.0% ѝѼѥўіѤэюѨ 2014
ьѯчѪѠьєѧ.ѕ. ѰшҕѯєѪѠ ѷ ѯъѨѕэдѤэѯешѯћіќудѧлѝѼѥзѤрѵѲьѱјд ѠѤшіѥ ч Ѩ ѰшҕѰьњѱь ҖєдѥідіѣлѥѕеѠкіѥѕѳч Җ ѕѬѲҕ ьѠѤьчѤэъ ҖѥѕѵеѠкѯѠѯнѕ
ь ҖєјчјкѲьіѣѕѣўјѤкѕдѯњ ҖьѯёѨѕкѲьдъє. іѥѕѳч ҖзіѤњѯіѪѠьѯёѧє ѷ еѩь Ѹ чўьѨъ Ѹ ј Ѩѷ чјкѲьдѥіѝѼѥіњлјҕѥѝѫчѲьюѨ 2011
ьіѣчѤэшѼѥѷ ѰјѣјчјкѠѕҕѥкшҕѠѯьѪѠ ѷ кѲьѯчѪѠьѝ.з. ѱчѕѯкѧьѯђҖ ѠъѤњѷ ѳю ѲьіѣчѤэяѬ ҖяјѧшѰъэѳєҕєѯѨ кѧьѯђҖ Ѡ Ѥ ѝњҕ ьъѫьѲьіѣээыьѥзѥіјчјкѲьѯчѪѠьєѧ.ѕ. ѰшҕѕѤкщѪѠњҕѥ ь ҖѠѕѱчѕѝч ѳшієѥѝѰід ѝѓѥёзјҕѠкјчјк эюіѣєѥцдјѤэєѥѯдѧьчѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ ўьѨѝ Ѹ ѥыѥіцѣ
ѕҕјк чѫјдѥінѼѥіѣѯкѧьеѥччѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ 2013 ўьѨѸ ъѠҕѠьзҕѥјкѠѕҕѥкіњчѯіѶњѲьѯчѪѠьѝ.з.
13
¨ ¨· £µ °» µ® ¦¦¤¥´ ¦´ ´ª¨ ¨ Á ¸¥ª ´ ° ¸ ¸ÂÉ ¨oª ´¥q 1.11 – ³ · § §¶ ¯º ¬´ ¥¥£ (2000 = 100) CAGR
4.3%
194.2 174.8 152.1
161.1
182.6 170.0
138.6 124.2
2003 2004 2005 2006 2007 2008 2009 2010
Source: The Office of Industrial Economics
¨ n°Á º°É ´Ê µ Á º° n° ® oµÂ¨³ nª
 §·Ê¤¥´¤Â ¹¯ 250.0
200.0
177.7 181.6
2012
2013
150.0
100.0
MͲoͲM Ͳ3.3% YͲoͲY Ͳ4.5%
50.0
0.0
2011 2012
J F M A M J J A S O N D
14
www.ChartingThailandEconomy.com
Ä Á º° . . °» µ® ¦¦¤nª Ä® n ¨ ¨· ´¥q 1.12a – ³ · § §¶ ¥´¤¯º ¬´ ¥¥£ % дѥіѯюјѨѕ ѷ ьѰюјклѥдюѨ ъѰ Ѩѷ ј Җњ, д.з. 2013
16
Electrical 10.6
Petroleum 4.7
Wood products
2.8
Electronic
2.1
Mineral
0.4
Metal products Apparel
-1.2
Textiles
-1.3 -2.9
Chemical Rubber&Plastic
-5.0
Paper
-5.1
Vehicles
-5.6 -6.3
Basic Mat Tobacco
-7.1
Office automate
-7.3 -9.1
Transport Equip Food & Bev
-10.2
Precision instru
-10.6
Machineries Leather
-11.6 -13.5
Furniture -16.6
Source: The Office of Industrial Economics; CTE analysis
¨ ¨ µ nª Á ¸¥ª ´ ° ¸ n° ´¥q 1.12b – ³ · § §¶ ¥´¤¯º ¬´ ¥¥£ % дѥіѯюјѨѕ ѷ ьѰюјклѥдѯчѪѠьдҕѠь, д.з. 2013
6.1
10.3 23.4 7.6 2.4 -0.4 -2.6 -10.0 0.4 1.0 0.2 5.0 -8.7 -2.7 7.5 -9.7 -7.5 -5.0 8.4 -9.8 -8.8 5.5
15
www.ChartingThailandEconomy.com
°´ ¦µ µ¦Ä o µÎ ¨´ µ¦ ¨· ¨ ¨ Á¨È o°¥Ä ´¥q 1.13a – ¯³ ¥´ ´¥Å n ´Ï §³ ´¥ §¶ Ä ¤¥©£ % еѠкдѼѥјѤкдѥіяјѧшъѤкѸ ўєч 100% 90% 80% 70%
64.6%
60% 50% 40% 30% 20% 10% 0% Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13
Source: The Office of Industrial Economics
Á º° . . ´¥q 1.13b – ¯³ ¥´ ´¥Å n ´Ï §³ ´¥ §¶ ¥´¤¯º ± % еѠкдѼѥјѤкдѥіяјѧшъѤкѸ ўєч, д.з. 2013 Precision instru Vehicles Chemical Electrical Petroleum Machineries Mineral Transport Equip Paper Rubber&Plastic Electronic Metal products Office automate Tobacco Basic Mat Food & Bev Apparel Textiles Furniture Leather Wood products
125% 95% 91% 89% 79% 78% 77% 77% 71% 66% 61% 61% 56% 50% 49% 48% 48% 44% 31% 26% 22%
16
www.ChartingThailandEconomy.com
°´ ¦µ µ¦ ¥µ¥ ´ª ° ¨ ¨· °» µ® ¦¦¤ Á«¦¬ · ε ´ ° è ´¥q 1.14 – ³ · § §¶ ¯º ¬´ ¥¥£ % дѥіѯюјѨѕ ѷ ьѰюјклѥдюѨ ъѰ Ѩѷ ј Җњ, јҕѥѝѫч Philippines Ͳ Jun China Ͳ Jul Vietnam Ͳ Aug Pakistan Ͳ May Australia Ͳ Q1 Indonesia Ͳ Jun Malaysia Ͳ Jun Brazil Ͳ Jun Singapore Ͳ Jul Taiwan Ͳ Jul US Ͳ Jul Hong Kong Ͳ Q1 Euro Area Ͳ Jun -0.8
Russia Ͳ Jul -2.2
India Ͳ Jun
-2.6
South Korea Ͳ Jun Thailand Ͳ Jul
-4.5
Japan Ͳ Jun
-4.6
Source: The Economist
¤ ° Å ¥ 뵃 Á º° ¸É » Á¤º°É Á ¸¥ ´
10.0 9.7 4.4 3.6 3.6 3.4 3.3 3.1 2.7 2.1 1.4 0.5 0.3
17
www.ChartingThailandEconomy.com
Ä Á º° . . ¨ ¨· £µ Á ¬ ¦ ¦´ ´ª¨ ¸ ¸ÂÉ ¨oª ´¥q 1.10 – ³ · ´¥ §¶ ¢´  « ¥ (2005 = 100) CAGR
3.1%
106.1
113.4 112.9 109.7 111.5
100.0
2003 2004 2005 2006 2007 2008 2009 2010
Source: Office of Agricultural Economics, Ministry of Agriculture a
¨ µ ´Ê Á º° n° ¨³ nª Á ¸¥ª ´ °
 §·Ê¤¥´¤Â ¹¯ 250.0
123.2
127.1
200.0
YͲoͲY Ͳ2.7% MͲoͲM Ͳ15.6%
150.0
2012
100.0
2013
50.0
0.0
2011 2012
and Cooperatives
J F M A M J J A S O N D
18
www.ChartingThailandEconomy.com
¦» ¼ o ¦·®µ¦
´¥Â ¶ Ä
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• ѯћіќудѧлѳъѕѯшѧэѱшѯёѨѕк 2.8% Ѳьѳ зіѩкѷ Ͳ іѥѕлҕѥѕўјѤдъѨд ѷ іѣшѫ Җьдѥіѯшѧэ ѯѠднь Ѱјѣдѥіјкъѫь Ͳ ѲьѐѤѷ кдѥіяјѧшдѥінѣјѠшѤњеѠ • ѲьѯчѪѠьд.з. яјяјѧшѠѫшѝѥўдіієѰј • ѲьѐѤѷ кіѥѕлҕѥѕдѥіэіѧѱѓзѓѥзѯѠднь Ѱ • дѥіѝкҕ ѠѠдѲьнњҕ къѨя ѷ ѥҕ ьєѥеѠкюѨ шч ѧ ј • ьѱѕэѥѕдѥіѯкѧьѕѤкѯь Җьдѥіѯшѧэѱшѱчѕ • ѓѥзыѫідѧлѰјѣѓѥзѠѫшѝѥўдііє іњєщк • ѝѼѥьѤдкѥьѯћіќудѧлдѥізјѤкѰјѣѝѓѥё ьѨј Ѹ к ъѼѥѲў ҖюіѣєѥцдѥіцҙіњєѠѕѬіҕ ѣўњ
• ѠѤшіѥдѥіњҕѥккѥьјчјкѯюѶ ь 0.55% Ѳь њҕѥккѥьеѠкѳъѕѕѤкѠѕѬѲҕ ьіѣчѤэшѼѥѷ ъѨѝ ѷ ч ѫ • дѥідіѣлѥѕіѥѕѳч ҖеѠкѳъѕьѤэѳч ҖњҕѥѠ ѱчѕіњєчѨеь ѩѸ ѕдѯњ ҖьѲьдъє. Ѥ ѝњҕ ьзьѕѥдльєѨѰьњѱь • лѼѥьњьѰјѣѝч ѯіѶњдњҕѥіѥѕлҕѥѕіњєъѤкѸ іѣѕѣѯњјѥюјѠч
• ѯкѧьѯђҖ ѠъѤњѷ ѳюѰјѣѯкѧьѯђҖ ѠёѪь Ѹ уѥьѠѕѬѲҕ ѠѕѬъ ҕ Ѩѷ 1.59% ѯкѧьѯђҖ ѠёѪь Ѹ уѥь 0.75% • ѯѝщѨѕіѓѥёѲьіѣээыьѥзѥіѰѕҕјкѯјѶдь ѝѬк ўьѨъ Ѹ ѳѨѷ єҕдѠ ҕ Ѳў Җѯдѧчіѥѕѳч ҖјчјкѲьѳ • ѯѝщѨѕіѓѥёч ҖѥьдѥізјѤкчѨеь ѩѸ ѱчѕчѫјкэ ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ • ѯѝщѨѕіѓѥёч ҖѥьѯкѧьшіѥшҕѥкюіѣѯъћѰѕ шюъ.ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ ѯкѧьэѥ
ѳшієѥѝѝѠкеѠкюѨ окѩѷ шѼѥѷ дњҕѥѠѤшіѥдѥіѯшѧэѱшѲьѳшієѥѝѰіддњҕѥ
эѱшеѠклѨчё Ѩ ѲѨ ьѳшієѥѝѝѠкеѠкюѨ ьє ѨѸ ѥлѥддѥіѝкҕ ѠѠд дѥіэіѧѱѓз
ѠкѓѥзѠѫшѝѥўдіієѕѤкзкѯюѶ ьѝњҕ ьѝѼѥзѤръѨъ ѷ ѼѥѲў ҖдѥіѯшѧэѱшшѼѥѷ ѣѯдќші јчјклѥдъѤкѸ ѯчѪѠьдҕѠьўь ҖѥѰјѣнњҕ кѯчѨѕњдѤьеѠкюѨ ъѰ Ѩѷ ј Җњ Ѥ ѯль ѰјѣдѥіјкъѫьѓѥзѯѠднь нѣјѠшѤњѠѕҕѥкнч э дѥіьѼ ѥѯе ҖѥнѣјѠшѤњ ьѤдъҕѠкѯъѨѕ ѷ њѕѤкѯёѧє ѷ ѝѬк ѕзкчѠдѯэѨѕ Ѹ шѼѥѷ ецѣъѨіѷ ѥѕлҕѥѕіѤуѢўчшѤњјк кяѬ ҖэіѧѱѓзєѠкѲьѰкҕі Җѥѕєѥдеѩь Ѹ ёѤхьҙѢшҕѥкюіѤэјчюіѣєѥцдѥіцҙдѥіѯшѧэѱшеѠкѯћіќудѧлѳъѕѲьюѨ њҕѥк 4.05-4.50% ѝѼѥўіѤэюѨ 2013 Ѱјѣ 4.7-5.0% ѝѼѥўіѤэюѨ 2014
ьѯчѪѠьєѧ.ѕ. ѰшҕѯєѪѠ ѷ ѯъѨѕэдѤэѯешѯћіќудѧлѝѼѥзѤрѵѲьѱјд ѠѤшіѥ ч Ѩ ѰшҕѰьњѱь ҖєдѥідіѣлѥѕеѠкіѥѕѳч Җ ѕѬѲҕ ьѠѤьчѤэъ ҖѥѕѵеѠкѯѠѯнѕ
ь ҖєјчјкѲьіѣѕѣўјѤкѕдѯњ ҖьѯёѨѕкѲьдъє. іѥѕѳч ҖзіѤњѯіѪѠьѯёѧє ѷ еѩь Ѹ чўьѨъ Ѹ ј Ѩѷ чјкѲьдѥіѝѼѥіњлјҕѥѝѫчѲьюѨ 2011
ьіѣчѤэшѼѥѷ ѰјѣјчјкѠѕҕѥкшҕѠѯьѪѠ ѷ кѲьѯчѪѠьѝ.з. ѱчѕѯкѧьѯђҖ ѠъѤњѷ ѳю ѲьіѣчѤэяѬ ҖяјѧшѰъэѳєҕєѯѨ кѧьѯђҖ Ѡ Ѥ ѝњҕ ьъѫьѲьіѣээыьѥзѥіјчјкѲьѯчѪѠьєѧ.ѕ. ѰшҕѕѤкщѪѠњҕѥ ь ҖѠѕѱчѕѝч ѳшієѥѝѰід ѝѓѥёзјҕѠкјчјк эюіѣєѥцдјѤэєѥѯдѧьчѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ ўьѨѝ Ѹ ѥыѥіцѣ
ѕҕјк чѫјдѥінѼѥіѣѯкѧьеѥччѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ 2013 ўьѨѸ ъѠҕѠьзҕѥјкѠѕҕѥкіњчѯіѶњѲьѯчѪѠьѝ.з.
19
´ ¸ µ¦ ¦·Ã£ Á° ¨ ¨ Á¨È o°¥ µ ¨oª ´¥q 1.15 – ³ · ´¥ ¥¶Ä¢ ¯ (2000 = 100)
CAGR
3.2%
111.2
117.8
126.2 121.9 124.2
130.6
134.2 127.2
03-Avg 04-Avg 05-Avg 06-Avg 07-Avg 08-Avg 09-Avg 10-Avg 1
Note: (*) seasonally adjusted
Source: Bank of Thailand
´Ê Á º° n° ® oµÂ¨³ nª Á ¸¥ª ´ ° ¸ ¸É
 §·Ê¤¥´¤Â ¹¯ 160.0
147.0
155.0
139.2
11-Avg 12-Avg
150.0
2013
2012 145.0
140.0
MͲoͲM Ͳ0.5%
135.0
YͲoͲY Ͳ0.7%
130.0
J F M A M J J A S O N D
20
www.ChartingThailandEconomy.com
µ¦ ¦·Ã£ Á · à °¥nµ ´ªÉ ¹ Ä nª ¸ É nµ ¤ Á º° ¨nµ» ´¥q 1.16a – ¥´¤ m´¤ ´¥ ¥¶Ä¢ ·Ê¬Ï´ ³ % дѥіѯюјѨѕ ѷ ьѰюјклѥдюѨ ъѰ Ѩѷ ј Җњ, 7 ѯчѪѠьѰідеѠкюѨ 2013 Passenger Car (Unit) 11.1
NGV (kg.)*
10.0
Benzene & Gasohol (litre) Real import of consumer goods (2000 prices, US$)
6.7
Commercial Car (Unit)
5.8
HH electricity (kilowatt/hour)
5.1
Diesel (litre)
3.5
LPG (litre)*
3.5
Real VAT (2000 prices, baht)
2.9
Motocycle (Unit)
-1.0
Note: (*) figures are 1Ͳmonth delayed
Source: Bank of Thailand; CTE analysis
¤µ ° ¸ ¤oªnµnª Ä® n ³ ¦´ ¨ ¨ Ä ´¥q 1.16b – ¥´¤ m´¤ ´¥ ¥¶Ä¢ ·Ê¬Ï´ ³ % дѥіѯюјѨѕ ѷ ьѰюјклѥдѯчѪѠьдҕѠь, д.з. 2013 25.0
0.9 -0.5 4.7 -1.1 -8.6 -0.9 2.0 -0.3 -2.1 1.3
21
www.ChartingThailandEconomy.com
µ¦¨ »  ´ µ ³¨° ´ª°¥nµ ´ Á Ä Á º° . . ´¥q 1.17 – ³ · ´¥§ º ¯ (2000 = 100)
CAGR
6.9%
172.1 174.9 175.3 155.8
193.0
183.4 160.8
133.2
03-Avg 04-Avg 05-Avg 06-Avg 07-Avg 08-Avg 09-Avg 10-Avg 1
Source: Bank of Thailand
Á à ¥ ´ ¸ µ¦¨ » Á° ¨ ¨ n°°¸
 §·Ê¤¥´¤Â ¹¯ 300.0
2013 250.0
2012 242.1 200.0
210.2
11-Avg 12-Avg
150.0
100.0
MͲoͲM Ͳ0.2%
YͲoͲY Ͳ5.4%
50.0
0.0
J F M A M J J A S O N D
22
www.ChartingThailandEconomy.com
¦µ¥ n µ¥ µ¦¨ » Á° nª Ä® nÁ · Ã Ä ¨ oµ Ä Á º° ¨nµ» ´¥q 1.18a – ¥´¤ m´¤ ´¥§ º ·Ê¬Ï´ ³ % дѥіѯюјѨѕ ѷ ьѰюјклѥдюѨ ъѰ Ѩѷ ј Җњ, 7 ѯчѪѠьѰідеѠкюѨ 2013
Domestic commercial car sales (unit)
21.7
13.4
Domestic Cement sales (ton)
Domestic Machinery sales* (2000 prices, Baht)
7.0
Construction Area permitted (sqm)
Import of Capital Goods (2000 prices, Baht)
5.0
-2.6
Note: (*) figures are 1Ͳmonth delayed
Source: Bank of Thailand; CTE analysis
nª ¸ É nµ ¤µ ° ¸ ¤oªnµ ³Á¦·¤É ³¨° ´ª
´¥q 1.18b – ¥´¤ m´¤ ´¥§ º ·Ê¬Ï´ ³ % дѥіѯюјѨѕ ѷ ьѰюјклѥдѯчѪѠьдҕѠь, д.з. 2013
-5.2
2.5
-0.2
1.0
0.0
23
www.ChartingThailandEconomy.com
µ¦¨ » à ¥ ¦ µ . Ä nª ¦¹ É Â¦ ´ nª Á ¸¥ª ´ Ä ¸ n° ´¥q 5.14 – ´¥§ º Ä ¤ ¥ ´ m´ ¥²Â ª ј ҖѥьчѠјјѥіҙѝўіѤуѢ
11,331
9,460
9,112 8,547 7,778
4,853
06FY
Source: BOT
07FY
08FY
09FY
10FY
11FY
¦ ° ¸ ¸Ê ¤¸¤¼¨ nµ¨ ¨ ªnµ ¦¹ É Á¤º°É Á ¸¥
´¥§ º Ä ¤ ¥ ´ .¬²¬£¥´¤Â ¹¯ 8,000 7,000
2012
6,000
7,235
12FY
5,000 4,000 3,000 2,000 1,000
2013 0
J
F M A M J
J
A
S O N D
24 www.ChartingThailandEconomy.com
¤¼¨ nµ µ¦¨ » à ¥ ¦ µ . ¸ É °¦´ ¤¼¨ nµ¨ ¨ 10% µ nª Á ¸¥ª ´ ° ¸
´¥q 5.15 – £»§ m´Ä ¥ ´¥§ º Ä ¤ ¥ ´ ёѤьј Җѥьэѥъ
CAGR
21.5%
396 351 297 236
08FY
09FY
10FY
Note: (*) Foreign investment (foreign equity>=10%)
Source: Board of Investment
11FY
· · ø °Å°Ä nª 7 Á º° ¦ ° ¸ ¸Ê ¤¸ ¸ÂÉ ¨oª
.¬º ¶ ·Ê¬£³ ¥Â n´¥³ ¬¶ ¶ ¶Âª« ·Ä¯Æ¯
648
332
12FY
2012/7M
298
2013/7M
25
www.ChartingThailandEconomy.com
´ ¸°´ ®µ¦·¤ ¦´¡¥rnª Ä® nÁ · à Šo ¸Ä
´¥q 1.19a – ³ ·¯¬³ ´¥¶£ ¥³ ¤q % дѥіѯюјѨѕ ѷ ьѰюјклѥдюѨ ъѰ Ѩѷ ј Җњ, 6 ѯчѪѠьѰідеѠк 2013
38.3
Condo unit registered
18.9
Value of land transaction
6.6
New housing unit
Constr. Area in municipal
-5.1
Source: Bank of Thailand; CTE analysis
nª ¸ É nµ ¤µÄ ¸ ¸Ê
´¥q 1.19b – ³ ·¯¬³ ´¥¶£ ¥³ ¤q % дѥіѯюјѨѕ ѷ ьѰюјклѥдѯчѪѠьдҕѠь, єѧ.ѕ. 2013
148.7
29.1
-48.4
-13.5
26
www.ChartingThailandEconomy.com
¦» ¼ o ¦·®µ¦
´¥Â ¶ Ä
´¥ ¥² ´¤ ¥´¤Æ n
¬ ·¤¥¢´
• ѯћіќудѧлѳъѕѯшѧэѱшѯёѨѕк 2.8% Ѳьѳ зіѩкѷ Ͳ іѥѕлҕѥѕўјѤдъѨд ѷ іѣшѫ Җьдѥіѯшѧэ ѯѠднь Ѱјѣдѥіјкъѫь Ͳ ѲьѐѤѷ кдѥіяјѧшдѥінѣјѠшѤњеѠ • ѲьѯчѪѠьд.з. яјяјѧшѠѫшѝѥўдіієѰј • ѲьѐѤѷ кіѥѕлҕѥѕдѥіэіѧѱѓзѓѥзѯѠднь Ѱ • дѥіѝкҕ ѠѠдѲьнњҕ къѨя ѷ ѥҕ ьєѥеѠкюѨ шч ѧ ј • ьѱѕэѥѕдѥіѯкѧьѕѤкѯь Җьдѥіѯшѧэѱшѱчѕ • ѓѥзыѫідѧлѰјѣѓѥзѠѫшѝѥўдііє іњєщк • ѝѼѥьѤдкѥьѯћіќудѧлдѥізјѤкѰјѣѝѓѥё ьѨј Ѹ к ъѼѥѲў ҖюіѣєѥцдѥіцҙіњєѠѕѬіҕ ѣўњ
• ѠѤшіѥдѥіњҕѥккѥьјчјкѯюѶ ь 0.55% Ѳь њҕѥккѥьеѠкѳъѕѕѤкѠѕѬѲҕ ьіѣчѤэшѼѥѷ ъѨѝ ѷ ч ѫ • дѥідіѣлѥѕіѥѕѳч ҖеѠкѳъѕьѤэѳч ҖњҕѥѠ ѱчѕіњєчѨеь ѩѸ ѕдѯњ ҖьѲьдъє. Ѥ ѝњҕ ьзьѕѥдльєѨѰьњѱь • лѼѥьњьѰјѣѝч ѯіѶњдњҕѥіѥѕлҕѥѕіњєъѤкѸ іѣѕѣѯњјѥюјѠч
• ѯкѧьѯђҖ ѠъѤњѷ ѳюѰјѣѯкѧьѯђҖ ѠёѪь Ѹ уѥьѠѕѬѲҕ ѠѕѬъ ҕ Ѩѷ 1.59% ѯкѧьѯђҖ ѠёѪь Ѹ уѥь 0.75% • ѯѝщѨѕіѓѥёѲьіѣээыьѥзѥіѰѕҕјкѯјѶдь ѝѬк ўьѨъ Ѹ ѳѨѷ єҕдѠ ҕ Ѳў Җѯдѧчіѥѕѳч ҖјчјкѲьѳ • ѯѝщѨѕіѓѥёч ҖѥьдѥізјѤкчѨеь ѩѸ ѱчѕчѫјкэ ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ • ѯѝщѨѕіѓѥёч ҖѥьѯкѧьшіѥшҕѥкюіѣѯъћѰѕ шюъ.ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ ѯкѧьэѥ
ѳшієѥѝѝѠкеѠкюѨ окѩѷ шѼѥѷ дњҕѥѠѤшіѥдѥіѯшѧэѱшѲьѳшієѥѝѰіддњҕѥ
эѱшеѠклѨчё Ѩ ѲѨ ьѳшієѥѝѝѠкеѠкюѨ ьє ѨѸ ѥлѥддѥіѝкҕ ѠѠд дѥіэіѧѱѓз
ѠкѓѥзѠѫшѝѥўдіієѕѤкзкѯюѶ ьѝњҕ ьѝѼѥзѤръѨъ ѷ ѼѥѲў ҖдѥіѯшѧэѱшшѼѥѷ ѣѯдќші јчјклѥдъѤкѸ ѯчѪѠьдҕѠьўь ҖѥѰјѣнњҕ кѯчѨѕњдѤьеѠкюѨ ъѰ Ѩѷ ј Җњ Ѥ ѯль ѰјѣдѥіјкъѫьѓѥзѯѠднь нѣјѠшѤњѠѕҕѥкнч э дѥіьѼ ѥѯе ҖѥнѣјѠшѤњ ьѤдъҕѠкѯъѨѕ ѷ њѕѤкѯёѧє ѷ ѝѬк ѕзкчѠдѯэѨѕ Ѹ шѼѥѷ ецѣъѨіѷ ѥѕлҕѥѕіѤуѢўчшѤњјк кяѬ ҖэіѧѱѓзєѠкѲьѰкҕі Җѥѕєѥдеѩь Ѹ ёѤхьҙѢшҕѥкюіѤэјчюіѣєѥцдѥіцҙдѥіѯшѧэѱшеѠкѯћіќудѧлѳъѕѲьюѨ њҕѥк 4.05-4.50% ѝѼѥўіѤэюѨ 2013 Ѱјѣ 4.7-5.0% ѝѼѥўіѤэюѨ 2014
ьѯчѪѠьєѧ.ѕ. ѰшҕѯєѪѠ ѷ ѯъѨѕэдѤэѯешѯћіќудѧлѝѼѥзѤрѵѲьѱјд ѠѤшіѥ ч Ѩ ѰшҕѰьњѱь ҖєдѥідіѣлѥѕеѠкіѥѕѳч Җ ѕѬѲҕ ьѠѤьчѤэъ ҖѥѕѵеѠкѯѠѯнѕ
ь ҖєјчјкѲьіѣѕѣўјѤкѕдѯњ ҖьѯёѨѕкѲьдъє. іѥѕѳч ҖзіѤњѯіѪѠьѯёѧє ѷ еѩь Ѹ чўьѨъ Ѹ ј Ѩѷ чјкѲьдѥіѝѼѥіњлјҕѥѝѫчѲьюѨ 2011
ьіѣчѤэшѼѥѷ ѰјѣјчјкѠѕҕѥкшҕѠѯьѪѠ ѷ кѲьѯчѪѠьѝ.з. ѱчѕѯкѧьѯђҖ ѠъѤњѷ ѳю ѲьіѣчѤэяѬ ҖяјѧшѰъэѳєҕєѯѨ кѧьѯђҖ Ѡ Ѥ ѝњҕ ьъѫьѲьіѣээыьѥзѥіјчјкѲьѯчѪѠьєѧ.ѕ. ѰшҕѕѤкщѪѠњҕѥ ь ҖѠѕѱчѕѝч ѳшієѥѝѰід ѝѓѥёзјҕѠкјчјк эюіѣєѥцдјѤэєѥѯдѧьчѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ ўьѨѝ Ѹ ѥыѥіцѣ
ѕҕјк чѫјдѥінѼѥіѣѯкѧьеѥччѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ 2013 ўьѨѸ ъѠҕѠьзҕѥјкѠѕҕѥкіњчѯіѶњѲьѯчѪѠьѝ.з.
27
µ¦n °° ¨ ¨ Ä nª 7 Á º° ¦ à ¥¤ ´¥q 5.05a – ´¥¬m ¯¯ ´£ §º£ m ¬¶ n´ % дѥіѯюјѨѕ ѷ ьѰюјклѥдюѨ ъѰ Ѩѷ ј Җњ, 7 ѯчѪѠьѰідеѠкюѨ 2013 Total export Metal Forestry Automotive Chemicals Optical instru Other manufacturing PetroͲchemical Furniture Jewellery Electrical Apparels Machinery Toiletries Electronics Agriculture Aircrafts Agro products Footware Petroleum Photo instru Mining Fishery Other export ReͲexports
-3.7 17.7 8.1 6.8 6.5 2.8 2.4 1.7 0.8 0.8 -0.2 -0.3 -2.1 -3.1 -6.3 -6.6 -7.1 -7.4 -7.7 -13.9 -18.2 -19.6 -30.3 -52.0 -94.5
Source: Bank of Thailand; CTE analysis
¤¸ µ¦n °° °ºÉ ÇÁ È ´ª nª ®¨´ ´¥q 5.05b – § ¥² m¯ ´¥Â ¶ Ä ´¥¬m ¯¯ ѧ з Җѥшҕѥкѵ % дѥіѯюјѨѕ ѷ ьѰюјкюѨ шѠ ҕ юѨ еѠкдѥіѝкҕ ѠѠдіњєъѨє ѷ ѥлѥдѝь Total export Automotive Metal Chemicals PetroͲchemical Other manufacturing Forestry Optical instru Jewellery Furniture ReͲexports Apparels Electrical Footware Toiletries Aircrafts Machinery Mining Photo instru Fishery Agriculture Petroleum Electronics Agro products Other export
-3.7 0.8 0.8 0.2 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.2 -0.2 -0.2 -0.4 -0.5 -0.8 -0.9 -1.0 -1.4
28
www.ChartingThailandEconomy.com
Ä nª 7 Á º° ¦ ° ¸ ¨µ n °° ®¨
´¥q 5.07a – ´¥¬m ¯¯ ´£ ¥²Â ª §´¤ ´ Ѥ ѝњҕ ьшҕѠдѥіѝкҕ ѠѠдіњєѲьіѬюѯкѧьэѥъ ѝч 100% = Middle East EU Japan NAFTA Rest of the world
7.1 (Trilli
5.9
5.2
6.1
6.7
5.4
5.7
5.0
4.7
5.1
13.2
11.9
11.3
10.9
9.5
11.3
10.3
10.5
10.7
10.2
12.2
11.7
11.1
11.3
18.4
18.1
17.4
18.1
21.0
21.0
12.7 16.6
East Asia exͲJapan
18.3
20.1
20.4
ASEAN
22.5
21.3
23.0
24.3
24.7
08FY
09FY
10FY
11FY
12FY
Source: Bank of Thailand; CTE analysis
¨´ ¤¸ ´ ®µ » ¨µ ¥ Áªo Á¡¸¥ °µÁ ¸¥
´¥q 5.07b – ´¥Â §·Ê¤ ¯ ´¥¬m ¯¯ 7 ѯчѪѠьѰідеѠк 2013 ѯъѨѕэдѤэ 2012
ion) 0.3%
-3.3%
-7.8%
EU
-4.2%
Rest of the world
-4.3%
NAFTA
-4.9%
-7.3%
ASEAN
East Asia ex Japan
Middle East
Japan 29
www.ChartingThailandEconomy.com
µ¦ εÁ oµ¨ ¨ Ä nª 7 Á º° ¦ ° ¸ ¨· ¸¨É ¨ ´¥q 5.09a – ´¥ Ï´Â n´ ´£ §ºm£¬¶ n´ % дѥіѯюјѨѕ ѷ ьѰюјклѥдюѨ ъѰ Ѩѷ ј Җњ, 7 ѯчѪѠьѰідеѠкюѨ 2013
-0.4
Total import
18
Others
3.0
Consumer goods
Capital goods
-2.8
Intermediate Ͳ Fuel
-3.4
Intermediate Ͳ Non fuel
-3.8
Source: Bank of Thailand; CTE analysis
µÁ® »®¨´ ¤µ µ µ¦ εÁ oµª´ » · µ¦
8.7
´¥q 5.09b – § ¥² m¯ ´¥Â ¶ Ä ¯ ´¥ Ï´Â n´ ѧ з Җѥшҕѥкѵ % дѥіѯюјѨѕ ѷ ьѰюјкюѨ шѠ ҕ юѨ еѠкдѥіьѼ ѥѯе ҖѥіњєъѨє ѷ ѥлѥдѝь
-0.4
Total import
2.1
Others
0.2
Consumer goods
Capital goods
-0.7
Intermediate Ͳ Fuel
-0.7
Intermediate Ͳ Non fuel -1.4
30
www.ChartingThailandEconomy.com
Î µ ª ´ n° Á ¸¥É ªÁ¡·¤É ¹Ê 20% Ä 7 Á µ¦Á¡·¤É ¹Ê Ä ¦³¥³¥µª ªnµ 2 Á nµ
´¥q 5.18 – Ï´ © ¥³Ë Å ´¥Â n´£´Å ¥²Â ªÆ ¤ ¯ ј ҖѥьзіѤкѸ
CAGR
8.4%
15.9 13.8 10.8
11.7
14.5
14.1
11.5
10.0
03FY 04FY 05FY 06FY 07FY 08FY 09FY 10FY Source: Department of Tourism
º° ¦ ° ¸ 2013 ¹É º°ªnµ¼ ªnµ°´ ¦µ
³ m¯  ·Ê¤© m´ ´ ¶ ¤¯ ¬²¬£¥´¤Â ¹¯ 25.0
22.3 19.2
Y 11FY 12FY
20.0
2012
15.0
10.0
5.0
2013
0.0
J F M A M J J A S O N D
31
www.ChartingThailandEconomy.com
µ¦Á¡·¤É ¹Ê ° ´ n° Á ¸¥É ª ¸ · Á È ªnµ ´Ê ®¤ Ä nª ¸ É nµ ¤µ ° ¸ ´¥q 5.19a
Ï´ © ¥³Ë Å ´¥Â n´£´ ¯ ³ m¯  ·Ê¤© à m ´£¬³ ´ ¶ Ѥ ѝњҕ ьеѠкъѤкѸ ўєч ѝч
Rest of world
14.3
15.3
15.6
14.7
13.9
Americas
6.2
6.0
5.3
5.0
4.8
26.5
25.2
Europe
27.3
East Asia
28.7
27.9
52.1
50.0
51.2
53.8
56.1
08FY
09FY
10FY
11FY
12FY
Source: Department of Tourism; CTE analysis
µ ¦¹ É ® ¹ É ° µ¦Á¡·¤É ¹Ê ° ´ n° Á ¸É¥ª ´¥q 5.19b
10 ¯³ ³ ¯ ¥²Â ª ·Ê£ · Ï´ © ´¥Â n´£´ m¯  ·Ê¤©Â ¶Ê£ £´ ·Ê¬º £¹Ê¯Â ·¤ ³ m©  ·¤© ³ ¯ d ·Êçn© нњҕ к 7 ѯчѪѠьѰідеѠкюѨ 2013, ёѤьзіѤкѸ
1,292.2
China 263.4
Russia Malaysia Japan
% ¯ ´¥Â ¶Ê£ ³Ë £
212.7 121.9
51% 10% 8% 5%
Indonesia
95.4
4%
Singapore
85.6
3%
Hong Kong
84.1
3%
Korea
81.7
3%
Taiwan
72.1
3%
Vietnam
62.1
2%
32
www.ChartingThailandEconomy.com
¦» ¼ o ¦·®µ¦
´¥Â ¶ Ä
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¬ ·¤¥¢´
• ѯћіќудѧлѳъѕѯшѧэѱшѯёѨѕк 2.8% Ѳьѳ зіѩкѷ Ͳ іѥѕлҕѥѕўјѤдъѨд ѷ іѣшѫ Җьдѥіѯшѧэ ѯѠднь Ѱјѣдѥіјкъѫь Ͳ ѲьѐѤѷ кдѥіяјѧшдѥінѣјѠшѤњеѠ • ѲьѯчѪѠьд.з. яјяјѧшѠѫшѝѥўдіієѰј • ѲьѐѤѷ кіѥѕлҕѥѕдѥіэіѧѱѓзѓѥзѯѠднь Ѱ • дѥіѝкҕ ѠѠдѲьнњҕ къѨя ѷ ѥҕ ьєѥеѠкюѨ шч ѧ ј • ьѱѕэѥѕдѥіѯкѧьѕѤкѯь Җьдѥіѯшѧэѱшѱчѕ • ѓѥзыѫідѧлѰјѣѓѥзѠѫшѝѥўдііє іњєщк • ѝѼѥьѤдкѥьѯћіќудѧлдѥізјѤкѰјѣѝѓѥё ьѨј Ѹ к ъѼѥѲў ҖюіѣєѥцдѥіцҙіњєѠѕѬіҕ ѣўњ
• ѠѤшіѥдѥіњҕѥккѥьјчјкѯюѶ ь 0.55% Ѳь њҕѥккѥьеѠкѳъѕѕѤкѠѕѬѲҕ ьіѣчѤэшѼѥѷ ъѨѝ ѷ ч ѫ • дѥідіѣлѥѕіѥѕѳч ҖеѠкѳъѕьѤэѳч ҖњҕѥѠ ѱчѕіњєчѨеь ѩѸ ѕдѯњ ҖьѲьдъє. Ѥ ѝњҕ ьзьѕѥдльєѨѰьњѱь • лѼѥьњьѰјѣѝч ѯіѶњдњҕѥіѥѕлҕѥѕіњєъѤкѸ іѣѕѣѯњјѥюјѠч
• ѯкѧьѯђҖ ѠъѤњѷ ѳюѰјѣѯкѧьѯђҖ ѠёѪь Ѹ уѥьѠѕѬѲҕ ѠѕѬъ ҕ Ѩѷ 1.59% ѯкѧьѯђҖ ѠёѪь Ѹ уѥь 0.75% • ѯѝщѨѕіѓѥёѲьіѣээыьѥзѥіѰѕҕјкѯјѶдь ѝѬк ўьѨъ Ѹ ѳѨѷ єҕдѠ ҕ Ѳў Җѯдѧчіѥѕѳч ҖјчјкѲьѳ • ѯѝщѨѕіѓѥёч ҖѥьдѥізјѤкчѨеь ѩѸ ѱчѕчѫјкэ ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ • ѯѝщѨѕіѓѥёч ҖѥьѯкѧьшіѥшҕѥкюіѣѯъћѰѕ шюъ.ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ ѯкѧьэѥ
ѳшієѥѝѝѠкеѠкюѨ окѩѷ шѼѥѷ дњҕѥѠѤшіѥдѥіѯшѧэѱшѲьѳшієѥѝѰіддњҕѥ
эѱшеѠклѨчё Ѩ ѲѨ ьѳшієѥѝѝѠкеѠкюѨ ьє ѨѸ ѥлѥддѥіѝкҕ ѠѠд дѥіэіѧѱѓз
ѠкѓѥзѠѫшѝѥўдіієѕѤкзкѯюѶ ьѝњҕ ьѝѼѥзѤръѨъ ѷ ѼѥѲў ҖдѥіѯшѧэѱшшѼѥѷ ѣѯдќші јчјклѥдъѤкѸ ѯчѪѠьдҕѠьўь ҖѥѰјѣнњҕ кѯчѨѕњдѤьеѠкюѨ ъѰ Ѩѷ ј Җњ Ѥ ѯль ѰјѣдѥіјкъѫьѓѥзѯѠднь нѣјѠшѤњѠѕҕѥкнч э дѥіьѼ ѥѯе ҖѥнѣјѠшѤњ ьѤдъҕѠкѯъѨѕ ѷ њѕѤкѯёѧє ѷ ѝѬк ѕзкчѠдѯэѨѕ Ѹ шѼѥѷ ецѣъѨіѷ ѥѕлҕѥѕіѤуѢўчшѤњјк кяѬ ҖэіѧѱѓзєѠкѲьѰкҕі Җѥѕєѥдеѩь Ѹ ёѤхьҙѢшҕѥкюіѤэјчюіѣєѥцдѥіцҙдѥіѯшѧэѱшеѠкѯћіќудѧлѳъѕѲьюѨ њҕѥк 4.05-4.50% ѝѼѥўіѤэюѨ 2013 Ѱјѣ 4.7-5.0% ѝѼѥўіѤэюѨ 2014
ьѯчѪѠьєѧ.ѕ. ѰшҕѯєѪѠ ѷ ѯъѨѕэдѤэѯешѯћіќудѧлѝѼѥзѤрѵѲьѱјд ѠѤшіѥ ч Ѩ ѰшҕѰьњѱь ҖєдѥідіѣлѥѕеѠкіѥѕѳч Җ ѕѬѲҕ ьѠѤьчѤэъ ҖѥѕѵеѠкѯѠѯнѕ
ь ҖєјчјкѲьіѣѕѣўјѤкѕдѯњ ҖьѯёѨѕкѲьдъє. іѥѕѳч ҖзіѤњѯіѪѠьѯёѧє ѷ еѩь Ѹ чўьѨъ Ѹ ј Ѩѷ чјкѲьдѥіѝѼѥіњлјҕѥѝѫчѲьюѨ 2011
ьіѣчѤэшѼѥѷ ѰјѣјчјкѠѕҕѥкшҕѠѯьѪѠ ѷ кѲьѯчѪѠьѝ.з. ѱчѕѯкѧьѯђҖ ѠъѤњѷ ѳю ѲьіѣчѤэяѬ ҖяјѧшѰъэѳєҕєѯѨ кѧьѯђҖ Ѡ Ѥ ѝњҕ ьъѫьѲьіѣээыьѥзѥіјчјкѲьѯчѪѠьєѧ.ѕ. ѰшҕѕѤкщѪѠњҕѥ ь ҖѠѕѱчѕѝч ѳшієѥѝѰід ѝѓѥёзјҕѠкјчјк эюіѣєѥцдјѤэєѥѯдѧьчѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ ўьѨѝ Ѹ ѥыѥіцѣ
ѕҕјк чѫјдѥінѼѥіѣѯкѧьеѥччѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ 2013 ўьѨѸ ъѠҕѠьзҕѥјкѠѕҕѥкіњчѯіѶњѲьѯчѪѠьѝ.з.
33
Ťn¤¸ µ¦Á ¨¸¥É  ¨ °´ ¦µ ° Á ¸Ê ¥Ä Á º°
´¥q 3.01a – ¯³ ¥´ ¯  ·¤Ë Ĥ ´¤ . 3.10% 3.00% 2.90% 2.80% 2.70% 2.60% 2.50% 2.40% 2.30% 2.20% Aug-13
Sep-12
´¥q 3.01c – ¯³ ¥´ ¯  ·¤Ë  ¶ ´ . ´ ¶ ¤q 10.00% 7.50% 5.00% Max Min Sep-12 Note: (*) Bangkok Inter Bank Offer Rate
Source: Bank of Thailand
2.50%
0.00% Aug-13
. .
´¥q 3.01b – ¯³ ¥´ ¯  ·¤Ë n´£ ¹ BIBOR*
Sep-12
3.10% 3.00% 2.90% 2.80% 2.70% 2.60% 2.50% 2.40% 2.30% 2.20% Aug-13
´¥q 3.01d – ¯³ ¥´ ¯  ·¤Ë  ¶ »§n » n´ ³Ë · . ´ ¶ ¤q Max
10.00% 7.50%
Min 5.00% 2.50%
Sep-12
0.00% Aug-13
34
www.ChartingThailandEconomy.com
¦µ¥ n µ¥¦´ µ¨¨ ¨ Á º° 9% Ä nª 7 Á Á ¸¥ª ´ ¸ n° ´¥q – ¥´¤ m´¤Å ¥²£´ ¬²¬£¥´¤Â ¹¯ ёѤьј Җѥьэѥъ 3000
2500
2000
1500
1000
2013 500
0
J
F
M
Source: Bank of Thailand; CTE analysis
A
M
J
Á º° ¦ ° ¸ 2013 Á¤º°É Á ¸¥ ´ nª
2012
J
A
S
O
N
D
35
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¦» ¼ o ¦·®µ¦
´¥Â ¶ Ä
´¥ ¥² ´¤ ¥´¤Æ n
¬ ·¤¥¢´
• ѯћіќудѧлѳъѕѯшѧэѱшѯёѨѕк 2.8% Ѳьѳ зіѩкѷ Ͳ іѥѕлҕѥѕўјѤдъѨд ѷ іѣшѫ Җьдѥіѯшѧэ ѯѠднь Ѱјѣдѥіјкъѫь Ͳ ѲьѐѤѷ кдѥіяјѧшдѥінѣјѠшѤњеѠ • ѲьѯчѪѠьд.з. яјяјѧшѠѫшѝѥўдіієѰј • ѲьѐѤѷ кіѥѕлҕѥѕдѥіэіѧѱѓзѓѥзѯѠднь Ѱ • дѥіѝкҕ ѠѠдѲьнњҕ къѨя ѷ ѥҕ ьєѥеѠкюѨ шч ѧ ј • ьѱѕэѥѕдѥіѯкѧьѕѤкѯь Җьдѥіѯшѧэѱшѱчѕ • ѓѥзыѫідѧлѰјѣѓѥзѠѫшѝѥўдііє іњєщк • ѝѼѥьѤдкѥьѯћіќудѧлдѥізјѤкѰјѣѝѓѥё ьѨј Ѹ к ъѼѥѲў ҖюіѣєѥцдѥіцҙіњєѠѕѬіҕ ѣўњ
• ѠѤшіѥдѥіњҕѥккѥьјчјкѯюѶ ь 0.55% Ѳь њҕѥккѥьеѠкѳъѕѕѤкѠѕѬѲҕ ьіѣчѤэшѼѥѷ ъѨѝ ѷ ч ѫ • дѥідіѣлѥѕіѥѕѳч ҖеѠкѳъѕьѤэѳч ҖњҕѥѠ ѱчѕіњєчѨеь ѩѸ ѕдѯњ ҖьѲьдъє. Ѥ ѝњҕ ьзьѕѥдльєѨѰьњѱь • лѼѥьњьѰјѣѝч ѯіѶњдњҕѥіѥѕлҕѥѕіњєъѤкѸ іѣѕѣѯњјѥюјѠч
• ѯкѧьѯђҖ ѠъѤњѷ ѳюѰјѣѯкѧьѯђҖ ѠёѪь Ѹ уѥьѠѕѬѲҕ ѠѕѬъ ҕ Ѩѷ 1.59% ѯкѧьѯђҖ ѠёѪь Ѹ уѥь 0.75% • ѯѝщѨѕіѓѥёѲьіѣээыьѥзѥіѰѕҕјкѯјѶдь ѝѬк ўьѨъ Ѹ ѳѨѷ єҕдѠ ҕ Ѳў Җѯдѧчіѥѕѳч ҖјчјкѲьѳ • ѯѝщѨѕіѓѥёч ҖѥьдѥізјѤкчѨеь ѩѸ ѱчѕчѫјкэ ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ • ѯѝщѨѕіѓѥёч ҖѥьѯкѧьшіѥшҕѥкюіѣѯъћѰѕ шюъ.ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ ѯкѧьэѥ
ѳшієѥѝѝѠкеѠкюѨ окѩѷ шѼѥѷ дњҕѥѠѤшіѥдѥіѯшѧэѱшѲьѳшієѥѝѰіддњҕѥ
эѱшеѠклѨчё Ѩ ѲѨ ьѳшієѥѝѝѠкеѠкюѨ ьє ѨѸ ѥлѥддѥіѝкҕ ѠѠд дѥіэіѧѱѓз
ѠкѓѥзѠѫшѝѥўдіієѕѤкзкѯюѶ ьѝњҕ ьѝѼѥзѤръѨъ ѷ ѼѥѲў ҖдѥіѯшѧэѱшшѼѥѷ ѣѯдќші јчјклѥдъѤкѸ ѯчѪѠьдҕѠьўь ҖѥѰјѣнњҕ кѯчѨѕњдѤьеѠкюѨ ъѰ Ѩѷ ј Җњ Ѥ ѯль ѰјѣдѥіјкъѫьѓѥзѯѠднь нѣјѠшѤњѠѕҕѥкнч э дѥіьѼ ѥѯе ҖѥнѣјѠшѤњ ьѤдъҕѠкѯъѨѕ ѷ њѕѤкѯёѧє ѷ ѝѬк ѕзкчѠдѯэѨѕ Ѹ шѼѥѷ ецѣъѨіѷ ѥѕлҕѥѕіѤуѢўчшѤњјк кяѬ ҖэіѧѱѓзєѠкѲьѰкҕі Җѥѕєѥдеѩь Ѹ ёѤхьҙѢшҕѥкюіѤэјчюіѣєѥцдѥіцҙдѥіѯшѧэѱшеѠкѯћіќудѧлѳъѕѲьюѨ њҕѥк 4.05-4.50% ѝѼѥўіѤэюѨ 2013 Ѱјѣ 4.7-5.0% ѝѼѥўіѤэюѨ 2014
ьѯчѪѠьєѧ.ѕ. ѰшҕѯєѪѠ ѷ ѯъѨѕэдѤэѯешѯћіќудѧлѝѼѥзѤрѵѲьѱјд ѠѤшіѥ ч Ѩ ѰшҕѰьњѱь ҖєдѥідіѣлѥѕеѠкіѥѕѳч Җ ѕѬѲҕ ьѠѤьчѤэъ ҖѥѕѵеѠкѯѠѯнѕ
ь ҖєјчјкѲьіѣѕѣўјѤкѕдѯњ ҖьѯёѨѕкѲьдъє. іѥѕѳч ҖзіѤњѯіѪѠьѯёѧє ѷ еѩь Ѹ чўьѨъ Ѹ ј Ѩѷ чјкѲьдѥіѝѼѥіњлјҕѥѝѫчѲьюѨ 2011
ьіѣчѤэшѼѥѷ ѰјѣјчјкѠѕҕѥкшҕѠѯьѪѠ ѷ кѲьѯчѪѠьѝ.з. ѱчѕѯкѧьѯђҖ ѠъѤњѷ ѳю ѲьіѣчѤэяѬ ҖяјѧшѰъэѳєҕєѯѨ кѧьѯђҖ Ѡ Ѥ ѝњҕ ьъѫьѲьіѣээыьѥзѥіјчјкѲьѯчѪѠьєѧ.ѕ. ѰшҕѕѤкщѪѠњҕѥ ь ҖѠѕѱчѕѝч ѳшієѥѝѰід ѝѓѥёзјҕѠкјчјк эюіѣєѥцдјѤэєѥѯдѧьчѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ ўьѨѝ Ѹ ѥыѥіцѣ
ѕҕјк чѫјдѥінѼѥіѣѯкѧьеѥччѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ 2013 ўьѨѸ ъѠҕѠьзҕѥјкѠѕҕѥкіњчѯіѶњѲьѯчѪѠьѝ.з.
36
ªµ¤Á ºÉ°¤´ » É ¦ · Â¥n¨ à ¥ ´Ê £µ »¦ ·  ´¥q 1.21a – ³ · ©´£Â ¹¯Ê £³ Ê º¥ ¶ * 100
Better
51.2
54.4
50
53.9 48.8
49.9
48.3
Worse
0 Feb-13 Mar-13 Apr-13 May-13 Jun-13
Jul-13
Note: (*) Below is the interpretation of the index: Index = 50 indicates that business sentiment remains stable Index > 50 indicates that business sentiment has improved Index < 50 indicates that business sentiment has worsened
Source: Bank of Thailand
¨³°» µ® ¦¦¤¤° Ä Â n¦µo ¥¤µ ¹Ê ´¥q 1.21b – ³ · ©´£Â ¹¯Ê £³ Ê ¢´ ¯º ¬´ ¥¥£** 200
Better
100
95.5
93.5
92.9
94.3
93.1
91.9
Worse
0 Feb-13 Mar-13 Apr-13 May-13 Jun-13
Jul-13
Note: (*) Below is the interpretation of the index: Index = 100 indicates that industries sentiment remains stable Index > 100 indicates that industries sentiment has improved Index < 100 indicates that industries sentiment has worsened
37
www.ChartingThailandEconomy.com
ªµ¤Á ºÉ°¤´ ¼ É o ¦·Ã£ Ä £µ¡¦ª¤Â¥n¨ µ µ¦¤° è Ä Â n¦µo ¥Á¡·¤É ¹Ê ´¥q 1.20a – ³ · ©´£Â ¹¯Ê £³ Ê »n ¥¶Ä¢ Overall
100
O
100
Better
Better
50
50 Worse
Worse
0
0 Jan-13
Mar-13
May-13
Jul-13
Jan-13
Mar-1
(*) єѨзѥҕ ѠѕѬіҕ ѣўњҕѥк 0-100 щ ҖѥчѤньѨѠѕѬѝ ҕ кѬ дњҕѥ 50 ѰѝчкњҕѥяѬ ҖэіѧѱѓзєѨзњѥєѯўѶьњҕѥѓѥњдѥіцҙч ҖѥььѤь Ѹ ѵлѣчѨеь ѩѸ щ ҖѥчѤньѨѠѕѬѲҕ ьіѣчѤэ 50 ѰѝчкњҕѥяѬ ҖэіѧѱѓзєѨзњѥєѯўѶьњҕѥѓѥњдѥіцҙч ҖѥььѤь Ѹ ѵѳєҕѯю щ ҖѥчѤньѨѠѕѬѲҕ ьшѼѥѷ дњҕѥ 50 ѰѝчкњҕѥяѬ ҖэіѧѱѓзєѨзњѥєѯўѶьњҕѥѓѥњдѥіцҙч ҖѥььѤь Ѹ ѵлѣѰ
Source: Ministry of Commerce
Á º° n° ¨³°¥¼n 뵃 ªnµ 50 ³ o° ¹
On job
On future income
100
Better 50 Worse
0 3
May-13
Jul-13
Jan-13
ьўіѪѠѠѕѬѲҕ ьіѣчѤэчѨ јѨѕ ѷ ьѰюјк ўіѪѠъікшѤњѠѕѬѲҕ ьіѣчѤэюѥьдјѥк ѰѕҕјкўіѪѠѠѕѬѲҕ ьіѣчѤэѳєҕч Ѩ
Mar-13
May-13
Jul-13
38
www.ChartingThailandEconomy.com
¦» ¼ o ¦·®µ¦
´¥Â ¶ Ä
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¬ ·¤¥¢´
• ѯћіќудѧлѳъѕѯшѧэѱшѯёѨѕк 2.8% Ѳьѳ зіѩкѷ Ͳ іѥѕлҕѥѕўјѤдъѨд ѷ іѣшѫ Җьдѥіѯшѧэ ѯѠднь Ѱјѣдѥіјкъѫь Ͳ ѲьѐѤѷ кдѥіяјѧшдѥінѣјѠшѤњеѠ • ѲьѯчѪѠьд.з. яјяјѧшѠѫшѝѥўдіієѰј • ѲьѐѤѷ кіѥѕлҕѥѕдѥіэіѧѱѓзѓѥзѯѠднь Ѱ • дѥіѝкҕ ѠѠдѲьнњҕ къѨя ѷ ѥҕ ьєѥеѠкюѨ шч ѧ ј • ьѱѕэѥѕдѥіѯкѧьѕѤкѯь Җьдѥіѯшѧэѱшѱчѕ • ѓѥзыѫідѧлѰјѣѓѥзѠѫшѝѥўдііє іњєщк • ѝѼѥьѤдкѥьѯћіќудѧлдѥізјѤкѰјѣѝѓѥё ьѨј Ѹ к ъѼѥѲў ҖюіѣєѥцдѥіцҙіњєѠѕѬіҕ ѣўњ
• ѠѤшіѥдѥіњҕѥккѥьјчјкѯюѶ ь 0.55% Ѳь њҕѥккѥьеѠкѳъѕѕѤкѠѕѬѲҕ ьіѣчѤэшѼѥѷ ъѨѝ ѷ ч ѫ • дѥідіѣлѥѕіѥѕѳч ҖеѠкѳъѕьѤэѳч ҖњҕѥѠ ѱчѕіњєчѨеь ѩѸ ѕдѯњ ҖьѲьдъє. Ѥ ѝњҕ ьзьѕѥдльєѨѰьњѱь • лѼѥьњьѰјѣѝч ѯіѶњдњҕѥіѥѕлҕѥѕіњєъѤкѸ іѣѕѣѯњјѥюјѠч
• ѯкѧьѯђҖ ѠъѤњѷ ѳюѰјѣѯкѧьѯђҖ ѠёѪь Ѹ уѥьѠѕѬѲҕ ѠѕѬъ ҕ Ѩѷ 1.59% ѯкѧьѯђҖ ѠёѪь Ѹ уѥь 0.75% • ѯѝщѨѕіѓѥёѲьіѣээыьѥзѥіѰѕҕјкѯјѶдь ѝѬк ўьѨъ Ѹ ѳѨѷ єҕдѠ ҕ Ѳў Җѯдѧчіѥѕѳч ҖјчјкѲьѳ • ѯѝщѨѕіѓѥёч ҖѥьдѥізјѤкчѨеь ѩѸ ѱчѕчѫјкэ ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ • ѯѝщѨѕіѓѥёч ҖѥьѯкѧьшіѥшҕѥкюіѣѯъћѰѕ шюъ.ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ ѯкѧьэѥ
ѳшієѥѝѝѠкеѠкюѨ окѩѷ шѼѥѷ дњҕѥѠѤшіѥдѥіѯшѧэѱшѲьѳшієѥѝѰіддњҕѥ
эѱшеѠклѨчё Ѩ ѲѨ ьѳшієѥѝѝѠкеѠкюѨ ьє ѨѸ ѥлѥддѥіѝкҕ ѠѠд дѥіэіѧѱѓз
ѠкѓѥзѠѫшѝѥўдіієѕѤкзкѯюѶ ьѝњҕ ьѝѼѥзѤръѨъ ѷ ѼѥѲў ҖдѥіѯшѧэѱшшѼѥѷ ѣѯдќші јчјклѥдъѤкѸ ѯчѪѠьдҕѠьўь ҖѥѰјѣнњҕ кѯчѨѕњдѤьеѠкюѨ ъѰ Ѩѷ ј Җњ Ѥ ѯль ѰјѣдѥіјкъѫьѓѥзѯѠднь нѣјѠшѤњѠѕҕѥкнч э дѥіьѼ ѥѯе ҖѥнѣјѠшѤњ ьѤдъҕѠкѯъѨѕ ѷ њѕѤкѯёѧє ѷ ѝѬк ѕзкчѠдѯэѨѕ Ѹ шѼѥѷ ецѣъѨіѷ ѥѕлҕѥѕіѤуѢўчшѤњјк кяѬ ҖэіѧѱѓзєѠкѲьѰкҕі Җѥѕєѥдеѩь Ѹ ёѤхьҙѢшҕѥкюіѤэјчюіѣєѥцдѥіцҙдѥіѯшѧэѱшеѠкѯћіќудѧлѳъѕѲьюѨ њҕѥк 4.05-4.50% ѝѼѥўіѤэюѨ 2013 Ѱјѣ 4.7-5.0% ѝѼѥўіѤэюѨ 2014
ьѯчѪѠьєѧ.ѕ. ѰшҕѯєѪѠ ѷ ѯъѨѕэдѤэѯешѯћіќудѧлѝѼѥзѤрѵѲьѱјд ѠѤшіѥ ч Ѩ ѰшҕѰьњѱь ҖєдѥідіѣлѥѕеѠкіѥѕѳч Җ ѕѬѲҕ ьѠѤьчѤэъ ҖѥѕѵеѠкѯѠѯнѕ
ь ҖєјчјкѲьіѣѕѣўјѤкѕдѯњ ҖьѯёѨѕкѲьдъє. іѥѕѳч ҖзіѤњѯіѪѠьѯёѧє ѷ еѩь Ѹ чўьѨъ Ѹ ј Ѩѷ чјкѲьдѥіѝѼѥіњлјҕѥѝѫчѲьюѨ 2011
ьіѣчѤэшѼѥѷ ѰјѣјчјкѠѕҕѥкшҕѠѯьѪѠ ѷ кѲьѯчѪѠьѝ.з. ѱчѕѯкѧьѯђҖ ѠъѤњѷ ѳю ѲьіѣчѤэяѬ ҖяјѧшѰъэѳєҕєѯѨ кѧьѯђҖ Ѡ Ѥ ѝњҕ ьъѫьѲьіѣээыьѥзѥіјчјкѲьѯчѪѠьєѧ.ѕ. ѰшҕѕѤкщѪѠњҕѥ ь ҖѠѕѱчѕѝч ѳшієѥѝѰід ѝѓѥёзјҕѠкјчјк эюіѣєѥцдјѤэєѥѯдѧьчѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ ўьѨѝ Ѹ ѥыѥіцѣ
ѕҕјк чѫјдѥінѼѥіѣѯкѧьеѥччѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ 2013 ўьѨѸ ъѠҕѠьзҕѥјкѠѕҕѥкіњчѯіѶњѲьѯчѪѠьѝ.з.
39
ε ´ µ Á«¦¬ · µ¦ ¨´ ¨³£µ¡´ ° Á«¦¬ · Å ¥Ä ¸ ¸Ê ¨ ´¥q 1.03a – ¥²£´ ´¥ q ´¥Â ¶ Ä ¯ · · · ѝѼѥўіѤэюѨ 2013, % дѥіѯюјѨѕ ѷ ьѰюјкюѨ шѠ ҕ юѨ 6.00
5.50
FPO BOT
5.00
NESDB 4.50 The Economist poll
4.00
3.50
3.00 Mar-13 Apr-13 May-13 Jun-13
Jul-13
Aug-13
Forecast as of, month ending
Source: NESDB, Fiscal Policy Office, Bank of Thailand, The Econom
²r nµ ¦´ ¨ ¦³¤µ µ¦ r µ¦Á · Ã
ist
´¥q 1.03b – ¥²£´ ´¥ q ´¥Â ¶ Ä ¯ · · · ѝѼѥўіѤэюѨ 2014, % дѥіѯюјѨѕ ѷ ьѰюјкюѨ шҕѠюѨ 6.00
5.50
5.00
BOT
4.50
The Economist poll
4.00
3.50
3.00 Mar-13 Apr-13 May-13 Jun-13
Jul-13
Aug-13
Forecast as of, month ending 40
www.ChartingThailandEconomy.com
宦´ ¸ 2013 Á«¦¬ · Å ¥ ¼ µ µ¦ ¦³Á «nª Ä® nÄ °µÁ ¸¥ ´¥q 1.04a – ¥²£´ ´¥ q ´¥Â ¶ Ä ¯ · · · ѝѼѥўіѤэюѨ 2013, % дѥіѯюјѨѕ ѷ ьѰюјкюѨ шѠ ҕ юѨ , ц 31/8/2013 China Philippines Pakistan Indonesia India Vietnam Malaysia Thailand South Korea Hong Kong Australia Taiwan Singapore Russia Brazil Japan US Euro Area -0.6
Source: The Economist
7.5 6.4 6.1 5.8 5.5 5.2 4.5 4.4 2.8 2.6 2.5 2.3 2.3 2.2 2.0 2.0 1.7
¦ rªnµ ³Á · à ¼ ¹ 4.4% ¹É ¥´ 뵃 ªnµ ´¥q 1.04b – ¥²£´ ´¥ q ´¥Â ¶ Ä ¯ · · · ѝѼѥўіѤэюѨ 2014, % дѥіѯюјѨѕ ѷ ьѰюјкюѨ шѠ ҕ юѨ , ц 31/8/2013 7.3 6.0 3.5 5.9 6.1 5.5 5.0 4.7 3.4 3.8 2.9 3.0 3.7 3.3 2.6 1.7 2.7 0.8 41
www.ChartingThailandEconomy.com
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• ѯћіќудѧлѳъѕѯшѧэѱшѯёѨѕк 2.8% Ѳьѳ зіѩкѷ Ͳ іѥѕлҕѥѕўјѤдъѨд ѷ іѣшѫ Җьдѥіѯшѧэ ѯѠднь Ѱјѣдѥіјкъѫь Ͳ ѲьѐѤѷ кдѥіяјѧшдѥінѣјѠшѤњеѠ • ѲьѯчѪѠьд.з. яјяјѧшѠѫшѝѥўдіієѰј • ѲьѐѤѷ кіѥѕлҕѥѕдѥіэіѧѱѓзѓѥзѯѠднь Ѱ • дѥіѝкҕ ѠѠдѲьнњҕ къѨя ѷ ѥҕ ьєѥеѠкюѨ шч ѧ ј • ьѱѕэѥѕдѥіѯкѧьѕѤкѯь Җьдѥіѯшѧэѱшѱчѕ • ѓѥзыѫідѧлѰјѣѓѥзѠѫшѝѥўдііє іњєщк • ѝѼѥьѤдкѥьѯћіќудѧлдѥізјѤкѰјѣѝѓѥё ьѨј Ѹ к ъѼѥѲў ҖюіѣєѥцдѥіцҙіњєѠѕѬіҕ ѣўњ
• ѠѤшіѥдѥіњҕѥккѥьјчјкѯюѶ ь 0.55% Ѳь њҕѥккѥьеѠкѳъѕѕѤкѠѕѬѲҕ ьіѣчѤэшѼѥѷ ъѨѝ ѷ ч ѫ • дѥідіѣлѥѕіѥѕѳч ҖеѠкѳъѕьѤэѳч ҖњҕѥѠ ѱчѕіњєчѨеь ѩѸ ѕдѯњ ҖьѲьдъє. Ѥ ѝњҕ ьзьѕѥдльєѨѰьњѱь • лѼѥьњьѰјѣѝч ѯіѶњдњҕѥіѥѕлҕѥѕіњєъѤкѸ іѣѕѣѯњјѥюјѠч
• ѯкѧьѯђҖ ѠъѤњѷ ѳюѰјѣѯкѧьѯђҖ ѠёѪь Ѹ уѥьѠѕѬѲҕ ѠѕѬъ ҕ Ѩѷ 1.59% ѯкѧьѯђҖ ѠёѪь Ѹ уѥь 0.75% • ѯѝщѨѕіѓѥёѲьіѣээыьѥзѥіѰѕҕјкѯјѶдь ѝѬк ўьѨъ Ѹ ѳѨѷ єҕдѠ ҕ Ѳў Җѯдѧчіѥѕѳч ҖјчјкѲьѳ • ѯѝщѨѕіѓѥёч ҖѥьдѥізјѤкчѨеь ѩѸ ѱчѕчѫјкэ ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ • ѯѝщѨѕіѓѥёч ҖѥьѯкѧьшіѥшҕѥкюіѣѯъћѰѕ шюъ.ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ ѯкѧьэѥ
ѳшієѥѝѝѠкеѠкюѨ окѩѷ шѼѥѷ дњҕѥѠѤшіѥдѥіѯшѧэѱшѲьѳшієѥѝѰіддњҕѥ
эѱшеѠклѨчё Ѩ ѲѨ ьѳшієѥѝѝѠкеѠкюѨ ьє ѨѸ ѥлѥддѥіѝкҕ ѠѠд дѥіэіѧѱѓз
ѠкѓѥзѠѫшѝѥўдіієѕѤкзкѯюѶ ьѝњҕ ьѝѼѥзѤръѨъ ѷ ѼѥѲў ҖдѥіѯшѧэѱшшѼѥѷ ѣѯдќші јчјклѥдъѤкѸ ѯчѪѠьдҕѠьўь ҖѥѰјѣнњҕ кѯчѨѕњдѤьеѠкюѨ ъѰ Ѩѷ ј Җњ Ѥ ѯль ѰјѣдѥіјкъѫьѓѥзѯѠднь нѣјѠшѤњѠѕҕѥкнч э дѥіьѼ ѥѯе ҖѥнѣјѠшѤњ ьѤдъҕѠкѯъѨѕ ѷ њѕѤкѯёѧє ѷ ѝѬк ѕзкчѠдѯэѨѕ Ѹ шѼѥѷ ецѣъѨіѷ ѥѕлҕѥѕіѤуѢўчшѤњјк кяѬ ҖэіѧѱѓзєѠкѲьѰкҕі Җѥѕєѥдеѩь Ѹ ёѤхьҙѢшҕѥкюіѤэјчюіѣєѥцдѥіцҙдѥіѯшѧэѱшеѠкѯћіќудѧлѳъѕѲьюѨ њҕѥк 4.05-4.50% ѝѼѥўіѤэюѨ 2013 Ѱјѣ 4.7-5.0% ѝѼѥўіѤэюѨ 2014
ьѯчѪѠьєѧ.ѕ. ѰшҕѯєѪѠ ѷ ѯъѨѕэдѤэѯешѯћіќудѧлѝѼѥзѤрѵѲьѱјд ѠѤшіѥ ч Ѩ ѰшҕѰьњѱь ҖєдѥідіѣлѥѕеѠкіѥѕѳч Җ ѕѬѲҕ ьѠѤьчѤэъ ҖѥѕѵеѠкѯѠѯнѕ
ь ҖєјчјкѲьіѣѕѣўјѤкѕдѯњ ҖьѯёѨѕкѲьдъє. іѥѕѳч ҖзіѤњѯіѪѠьѯёѧє ѷ еѩь Ѹ чўьѨъ Ѹ ј Ѩѷ чјкѲьдѥіѝѼѥіњлјҕѥѝѫчѲьюѨ 2011
ьіѣчѤэшѼѥѷ ѰјѣјчјкѠѕҕѥкшҕѠѯьѪѠ ѷ кѲьѯчѪѠьѝ.з. ѱчѕѯкѧьѯђҖ ѠъѤњѷ ѳю ѲьіѣчѤэяѬ ҖяјѧшѰъэѳєҕєѯѨ кѧьѯђҖ Ѡ Ѥ ѝњҕ ьъѫьѲьіѣээыьѥзѥіјчјкѲьѯчѪѠьєѧ.ѕ. ѰшҕѕѤкщѪѠњҕѥ ь ҖѠѕѱчѕѝч ѳшієѥѝѰід ѝѓѥёзјҕѠкјчјк эюіѣєѥцдјѤэєѥѯдѧьчѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ ўьѨѝ Ѹ ѥыѥіцѣ
ѕҕјк чѫјдѥінѼѥіѣѯкѧьеѥччѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ 2013 ўьѨѸ ъѠҕѠьзҕѥјкѠѕҕѥкіњчѯіѶњѲьѯчѪѠьѝ.з.
42
°´ ¦µ µ¦ªnµ µ ¨ ¨ Á È 0.55% Ä Á º° ´¥q 2.08 – ¯³ ¥´ ´¥©m´ ´ % еѠкдѼѥјѤкѰіккѥьъѤкѸ ўєч
2.16
2.07 1.83 1.51
1.49 1.38
1.38
1.04
03-Avg 04-Avg 05-Avg 06-Avg 07-Avg 08-Avg 09-Avg 10-Avg 1
Source: National Statistical Office, Bank of Thailand
° ¤·.¥.
 §·Ê¤¥´¤Â ¹¯ 1.20
1.00
0.80
2012 0.60
2013
0.40
0.68
0.66
11-Avg 12-Avg
0.20
0.00
J F M A M J J A S O N D
43
www.ChartingThailandEconomy.com
°´ ¦µ µ¦ªnµ µ Ä ¦³Á «Å ¥ 뵃 ¤µ Á¤ ´¥q 2.09 – ¯³ ¥´ ´¥©m´ ´ Å ¥²Â ª m´ È лѥддѥіѝѼѥіњлјҕѥѝѫч, % еѠкдѼѥјѤкѰіккѥьъѤкѸ ўєч Thailand Ͳ Jun Singapore Ͳ Q2 Malaysia Ͳ Jun South Korea Ͳ Jul Hong Kong Ͳ Jul Vietnam Ͳ 2011 Japan Ͳ Jun
0.6 2.1 2.8 3.1 3.3 3.6 3.9
China Ͳ Q2
4.1
Taiwan Ͳ Jul
4.2
Russia Ͳ Jul Brazil Ͳ Jul Australia Ͳ Jul Indonesia Ͳ Q1 Pakistan Ͳ 2011 US Ͳ Jul Philippines Ͳ Q2 India Ͳ 2012 Euro Area Ͳ Jun Source: The Economist
°Á ¸¥ ´ ¦³Á «°ºÉ
5.3 5.6 5.7 5.9 6.0 7.4 7.5 9.9 12.1
44
www.ChartingThailandEconomy.com
¦» ¼ o ¦·®µ¦
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• ѯћіќудѧлѳъѕѯшѧэѱшѯёѨѕк 2.8% Ѳьѳ зіѩкѷ Ͳ іѥѕлҕѥѕўјѤдъѨд ѷ іѣшѫ Җьдѥіѯшѧэ ѯѠднь Ѱјѣдѥіјкъѫь Ͳ ѲьѐѤѷ кдѥіяјѧшдѥінѣјѠшѤњеѠ • ѲьѯчѪѠьд.з. яјяјѧшѠѫшѝѥўдіієѰј • ѲьѐѤѷ кіѥѕлҕѥѕдѥіэіѧѱѓзѓѥзѯѠднь Ѱ • дѥіѝкҕ ѠѠдѲьнњҕ къѨя ѷ ѥҕ ьєѥеѠкюѨ шч ѧ ј • ьѱѕэѥѕдѥіѯкѧьѕѤкѯь Җьдѥіѯшѧэѱшѱчѕ • ѓѥзыѫідѧлѰјѣѓѥзѠѫшѝѥўдііє іњєщк • ѝѼѥьѤдкѥьѯћіќудѧлдѥізјѤкѰјѣѝѓѥё ьѨј Ѹ к ъѼѥѲў ҖюіѣєѥцдѥіцҙіњєѠѕѬіҕ ѣўњ
• ѠѤшіѥдѥіњҕѥккѥьјчјкѯюѶ ь 0.55% Ѳь њҕѥккѥьеѠкѳъѕѕѤкѠѕѬѲҕ ьіѣчѤэшѼѥѷ ъѨѝ ѷ ч ѫ • дѥідіѣлѥѕіѥѕѳч ҖеѠкѳъѕьѤэѳч ҖњҕѥѠ ѱчѕіњєчѨеь ѩѸ ѕдѯњ ҖьѲьдъє. Ѥ ѝњҕ ьзьѕѥдльєѨѰьњѱь • лѼѥьњьѰјѣѝч ѯіѶњдњҕѥіѥѕлҕѥѕіњєъѤкѸ іѣѕѣѯњјѥюјѠч
• ѯкѧьѯђҖ ѠъѤњѷ ѳюѰјѣѯкѧьѯђҖ ѠёѪь Ѹ уѥьѠѕѬѲҕ ѠѕѬъ ҕ Ѩѷ 1.59% ѯкѧьѯђҖ ѠёѪь Ѹ уѥь 0.75% • ѯѝщѨѕіѓѥёѲьіѣээыьѥзѥіѰѕҕјкѯјѶдь ѝѬк ўьѨъ Ѹ ѳѨѷ єҕдѠ ҕ Ѳў Җѯдѧчіѥѕѳч ҖјчјкѲьѳ • ѯѝщѨѕіѓѥёч ҖѥьдѥізјѤкчѨеь ѩѸ ѱчѕчѫјкэ ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ • ѯѝщѨѕіѓѥёч ҖѥьѯкѧьшіѥшҕѥкюіѣѯъћѰѕ шюъ.ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ ѯкѧьэѥ
ѳшієѥѝѝѠкеѠкюѨ окѩѷ шѼѥѷ дњҕѥѠѤшіѥдѥіѯшѧэѱшѲьѳшієѥѝѰіддњҕѥ
эѱшеѠклѨчё Ѩ ѲѨ ьѳшієѥѝѝѠкеѠкюѨ ьє ѨѸ ѥлѥддѥіѝкҕ ѠѠд дѥіэіѧѱѓз
ѠкѓѥзѠѫшѝѥўдіієѕѤкзкѯюѶ ьѝњҕ ьѝѼѥзѤръѨъ ѷ ѼѥѲў ҖдѥіѯшѧэѱшшѼѥѷ ѣѯдќші јчјклѥдъѤкѸ ѯчѪѠьдҕѠьўь ҖѥѰјѣнњҕ кѯчѨѕњдѤьеѠкюѨ ъѰ Ѩѷ ј Җњ Ѥ ѯль ѰјѣдѥіјкъѫьѓѥзѯѠднь нѣјѠшѤњѠѕҕѥкнч э дѥіьѼ ѥѯе ҖѥнѣјѠшѤњ ьѤдъҕѠкѯъѨѕ ѷ њѕѤкѯёѧє ѷ ѝѬк ѕзкчѠдѯэѨѕ Ѹ шѼѥѷ ецѣъѨіѷ ѥѕлҕѥѕіѤуѢўчшѤњјк кяѬ ҖэіѧѱѓзєѠкѲьѰкҕі Җѥѕєѥдеѩь Ѹ ёѤхьҙѢшҕѥкюіѤэјчюіѣєѥцдѥіцҙдѥіѯшѧэѱшеѠкѯћіќудѧлѳъѕѲьюѨ њҕѥк 4.05-4.50% ѝѼѥўіѤэюѨ 2013 Ѱјѣ 4.7-5.0% ѝѼѥўіѤэюѨ 2014
ьѯчѪѠьєѧ.ѕ. ѰшҕѯєѪѠ ѷ ѯъѨѕэдѤэѯешѯћіќудѧлѝѼѥзѤрѵѲьѱјд ѠѤшіѥ ч Ѩ ѰшҕѰьњѱь ҖєдѥідіѣлѥѕеѠкіѥѕѳч Җ ѕѬѲҕ ьѠѤьчѤэъ ҖѥѕѵеѠкѯѠѯнѕ
ь ҖєјчјкѲьіѣѕѣўјѤкѕдѯњ ҖьѯёѨѕкѲьдъє. іѥѕѳч ҖзіѤњѯіѪѠьѯёѧє ѷ еѩь Ѹ чўьѨъ Ѹ ј Ѩѷ чјкѲьдѥіѝѼѥіњлјҕѥѝѫчѲьюѨ 2011
ьіѣчѤэшѼѥѷ ѰјѣјчјкѠѕҕѥкшҕѠѯьѪѠ ѷ кѲьѯчѪѠьѝ.з. ѱчѕѯкѧьѯђҖ ѠъѤњѷ ѳю ѲьіѣчѤэяѬ ҖяјѧшѰъэѳєҕєѯѨ кѧьѯђҖ Ѡ Ѥ ѝњҕ ьъѫьѲьіѣээыьѥзѥіјчјкѲьѯчѪѠьєѧ.ѕ. ѰшҕѕѤкщѪѠњҕѥ ь ҖѠѕѱчѕѝч ѳшієѥѝѰід ѝѓѥёзјҕѠкјчјк эюіѣєѥцдјѤэєѥѯдѧьчѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ ўьѨѝ Ѹ ѥыѥіцѣ
ѕҕјк чѫјдѥінѼѥіѣѯкѧьеѥччѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ 2013 ўьѨѸ ъѠҕѠьзҕѥјкѠѕҕѥкіњчѯіѶњѲьѯчѪѠьѝ.з.
45
 ªÃ o¤ µ¦ ¦³ µ¥ ° ¦µ¥Å oà ¥¦ª¤ ¸
´¥q 2.01 –¬³£ ¥²¬¶ ¶Î · ·Ê* 0.55
Overall 0.50
South
0.45
0.40
0.35
0.30
'88
'90
'92
'94
'96
'98
Note: (*) The Gini coefficient is a measure of inequality of a distribution o It is defined as a ratio with values between 0 and 1 Here, 0 corresponds to perfect income equality (i.e. everyone has and 1 corresponds to perfect income inequality (i.e. one person Therefore, the lower the ratio the better the income distribution
Source: National Statistics Office, NESDB
¹Ê  nÄ ¤. ¨´ Â¥n¨
North East North Central Bangkok
'00
'02
'04
'06
'07
'09
'11
of income.
the same income) n has all the income, while everyone else has zero income). n.
46
www.ChartingThailandEconomy.com
µ¦ ¦³ µ¥ ° ¦µ¥Å oÁ¤º°É ¤° Ä °¸ ¤»¤ ´¥q 2.02 – ¬m© à m ¥´¤Æ n ´£ §º£ m ¥´¤Æ n ¥n¯¤§² ¯ ¥´¤Æ n ¥² ´ ´ ¶ Top 20% Bottom 20%
11.9
13.3
14.9
14.1
13.5
Top 20%
54.4
57.0
59.0
57.2
56.5
Second 20%
20.6
19.5
18.9
19.7
19.9
Third 20%
12.4
11.7
11.1
11.7
11.8
Forth 20%
8.1
7.5
7.4
7.6
Bottom 20%
4.6
4.3
7.1 4.0
4.1
4.2
1988
1990
1992
1994
1996
Source: National Statistics Office, NESDB
5
1
ÈÁ®È Å oªnµ¤¸¡ ´ µ µ¦ ¸ ¹Ê  n ÈŤn¤µ ´
13.1
14.6
13.4
12.2
14.4
12.8
11.8
11.1
56.1
57.5
56.0
54.7
56.0
54.6
54.1
54.2
19.8
19.8
20.1
20.3
20.2
20.5
20.4
19.5
12.0
11.5
12.1
12.5
12.2
12.6
12.7
12.8
7.8
7.7
8.0
7.7
8.0
8.3
8.6
4.3
7.3 4.0
4.2
4.5
3.9
4.3
4.6
4.9
1998
2000
2002
2004
2006
2007
2009
2011 47
www.ChartingThailandEconomy.com
Á¤º°É Á ¸¥ ´ ¦³Á « ε¨´ ¡´ µ oª¥ ´ o°¥ ªnµ ¦³Á «°¥nµ ¤µÁ¨Á ¸¥ ®¦º° ¸ ´¥q 2.03 – ©´£Â§¹Ê¯£§ËÏ´ n´ ¥´¤Æ nŠħ ¥´¤Æ n ¯ §ºm£ ¥² ´ ¥ ·Ê¥©¤ ·Ê¬º 20% Ã¥  ·¤ ³ ¥´¤Æ n ¯ §ºm£ ·Ê ·Ê¬º Honduras Bolivia Comoros South Africa Namibia Brazil Colombia Guatemala Seychelles Central African Republic Paraguay Panama Zambia Costa Rica El Salvador Swaziland Chile Peru Qatar Ecuador Nigeria Venezuela, RB Mexico Malaysia Dominican Republic
2 26. 25.3 21.8 20.6 20.1 19.6 18.8 18.0 17.3 17.1 16.6 14.5 14.3 14.0 13.5 13.5 13.3 12.5 12.2 11.5 11.3 11.3 11.3
Source: The World Bank; CTE analysis
ªµ¤Á®¨º°É ¤¨Îʵ oµ ¦µ¥Å o ° Å ¥ È¥ ´
20%, d 2011 ¥¹¯§m´¬º
29.7 27.8 .7
Argentina Kenya China Philippines Turkey Russian Federation Thailand Iran, Islamic Rep. Sri Lanka Bhutan Maldives Lithuania Malawi Mongolia Cambodia Lao PDR Vietnam Indonesia Nepal India Bangladesh Egypt, Arab Rep. Pakistan Afghanistan Slovak Republic
11.3 11.0 9.6 8.3 7.9 7.3 7.1 7.0 6.9 6.8 6.8 6.7 6.6 6.2 6.1 5.9 5.9 5.1 5.0 4.9 4.7 4.4 4.2 4.0 3.6
48
www.ChartingThailandEconomy.com
¦» ¼ o ¦·®µ¦
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• ѯћіќудѧлѳъѕѯшѧэѱшѯёѨѕк 2.8% Ѳьѳ зіѩкѷ Ͳ іѥѕлҕѥѕўјѤдъѨд ѷ іѣшѫ Җьдѥіѯшѧэ ѯѠднь Ѱјѣдѥіјкъѫь Ͳ ѲьѐѤѷ кдѥіяјѧшдѥінѣјѠшѤњеѠ • ѲьѯчѪѠьд.з. яјяјѧшѠѫшѝѥўдіієѰј • ѲьѐѤѷ кіѥѕлҕѥѕдѥіэіѧѱѓзѓѥзѯѠднь Ѱ • дѥіѝкҕ ѠѠдѲьнњҕ къѨя ѷ ѥҕ ьєѥеѠкюѨ шч ѧ ј • ьѱѕэѥѕдѥіѯкѧьѕѤкѯь Җьдѥіѯшѧэѱшѱчѕ • ѓѥзыѫідѧлѰјѣѓѥзѠѫшѝѥўдііє іњєщк • ѝѼѥьѤдкѥьѯћіќудѧлдѥізјѤкѰјѣѝѓѥё ьѨј Ѹ к ъѼѥѲў ҖюіѣєѥцдѥіцҙіњєѠѕѬіҕ ѣўњ
• ѠѤшіѥдѥіњҕѥккѥьјчјкѯюѶ ь 0.55% Ѳь њҕѥккѥьеѠкѳъѕѕѤкѠѕѬѲҕ ьіѣчѤэшѼѥѷ ъѨѝ ѷ ч ѫ • дѥідіѣлѥѕіѥѕѳч ҖеѠкѳъѕьѤэѳч ҖњҕѥѠ ѱчѕіњєчѨеь ѩѸ ѕдѯњ ҖьѲьдъє. Ѥ ѝњҕ ьзьѕѥдльєѨѰьњѱь • лѼѥьњьѰјѣѝч ѯіѶњдњҕѥіѥѕлҕѥѕіњєъѤкѸ іѣѕѣѯњјѥюјѠч
• ѯкѧьѯђҖ ѠъѤњѷ ѳюѰјѣѯкѧьѯђҖ ѠёѪь Ѹ уѥьѠѕѬѲҕ ѠѕѬъ ҕ Ѩѷ 1.59% ѯкѧьѯђҖ ѠёѪь Ѹ уѥь 0.75% • ѯѝщѨѕіѓѥёѲьіѣээыьѥзѥіѰѕҕјкѯјѶдь ѝѬк ўьѨъ Ѹ ѳѨѷ єҕдѠ ҕ Ѳў Җѯдѧчіѥѕѳч ҖјчјкѲьѳ • ѯѝщѨѕіѓѥёч ҖѥьдѥізјѤкчѨеь ѩѸ ѱчѕчѫјкэ ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ • ѯѝщѨѕіѓѥёч ҖѥьѯкѧьшіѥшҕѥкюіѣѯъћѰѕ шюъ.ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ ѯкѧьэѥ
ѳшієѥѝѝѠкеѠкюѨ окѩѷ шѼѥѷ дњҕѥѠѤшіѥдѥіѯшѧэѱшѲьѳшієѥѝѰіддњҕѥ
эѱшеѠклѨчё Ѩ ѲѨ ьѳшієѥѝѝѠкеѠкюѨ ьє ѨѸ ѥлѥддѥіѝкҕ ѠѠд дѥіэіѧѱѓз
ѠкѓѥзѠѫшѝѥўдіієѕѤкзкѯюѶ ьѝњҕ ьѝѼѥзѤръѨъ ѷ ѼѥѲў ҖдѥіѯшѧэѱшшѼѥѷ ѣѯдќші јчјклѥдъѤкѸ ѯчѪѠьдҕѠьўь ҖѥѰјѣнњҕ кѯчѨѕњдѤьеѠкюѨ ъѰ Ѩѷ ј Җњ Ѥ ѯль ѰјѣдѥіјкъѫьѓѥзѯѠднь нѣјѠшѤњѠѕҕѥкнч э дѥіьѼ ѥѯе ҖѥнѣјѠшѤњ ьѤдъҕѠкѯъѨѕ ѷ њѕѤкѯёѧє ѷ ѝѬк ѕзкчѠдѯэѨѕ Ѹ шѼѥѷ ецѣъѨіѷ ѥѕлҕѥѕіѤуѢўчшѤњјк кяѬ ҖэіѧѱѓзєѠкѲьѰкҕі Җѥѕєѥдеѩь Ѹ ёѤхьҙѢшҕѥкюіѤэјчюіѣєѥцдѥіцҙдѥіѯшѧэѱшеѠкѯћіќудѧлѳъѕѲьюѨ њҕѥк 4.05-4.50% ѝѼѥўіѤэюѨ 2013 Ѱјѣ 4.7-5.0% ѝѼѥўіѤэюѨ 2014
ьѯчѪѠьєѧ.ѕ. ѰшҕѯєѪѠ ѷ ѯъѨѕэдѤэѯешѯћіќудѧлѝѼѥзѤрѵѲьѱјд ѠѤшіѥ ч Ѩ ѰшҕѰьњѱь ҖєдѥідіѣлѥѕеѠкіѥѕѳч Җ ѕѬѲҕ ьѠѤьчѤэъ ҖѥѕѵеѠкѯѠѯнѕ
ь ҖєјчјкѲьіѣѕѣўјѤкѕдѯњ ҖьѯёѨѕкѲьдъє. іѥѕѳч ҖзіѤњѯіѪѠьѯёѧє ѷ еѩь Ѹ чўьѨъ Ѹ ј Ѩѷ чјкѲьдѥіѝѼѥіњлјҕѥѝѫчѲьюѨ 2011
ьіѣчѤэшѼѥѷ ѰјѣјчјкѠѕҕѥкшҕѠѯьѪѠ ѷ кѲьѯчѪѠьѝ.з. ѱчѕѯкѧьѯђҖ ѠъѤњѷ ѳю ѲьіѣчѤэяѬ ҖяјѧшѰъэѳєҕєѯѨ кѧьѯђҖ Ѡ Ѥ ѝњҕ ьъѫьѲьіѣээыьѥзѥіјчјкѲьѯчѪѠьєѧ.ѕ. ѰшҕѕѤкщѪѠњҕѥ ь ҖѠѕѱчѕѝч ѳшієѥѝѰід ѝѓѥёзјҕѠкјчјк эюіѣєѥцдјѤэєѥѯдѧьчѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ ўьѨѝ Ѹ ѥыѥіцѣ
ѕҕјк чѫјдѥінѼѥіѣѯкѧьеѥччѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ 2013 ўьѨѸ ъѠҕѠьзҕѥјкѠѕҕѥкіњчѯіѶњѲьѯчѪѠьѝ.з.
49
Î µ ª ¨³´ nª ¥µ ¤¸Â ªÃ o¤¨ ´¥q 2.04a
´¥q 2.04b
¬n ©´£¤´
Ï´ © »n¤´
эѥъшҕѠѯчѪѠьшҕѠзь
ј Җѥьзь
3,500
25
3,000 20 2,500 15
2,000
1,500
10
1,000 5 500
0
0 '01
'03
'05
'07
'09
Legend color:
'11
Overall
'01
'03
Bangkok
'05
Centr
Note: Before 2006, poverty survey was normally conducted every 2 years. For the mi
Source: NESDB
¨ Ä ¦³¥³®¨´ ¥ Áªo Á¡¸¥ Ä ¤. ´¥q 2.04c
¬³ ¬m© »n¤´ % еѠкюіѣнѥдіъѤкѸ ўєч 60%
50%
40%
30%
20%
10%
0% '07
ral
'09
North
'11
'01
North East
South
'03
'05
'07
ssing year, we use the average value between the prior and later years
'09
'11
50
www.ChartingThailandEconomy.com
®¨µ¥ ¦³Á «Ä Á°Á ¸¥Â¨³Ä °µÁ ¸¥ ¥´ ¤ ´¥q 2.05 – ©´£¤´ Šħ
Ѥ ѝњҕ ьяѬ ҖъѨє ѝч ѷ іѨ ѥѕѳч ҖшѼѥѷ дњҕѥ 2 чѠјјѥіҙѝўіѤуѢшҕѠњѤь шҕѠлѼѥьњьюіѣ Congo, Dem. Rep. Madagascar Nigeria Ethiopia Bangladesh TimorͲLeste India
6
Lao PDR 60.2
Pakistan
57.3
Nepal
53.3
Cambodia 46.1
Indonesia
43.4
Vietnam
41.5
Philippines 31.3
South Africa China
29.8
Bhutan
29.8
Sri Lanka
29.1
Iraq Colombia Source: The World Bank
21.4 15.8
¤¸ ´ nª ¥µ ¼
ѣнѥді, юѨ јҕѥѝѫч 95.2 92.6 84.5 77.6 76.5 72.8 68.7
66.0
15.4
Egypt, Arab Rep. Venezuela, RB
12.9
Peru
12.7 10.8
Brazil
8.0
Iran, Islamic Rep. Mexico
5.2
Thailand
4.6
Turkey
4.2
Chile
2.7
Malaysia
2.3
Argentina
1.9
Romania
1.7
Bulgaria
0.4
Hungary
0.4
Montenegro
0.3
Poland
0.2
Slovak Republic
0.1
Slovenia
0.1
Croatia
0.1
Russian Federation
0.1
51
www.ChartingThailandEconomy.com
Å ¥Ã ¥Á ¨¸¥É ³¤¸¦µ¥Å o °o ¥ ªnµ ¸ °· Á ¸¥Ã ¥Á ¨¸¥É ¹ ªnµµ¤Á nµ ´¥q 2.06 – ¥´¤Æ n ¯m ³© 2012 ўіѪѠјҕѥѝѫч, чѠјјѥіҙѝўіѤуѢ Monaco (1) Liechtenstein (2) Bermuda (3) Norway (4) Switzerland (5) Qatar (6) Luxembourg (7) Channel Islands (8) Denmark (9) Australia (10) Sweden (11) Macao SAR, China (12) San Marino (13) Canada (14) United States (15) Isle of Man (16) Netherlands (17) Austria (18) Japan (19) Singapore (20) Finland (21) Belgium (22) Kuwait (23) Germany (24) Andorra (25)
Source: The World Bank
1 106,920 98,860 82,730 78,720 76,960 65,440 59,770 59,570 56,210 55,720 51,470 50,970 50,120 48,550 48,250 48,160 47,870 47,210 46,940 44,990 44,730 44,010 43,110
à ¥Á ¨¸¥É °¥¼nÁ¨È o°¥  n¤¸¦µ¥Å o¤µ ªnµ ( ) = World rank 186,950 36,770
France (26) 41,750 Ireland (27) 38,970 United Kingdom (29) 38,250 Hong Kong SAR,… 36,560 Brunei Darussalam… 31,590 Spain (35) 30,110 Greece (39) 23,260 Korea, Rep. (41) 22,670 Russian Federation… 12,700 Malaysia (73) 9,800 Mexico (74) 9,740 Maldives (95) 5,750 China (96) 5,740 Thailand (102) 5,210 Iran, Islamic Rep.… 4,290 TimorͲLeste (120) 3,670 Indonesia (124) 3,420 Egypt, Arab Rep. (133) 3,000 Sri Lanka (135) 2,920 Philippines (139) 2,470 Bhutan (140) 2,420 India (149) 1,530 Vietnam (152) 1,400 Lao PDR (157) 1,260 Cambodia (166) 880
52
www.ChartingThailandEconomy.com
 n µo Ä o° ´ ¦µÂ¨ Á ¨¸¥É  ªµ¤Á nµÁ parity) Å ¥ ³¤¸¦µ¥Å o¤µ ªnµ ¸ ´¥q 2.07 – ¥´¤Æ n ¯m ³© Ï´ © à PPP 2012 ўіѪѠјҕѥѝѫч, ѠѤшіѥѰјдѯюјѨѕ ѷ ьѰээзњѥєѯъҕѥѯъѨѕєдѤьеѠкѠѼ Qatar (1) Macao SAR, China (2) Norway (3) Luxembourg (4) Singapore (5) Switzerland (6) Hong Kong SAR, China (7) United States (8) Brunei Darussalam (9) Kuwait (10) Netherlands (11) Austria (12) Australia (13) Sweden (14) Canada (15) Denmark (16) United Arab Emirates (17) Germany (18) Belgium (19) Finland (20) France (21) Japan (22) United Kingdom (23) Ireland (24) Iceland (25)
Source: The World Bank
68
64,03 63,00 61,100 54,870 53,050 50,610 49,370 49,230 43,360 43,220 43,170 43,160 42,690 42,620 42,380 41,370 39,260 38,210 36,460 36,320 35,800 35,110 33,550
¸¥¤ ´ ° °Îµ µ ºÊ ° (Purchasing power ѪѸ , чѠјјѥіҙѝўіѤуѢ ѥьѥлоѠ
8,710
30
0
84,670
( ) = World rank Italy (26) 32,280 Korea, Rep. (28) 30,890 Israel (32) 28,070 Greece (38) 24,790 Russian Federation… 22,760 Mexico (60) 16,630 Malaysia (61) 16,530 Argentina (75) 11,740 Brazil (76) 11,720 Thailand (89) 9,430 China (94) 9,210 Bhutan (105) 6,310 Sri Lanka (107) 6,120 Indonesia (119) 4,810 Philippines (121) 4,400 India (128) 3,840 Vietnam (132) 3,440 Lao PDR (137) 2,730 Cambodia (140) 2,360 Bangladesh (147) 2,070 Kenya (154) 1,760 Ethiopia (169) 1,140 Madagascar (172) 950 Niger (176) 650 Congo, Dem. Rep.… 370
53
www.ChartingThailandEconomy.com
¦µ¥Å o ¦´ªÁ¦º° Á¡·¤É ¹Ê Á¦Èª ªnµ¦µ¥ n µ¥¦ª¤ 妪 ¨nµ» Ä ¸ 2011 ´¥q 2.10a – ¥´¤Æ n ¥³©Â¥¹¯  §·Ê¤ эѥъшҕѠѯчѪѠь
14,963
2004
17,787
18,660
2006
2007
20,903
2009
23,236
2011
´¥q 2.10b – ¥´¤ m´¤ ¥³©Â¥¹¯  §·Ê¤ эѥъшҕѠѯчѪѠь
12,297
2004
14,311
14,500
2006
2007
16,205
2009
Source: National Statistic Office survey; CTE analysis
17,403
2011
¤ ´Ê ¦³¥³Áª¨µ ¨° ® ¸Ê ¸¨É ¨ Ä µ¦ ´¥q 2.10c – ·Ë¬¶  §·Ê¤ m¯ ¥³©Â¥¹¯ эѥъ
104,571
2004
116,585
116,681
2006
2007
134,699
134,900
2009
2011
´¥q 2.10d – ¥²¤²Â©§´ §¯ ·Ë §·Ê¤* юѨ 3.3 2.8 2.3
2.4 1.9
2004
2006
2007
2009
2011
Note: (*) Avg. debt / (annual income – annual expenditure)
54
www.ChartingThailandEconomy.com
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¬ ·¤¥¢´
• ѯћіќудѧлѳъѕѯшѧэѱшѯёѨѕк 2.8% Ѳьѳ зіѩкѷ Ͳ іѥѕлҕѥѕўјѤдъѨд ѷ іѣшѫ Җьдѥіѯшѧэ ѯѠднь Ѱјѣдѥіјкъѫь Ͳ ѲьѐѤѷ кдѥіяјѧшдѥінѣјѠшѤњеѠ • ѲьѯчѪѠьд.з. яјяјѧшѠѫшѝѥўдіієѰј • ѲьѐѤѷ кіѥѕлҕѥѕдѥіэіѧѱѓзѓѥзѯѠднь Ѱ • дѥіѝкҕ ѠѠдѲьнњҕ къѨя ѷ ѥҕ ьєѥеѠкюѨ шч ѧ ј • ьѱѕэѥѕдѥіѯкѧьѕѤкѯь Җьдѥіѯшѧэѱшѱчѕ • ѓѥзыѫідѧлѰјѣѓѥзѠѫшѝѥўдііє іњєщк • ѝѼѥьѤдкѥьѯћіќудѧлдѥізјѤкѰјѣѝѓѥё ьѨј Ѹ к ъѼѥѲў ҖюіѣєѥцдѥіцҙіњєѠѕѬіҕ ѣўњ
• ѠѤшіѥдѥіњҕѥккѥьјчјкѯюѶ ь 0.55% Ѳь њҕѥккѥьеѠкѳъѕѕѤкѠѕѬѲҕ ьіѣчѤэшѼѥѷ ъѨѝ ѷ ч ѫ • дѥідіѣлѥѕіѥѕѳч ҖеѠкѳъѕьѤэѳч ҖњҕѥѠ ѱчѕіњєчѨеь ѩѸ ѕдѯњ ҖьѲьдъє. Ѥ ѝњҕ ьзьѕѥдльєѨѰьњѱь • лѼѥьњьѰјѣѝч ѯіѶњдњҕѥіѥѕлҕѥѕіњєъѤкѸ іѣѕѣѯњјѥюјѠч
• ѯкѧьѯђҖ ѠъѤњѷ ѳюѰјѣѯкѧьѯђҖ ѠёѪь Ѹ уѥьѠѕѬѲҕ ѠѕѬъ ҕ Ѩѷ 1.59% ѯкѧьѯђҖ ѠёѪь Ѹ уѥь 0.75% • ѯѝщѨѕіѓѥёѲьіѣээыьѥзѥіѰѕҕјкѯјѶдь ѝѬк ўьѨъ Ѹ ѳѨѷ єҕдѠ ҕ Ѳў Җѯдѧчіѥѕѳч ҖјчјкѲьѳ • ѯѝщѨѕіѓѥёч ҖѥьдѥізјѤкчѨеь ѩѸ ѱчѕчѫјкэ ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ • ѯѝщѨѕіѓѥёч ҖѥьѯкѧьшіѥшҕѥкюіѣѯъћѰѕ шюъ.ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ ѯкѧьэѥ
ѳшієѥѝѝѠкеѠкюѨ окѩѷ шѼѥѷ дњҕѥѠѤшіѥдѥіѯшѧэѱшѲьѳшієѥѝѰіддњҕѥ
эѱшеѠклѨчё Ѩ ѲѨ ьѳшієѥѝѝѠкеѠкюѨ ьє ѨѸ ѥлѥддѥіѝкҕ ѠѠд дѥіэіѧѱѓз
ѠкѓѥзѠѫшѝѥўдіієѕѤкзкѯюѶ ьѝњҕ ьѝѼѥзѤръѨъ ѷ ѼѥѲў ҖдѥіѯшѧэѱшшѼѥѷ ѣѯдќші јчјклѥдъѤкѸ ѯчѪѠьдҕѠьўь ҖѥѰјѣнњҕ кѯчѨѕњдѤьеѠкюѨ ъѰ Ѩѷ ј Җњ Ѥ ѯль ѰјѣдѥіјкъѫьѓѥзѯѠднь нѣјѠшѤњѠѕҕѥкнч э дѥіьѼ ѥѯе ҖѥнѣјѠшѤњ ьѤдъҕѠкѯъѨѕ ѷ њѕѤкѯёѧє ѷ ѝѬк ѕзкчѠдѯэѨѕ Ѹ шѼѥѷ ецѣъѨіѷ ѥѕлҕѥѕіѤуѢўчшѤњјк кяѬ ҖэіѧѱѓзєѠкѲьѰкҕі Җѥѕєѥдеѩь Ѹ ёѤхьҙѢшҕѥкюіѤэјчюіѣєѥцдѥіцҙдѥіѯшѧэѱшеѠкѯћіќудѧлѳъѕѲьюѨ њҕѥк 4.05-4.50% ѝѼѥўіѤэюѨ 2013 Ѱјѣ 4.7-5.0% ѝѼѥўіѤэюѨ 2014
ьѯчѪѠьєѧ.ѕ. ѰшҕѯєѪѠ ѷ ѯъѨѕэдѤэѯешѯћіќудѧлѝѼѥзѤрѵѲьѱјд ѠѤшіѥ ч Ѩ ѰшҕѰьњѱь ҖєдѥідіѣлѥѕеѠкіѥѕѳч Җ ѕѬѲҕ ьѠѤьчѤэъ ҖѥѕѵеѠкѯѠѯнѕ
ь ҖєјчјкѲьіѣѕѣўјѤкѕдѯњ ҖьѯёѨѕкѲьдъє. іѥѕѳч ҖзіѤњѯіѪѠьѯёѧє ѷ еѩь Ѹ чўьѨъ Ѹ ј Ѩѷ чјкѲьдѥіѝѼѥіњлјҕѥѝѫчѲьюѨ 2011
ьіѣчѤэшѼѥѷ ѰјѣјчјкѠѕҕѥкшҕѠѯьѪѠ ѷ кѲьѯчѪѠьѝ.з. ѱчѕѯкѧьѯђҖ ѠъѤњѷ ѳю ѲьіѣчѤэяѬ ҖяјѧшѰъэѳєҕєѯѨ кѧьѯђҖ Ѡ Ѥ ѝњҕ ьъѫьѲьіѣээыьѥзѥіјчјкѲьѯчѪѠьєѧ.ѕ. ѰшҕѕѤкщѪѠњҕѥ ь ҖѠѕѱчѕѝч ѳшієѥѝѰід ѝѓѥёзјҕѠкјчјк эюіѣєѥцдјѤэєѥѯдѧьчѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ ўьѨѝ Ѹ ѥыѥіцѣ
ѕҕјк чѫјдѥінѼѥіѣѯкѧьеѥччѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ 2013 ўьѨѸ ъѠҕѠьзҕѥјкѠѕҕѥкіњчѯіѶњѲьѯчѪѠьѝ.з.
55
Á · Á¢o ° ´ªÉ Š¨³Á · Á¢o °¡ºÊ µ ¨ ¨ °¥nµ ´¥q 3.07a – ³ ·¥´ ´ »n ¥¶Ä¢ % дѥіѯюјѨѕ ѷ ьѰюјклѥдюѨ дѠ ҕ ьўь Җѥ 3.00%
2.50%
2.00%
Head line 1.50%
1.00%
Core* 0.50%
0.00% Mar-13
Apr-13
May-13 Jun-13
Jul-13
Aug-13
Note: (*) exclude raw food and energy Source: Bureau of Trade and Economic Indices; CTE analysis
µ n°Á º°É Ä Á º° . . ´¥q 3.07b – ³ ·¥´ ´ »n ¥¶Ä¢ ¥´¤ §ºm£¬¶ n´ % дѥіѯюјѨѕ ѷ ьѰюјклѥдюѨ дѠ ҕ ьўь Җѥ, ѝ.з. 2013 Meat
8.2
Tobacco & alcohol
5.4
Eggs & milk
5.3
Energy
3.0
Prepared food at home
1.3
Rice
1.3
Food away from home
1.3
Housing & furnishing
1.1
Veg & fruit
1.0
Transport & Commu
1.0
Apparel and footware
0.8
Medical care
0.7
Seasoning
0.5
Non alcoholic beverage
0.5
Recreation & Education
0.4
56
www.ChartingThailandEconomy.com
Á · Á¢o °Ä ¦³Á «Å ¥ º°ªnµ n° oµ 뵃 Á¤ ´¥q 3.08 – ³ ·¥´ ´ »n ¥¶Ä¢ ³©Ê ħ % дѥіѯюјѨѕ ѷ ьѰюјклѥдюѨ дѠ ҕ ьўь Җѥ
Latest
India Ͳ Jul Indonesia Ͳ Jul Pakistan Ͳ Jul Vietnam Ͳ Aug
6.
Hong Kong Ͳ Jul
6.5
Russia Ͳ Jul
6.3
Brazil Ͳ Jul 2.7
China Ͳ Jul Philippines Ͳ Jul
2.5
Australia Ͳ Q2
2.4
Malaysia Ͳ Jul
2.0
US Ͳ Jul
2.0
Singapore Ͳ Jul
1.9
Euro Area Ͳ Jul
1.6
Thailand Ͳ Aug
1.6 1.4
South Korea Ͳ Jul Japan Ͳ Jun
0.2
Taiwan Ͳ Jul
0.1
Note: (*) The Economist Poll
Source: The Economist
¤º°É Á ¸¥ ´ ¦³Á «°ºÉ Ç
2013* 9.6
9.6
8.6
7.7
8.3
7.5
7.5
6.9
.9
4.1 6.4 6.5 2.7 3.1 2.4 1.8 1.5 2.4 1.5 2.5 1.7 0.1 1.3
57
www.ChartingThailandEconomy.com
 Ťn¤¸Á · Á¢o °Ä ¦³ ´ ¦µ µ ° ¼ o ¨·
´¥q 3.09a – ³ ·¥´ ´ »n §¶ % дѥіѯюјѨѕ ѷ ьѰюјклѥдюѨ дѠ ҕ ьўь Җѥ 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% Mar-13
Apr-13 May-13 Jun-13
Jul-13
Aug-13
Source: Bureau of Trade and Economic Indices; CTE analysis
´¥q 3.09b – ³ ·¥´ ´ »n §¶ ¥´¤¬¶ n´ % дѥіѯюјѨѕ ѷ ьѰюјклѥдюѨ дѠ ҕ ьўь Җѥ, ѝ.з. 2013 Fishing Livestocks Metal Food Leather & footware NonͲmetallic mineral Transport equip Wood Chemical Forestry Pulp & paper -0.1 Mechinery -0.1 Textile -0.2 Electrical equip -0.3 Petroluem products -0.5 Crop -1.8 Energy -2.2 Rubber & plastic -4.0 Basic metals -5.8 Other manu goods-7.3
25.9 23.0 3.4 3.1 3.1 1.2 1.0 0.9 0.7 0.0
58
www.ChartingThailandEconomy.com
¦» ¼ o ¦·®µ¦
´¥Â ¶ Ä
´¥ ¥² ´¤ ¥´¤Æ n
¬ ·¤¥¢´
• ѯћіќудѧлѳъѕѯшѧэѱшѯёѨѕк 2.8% Ѳьѳ зіѩкѷ Ͳ іѥѕлҕѥѕўјѤдъѨд ѷ іѣшѫ Җьдѥіѯшѧэ ѯѠднь Ѱјѣдѥіјкъѫь Ͳ ѲьѐѤѷ кдѥіяјѧшдѥінѣјѠшѤњеѠ • ѲьѯчѪѠьд.з. яјяјѧшѠѫшѝѥўдіієѰј • ѲьѐѤѷ кіѥѕлҕѥѕдѥіэіѧѱѓзѓѥзѯѠднь Ѱ • дѥіѝкҕ ѠѠдѲьнњҕ къѨя ѷ ѥҕ ьєѥеѠкюѨ шч ѧ ј • ьѱѕэѥѕдѥіѯкѧьѕѤкѯь Җьдѥіѯшѧэѱшѱчѕ • ѓѥзыѫідѧлѰјѣѓѥзѠѫшѝѥўдііє іњєщк • ѝѼѥьѤдкѥьѯћіќудѧлдѥізјѤкѰјѣѝѓѥё ьѨј Ѹ к ъѼѥѲў ҖюіѣєѥцдѥіцҙіњєѠѕѬіҕ ѣўњ
• ѠѤшіѥдѥіњҕѥккѥьјчјкѯюѶ ь 0.55% Ѳь њҕѥккѥьеѠкѳъѕѕѤкѠѕѬѲҕ ьіѣчѤэшѼѥѷ ъѨѝ ѷ ч ѫ • дѥідіѣлѥѕіѥѕѳч ҖеѠкѳъѕьѤэѳч ҖњҕѥѠ ѱчѕіњєчѨеь ѩѸ ѕдѯњ ҖьѲьдъє. Ѥ ѝњҕ ьзьѕѥдльєѨѰьњѱь • лѼѥьњьѰјѣѝч ѯіѶњдњҕѥіѥѕлҕѥѕіњєъѤкѸ іѣѕѣѯњјѥюјѠч
• ѯкѧьѯђҖ ѠъѤњѷ ѳюѰјѣѯкѧьѯђҖ ѠёѪь Ѹ уѥьѠѕѬѲҕ ѠѕѬъ ҕ Ѩѷ 1.59% ѯкѧьѯђҖ ѠёѪь Ѹ уѥь 0.75% • ѯѝщѨѕіѓѥёѲьіѣээыьѥзѥіѰѕҕјкѯјѶдь ѝѬк ўьѨъ Ѹ ѳѨѷ єҕдѠ ҕ Ѳў Җѯдѧчіѥѕѳч ҖјчјкѲьѳ • ѯѝщѨѕіѓѥёч ҖѥьдѥізјѤкчѨеь ѩѸ ѱчѕчѫјкэ ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ • ѯѝщѨѕіѓѥёч ҖѥьѯкѧьшіѥшҕѥкюіѣѯъћѰѕ шюъ.ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ ѯкѧьэѥ
ѳшієѥѝѝѠкеѠкюѨ окѩѷ шѼѥѷ дњҕѥѠѤшіѥдѥіѯшѧэѱшѲьѳшієѥѝѰіддњҕѥ
эѱшеѠклѨчё Ѩ ѲѨ ьѳшієѥѝѝѠкеѠкюѨ ьє ѨѸ ѥлѥддѥіѝкҕ ѠѠд дѥіэіѧѱѓз
ѠкѓѥзѠѫшѝѥўдіієѕѤкзкѯюѶ ьѝњҕ ьѝѼѥзѤръѨъ ѷ ѼѥѲў ҖдѥіѯшѧэѱшшѼѥѷ ѣѯдќші јчјклѥдъѤкѸ ѯчѪѠьдҕѠьўь ҖѥѰјѣнњҕ кѯчѨѕњдѤьеѠкюѨ ъѰ Ѩѷ ј Җњ Ѥ ѯль ѰјѣдѥіјкъѫьѓѥзѯѠднь нѣјѠшѤњѠѕҕѥкнч э дѥіьѼ ѥѯе ҖѥнѣјѠшѤњ ьѤдъҕѠкѯъѨѕ ѷ њѕѤкѯёѧє ѷ ѝѬк ѕзкчѠдѯэѨѕ Ѹ шѼѥѷ ецѣъѨіѷ ѥѕлҕѥѕіѤуѢўчшѤњјк кяѬ ҖэіѧѱѓзєѠкѲьѰкҕі Җѥѕєѥдеѩь Ѹ ёѤхьҙѢшҕѥкюіѤэјчюіѣєѥцдѥіцҙдѥіѯшѧэѱшеѠкѯћіќудѧлѳъѕѲьюѨ њҕѥк 4.05-4.50% ѝѼѥўіѤэюѨ 2013 Ѱјѣ 4.7-5.0% ѝѼѥўіѤэюѨ 2014
ьѯчѪѠьєѧ.ѕ. ѰшҕѯєѪѠ ѷ ѯъѨѕэдѤэѯешѯћіќудѧлѝѼѥзѤрѵѲьѱјд ѠѤшіѥ ч Ѩ ѰшҕѰьњѱь ҖєдѥідіѣлѥѕеѠкіѥѕѳч Җ ѕѬѲҕ ьѠѤьчѤэъ ҖѥѕѵеѠкѯѠѯнѕ
ь ҖєјчјкѲьіѣѕѣўјѤкѕдѯњ ҖьѯёѨѕкѲьдъє. іѥѕѳч ҖзіѤњѯіѪѠьѯёѧє ѷ еѩь Ѹ чўьѨъ Ѹ ј Ѩѷ чјкѲьдѥіѝѼѥіњлјҕѥѝѫчѲьюѨ 2011
ьіѣчѤэшѼѥѷ ѰјѣјчјкѠѕҕѥкшҕѠѯьѪѠ ѷ кѲьѯчѪѠьѝ.з. ѱчѕѯкѧьѯђҖ ѠъѤњѷ ѳю ѲьіѣчѤэяѬ ҖяјѧшѰъэѳєҕєѯѨ кѧьѯђҖ Ѡ Ѥ ѝњҕ ьъѫьѲьіѣээыьѥзѥіјчјкѲьѯчѪѠьєѧ.ѕ. ѰшҕѕѤкщѪѠњҕѥ ь ҖѠѕѱчѕѝч ѳшієѥѝѰід ѝѓѥёзјҕѠкјчјк эюіѣєѥцдјѤэєѥѯдѧьчѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ ўьѨѝ Ѹ ѥыѥіцѣ
ѕҕјк чѫјдѥінѼѥіѣѯкѧьеѥччѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ 2013 ўьѨѸ ъѠҕѠьзҕѥјкѠѕҕѥкіњчѯіѶњѲьѯчѪѠьѝ.з.
59
· Á ºÉ° ° µ µ¦¡µ · ¥r ¥µ¥ ´ª n°Á º°É
´¥q 3.02a – ¬¶  ¹Ê¯ ¯ ´ ´¥ ´ ¶ ¤q 10,500 10,000 9,500 9,000 8,500 Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
De
´¥q 3.02b – ¯³ ¥´¬m©  ¶ Ån¬¶  ¹Ê¯ m¯Â ¶ ´ ¯ 100% 95%
91.9%
90.8%
91.4%
91.1%
92.2%
9
90% 85% Jul-12
Source: Bank of Thailand
Aug-12 Sep-12
Oct-12 Nov-12 D
° Ä ³ ¸É £µ¡ ¨n° ¨ ¨ n° oµ ¤µ
ec-12
M-o-M +1.9% Y-o-Y +12.8%
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
´ ´¥ ´ ¶ ¤q
93.1%
93.1%
Dec-12
Jan-13
93.9%
95.3% 93.4%
Feb-13 Mar-13
93.5%
93.3%
Apr-13 May-13 Jun-13
60
www.ChartingThailandEconomy.com
® ¸Ê ¸ÅÉ ¤n n°Ä®oÁ · ¦µ¥Å oÁ¡·¤É ¹Ê ´Ê Ä oµ ¤ Å ¦¤µ° ° ¸ ¸Ê
´¥q 3.03a – ·Ë ·ÊÆ£m ¯m Ån ¶ ¥´¤Æ nÅ ¥² ¬ ´ ³ ´ ёѤьј Җѥьэѥъ
477
05YE
445
06YE
458
07YE
401
08YE
380
09YE
317
10Y
´¥q 3.03b – ·Ë ·ÊÆ£m ¯m Ån ¶ ¥´¤Æ nÅ ¥² ¬ ´ ³ ´ Ѥ ѝњҕ ьшҕѠѕѠчѯкѧьдѬ ҖъѤкѸ ўєч ѝч 8.16%
7.47%
7.31% 5.29%
4.85%
3.60
05YE
06YE
Source: Bank of Thailand
07YE
08YE
09YE
10Y
¤¼¨ nµÂ¨³´ nª n°¥° Á · ¼ o Ê ´ ®¤ Ä
´¥Â ¶
7
YE
270
256
11YE
12YE
257
265
2013/Q1 2013/Q2 2013/Q3
´¥Â ¶
0%
YE
2.75%
11YE
2.26%
12YE
2.18%
2.21%
2013/Q1 2013/Q2 2013/Q3 61
www.ChartingThailandEconomy.com
´ nª Á · ° » ° µ µ¦¡µ · ¥r¨ ¼ Á¤º°É Á ¸¥ ´ ° ¸
´¥q 3.04 – ¯³ ¥´¬m©  ¶ ¯ º ¯ ´ ´¥ ´ ¶ ¤ Ѥ ѝњҕ ьшҕѠѝь ѧ ъіѤёѕҙѯѝѕ Ѩѷ к ц ѝь Ѹѧ юѨ ѝч
15.8%
16.1%
14.9% 13.4%
13.3%
1 14.0%
13.9%
12.4%
2003
2004
2005
Source: Bank of Thailand
2006
2007
2008
2009
2010
¨ Á È 15.7% Ä Á º° ¤·.¥. Â n¥ ´ º°ªnµ
¤q ¬¶Ë  ¹¯ 16.5%
16.2%
14.8%
16.0%
2013
15.5%
2012
15.0%
14.5%
2011
2012
14.0%
J F M A M J J A S O N D
62 www.ChartingThailandEconomy.com
¤¸®¨µ¥ ¦³Á « ¸¤É ¸° ´ ¦µ ° Á ¸Ê ¥ ¸ÂÉ o ¦· ´¥q 3.05 – ¯³ ¥´ ¯  ·¤ Ë ·Êà n ¥¶ ц њѤьъѨѷ 27/7/2013
3M riskͲfree interest rates
11.8
India Pakistan
9.1
Brazil
9.0
Russia
7.2
Vietnam
7.0 6.2
Indonesia 4.7
China 3.2
Malaysia South Korea
2.7
Australia
2.6 2.2
Thailand
1.4
Philippines Taiwan
0.9
Singapore
0.4
Hong Kong
0.4
US
0.3
Euro Area
0.2
Japan
0.2
Note: (*) The Economist Poll
Source: The Economist
൞
· ¨ ¦ª¤ ´Ê ¦³Á «Å ¥ oª¥
=
Expected 2013 inflation*
Real interest rates
9.6
2.2
7.5
1.6
6.5
2.5
6.4
0.8
6.9
0.1
7.7
-1.5
2.7
2.0
1.8
1.4
1.7
1.0
2.4
0.2
2.5
-0.3
3.1
-1.7
1.3
-0.4 2.4
-2.0 4.1
0.1
-3.7
1.5
-1.2
1.5
-1.3 0.1
63
www.ChartingThailandEconomy.com
Ä Á º° . . ´ ¸ SET ¨ ¨ ªnµ 9% nµ ¦° Ä® n°¸ ¦° ® ¹ É ´¥q 3.06a – ´¥Â §·Ê¤ à § Å ³ · SET % дѥіѯюјѨѕ ѷ ьѰюјклѥдѯчѪѠьдҕѠьўь Җѥ 1.3%
2.4%
-2.0%
-2.2%
-7.1%
Mar-13
Apr-13
May-13
Jun-13
Jul-13
-9.1%
Aug-13
´¥q 3.06b – £»§ m´ ´¥§ º ¬²¬£ ¯ m´ ´ ¶ ѧѸ ѯчѪѠь, ёѤьј Җѥьэѥъ SET Ѱјѣ MAI, шѤкѸ Ѱшҕш ҖьюѨ щкѩ ѝь 40.0 20.0 0.0 -20.0 -40.0 -60.0 -80.0 -100.0 -120.0 -140.0
D-12 J-13 F-13 M-13 A-13 M-13 J-13 J-13 A-13 S-13 O-13 N-13 D-13
Source: SET, The Economist
E
µ¤ ¨µ µ¦Å®¨°° ° Á · ¨ » nµ µ · ´¥q 3.06c – ´¥Â §·Ê¤ à § Å ³ · ³ ´ ¬¶Ë d 2012 ц њѤьъѨѷ 28/8/2013 31.5%
Pakistan (KSE)
28.3%
Japan (Nikkei 225) 19.0%
US (NAScomp)
14.6%
US (S&P 500)
13.1%
US (DJIA) UK (FTSE 100)
9.0%
Australia (All Ord.)
8.9%
France (CAC 40)
8.8% 7.2%
Germany (DAX)
5.0%
Euro Area (FTSE Euro 100)
1.6%
Taiwan (TWI) -0.2%
Malaysia (KLSE) China (SSEB, $ terms)
-2.7%
HK (Hang Seng)
-5.0%
Singapore (STI)
-5.1%
S Korea (KOSPI)
-5.6%
Indonesia (JSX)
-6.7%
India (BSE)
-7.4%
China (SSEA)
-7.4%
Thailand (SET)
-8.3%
64
www.ChartingThailandEconomy.com
¦» ¼ o ¦·®µ¦
´¥Â ¶ Ä
´¥ ¥² ´¤ ¥´¤Æ n
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• ѯћіќудѧлѳъѕѯшѧэѱшѯёѨѕк 2.8% Ѳьѳ зіѩкѷ Ͳ іѥѕлҕѥѕўјѤдъѨд ѷ іѣшѫ Җьдѥіѯшѧэ ѯѠднь Ѱјѣдѥіјкъѫь Ͳ ѲьѐѤѷ кдѥіяјѧшдѥінѣјѠшѤњеѠ • ѲьѯчѪѠьд.з. яјяјѧшѠѫшѝѥўдіієѰј • ѲьѐѤѷ кіѥѕлҕѥѕдѥіэіѧѱѓзѓѥзѯѠднь Ѱ • дѥіѝкҕ ѠѠдѲьнњҕ къѨя ѷ ѥҕ ьєѥеѠкюѨ шч ѧ ј • ьѱѕэѥѕдѥіѯкѧьѕѤкѯь Җьдѥіѯшѧэѱшѱчѕ • ѓѥзыѫідѧлѰјѣѓѥзѠѫшѝѥўдііє іњєщк • ѝѼѥьѤдкѥьѯћіќудѧлдѥізјѤкѰјѣѝѓѥё ьѨј Ѹ к ъѼѥѲў ҖюіѣєѥцдѥіцҙіњєѠѕѬіҕ ѣўњ
• ѠѤшіѥдѥіњҕѥккѥьјчјкѯюѶ ь 0.55% Ѳь њҕѥккѥьеѠкѳъѕѕѤкѠѕѬѲҕ ьіѣчѤэшѼѥѷ ъѨѝ ѷ ч ѫ • дѥідіѣлѥѕіѥѕѳч ҖеѠкѳъѕьѤэѳч ҖњҕѥѠ ѱчѕіњєчѨеь ѩѸ ѕдѯњ ҖьѲьдъє. Ѥ ѝњҕ ьзьѕѥдльєѨѰьњѱь • лѼѥьњьѰјѣѝч ѯіѶњдњҕѥіѥѕлҕѥѕіњєъѤкѸ іѣѕѣѯњјѥюјѠч
• ѯкѧьѯђҖ ѠъѤњѷ ѳюѰјѣѯкѧьѯђҖ ѠёѪь Ѹ уѥьѠѕѬѲҕ ѠѕѬъ ҕ Ѩѷ 1.59% ѯкѧьѯђҖ ѠёѪь Ѹ уѥь 0.75% • ѯѝщѨѕіѓѥёѲьіѣээыьѥзѥіѰѕҕјкѯјѶдь ѝѬк ўьѨъ Ѹ ѳѨѷ єҕдѠ ҕ Ѳў Җѯдѧчіѥѕѳч ҖјчјкѲьѳ • ѯѝщѨѕіѓѥёч ҖѥьдѥізјѤкчѨеь ѩѸ ѱчѕчѫјкэ ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ • ѯѝщѨѕіѓѥёч ҖѥьѯкѧьшіѥшҕѥкюіѣѯъћѰѕ шюъ.ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ ѯкѧьэѥ
ѳшієѥѝѝѠкеѠкюѨ окѩѷ шѼѥѷ дњҕѥѠѤшіѥдѥіѯшѧэѱшѲьѳшієѥѝѰіддњҕѥ
эѱшеѠклѨчё Ѩ ѲѨ ьѳшієѥѝѝѠкеѠкюѨ ьє ѨѸ ѥлѥддѥіѝкҕ ѠѠд дѥіэіѧѱѓз
ѠкѓѥзѠѫшѝѥўдіієѕѤкзкѯюѶ ьѝњҕ ьѝѼѥзѤръѨъ ѷ ѼѥѲў ҖдѥіѯшѧэѱшшѼѥѷ ѣѯдќші јчјклѥдъѤкѸ ѯчѪѠьдҕѠьўь ҖѥѰјѣнњҕ кѯчѨѕњдѤьеѠкюѨ ъѰ Ѩѷ ј Җњ Ѥ ѯль ѰјѣдѥіјкъѫьѓѥзѯѠднь нѣјѠшѤњѠѕҕѥкнч э дѥіьѼ ѥѯе ҖѥнѣјѠшѤњ ьѤдъҕѠкѯъѨѕ ѷ њѕѤкѯёѧє ѷ ѝѬк ѕзкчѠдѯэѨѕ Ѹ шѼѥѷ ецѣъѨіѷ ѥѕлҕѥѕіѤуѢўчшѤњјк кяѬ ҖэіѧѱѓзєѠкѲьѰкҕі Җѥѕєѥдеѩь Ѹ ёѤхьҙѢшҕѥкюіѤэјчюіѣєѥцдѥіцҙдѥіѯшѧэѱшеѠкѯћіќудѧлѳъѕѲьюѨ њҕѥк 4.05-4.50% ѝѼѥўіѤэюѨ 2013 Ѱјѣ 4.7-5.0% ѝѼѥўіѤэюѨ 2014
ьѯчѪѠьєѧ.ѕ. ѰшҕѯєѪѠ ѷ ѯъѨѕэдѤэѯешѯћіќудѧлѝѼѥзѤрѵѲьѱјд ѠѤшіѥ ч Ѩ ѰшҕѰьњѱь ҖєдѥідіѣлѥѕеѠкіѥѕѳч Җ ѕѬѲҕ ьѠѤьчѤэъ ҖѥѕѵеѠкѯѠѯнѕ
ь ҖєјчјкѲьіѣѕѣўјѤкѕдѯњ ҖьѯёѨѕкѲьдъє. іѥѕѳч ҖзіѤњѯіѪѠьѯёѧє ѷ еѩь Ѹ чўьѨъ Ѹ ј Ѩѷ чјкѲьдѥіѝѼѥіњлјҕѥѝѫчѲьюѨ 2011
ьіѣчѤэшѼѥѷ ѰјѣјчјкѠѕҕѥкшҕѠѯьѪѠ ѷ кѲьѯчѪѠьѝ.з. ѱчѕѯкѧьѯђҖ ѠъѤњѷ ѳю ѲьіѣчѤэяѬ ҖяјѧшѰъэѳєҕєѯѨ кѧьѯђҖ Ѡ Ѥ ѝњҕ ьъѫьѲьіѣээыьѥзѥіјчјкѲьѯчѪѠьєѧ.ѕ. ѰшҕѕѤкщѪѠњҕѥ ь ҖѠѕѱчѕѝч ѳшієѥѝѰід ѝѓѥёзјҕѠкјчјк эюіѣєѥцдјѤэєѥѯдѧьчѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ ўьѨѝ Ѹ ѥыѥіцѣ
ѕҕјк чѫјдѥінѼѥіѣѯкѧьеѥччѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ 2013 ўьѨѸ ъѠҕѠьзҕѥјкѠѕҕѥкіњчѯіѶњѲьѯчѪѠьѝ.з.
65
¸ 2012 ¤¸ µ¦ µ »¨ ¦³¤µ ¼ ¤µ 10 ¸ ¤¸Á¡¸¥ ¸ 2009 Á nµ ´Ê ¸ É µ »¨¤µ ´¥q 4.1 – º§ ¥²£´ £¹¯Ê  ·¤ ³ · · · чѫјѯкѧьѲькэюіѣєѥц чѫјѯкѧьѝч
1.4% 0.3% 0.4%
1.1%
0.0% 0.1%
-0.5%-0.6%
-1.7 -2.0%
03FY
04FY
05FY
Source: Bank of Thailand; CTE analysis
06FY
07FY
Á¤º°É Á ¸¥ Á È ´ nª n° ¸ ¸¡¸ ¨³Ä ¦° ªnµ
-0.3% -0.7%
-1.1%-1.1%
-1.3%
% -2.6% -3.6% -4.0% -4.4%
08FY
09FY
-4.1%
10FY
11FY
12FY 66
www.ChartingThailandEconomy.com
»¨ ¦³¤µ Ä nª ® Á º° ¦ ° ¸ 2 nª Á ¸¥ª ´ ° ¸ n° ® oµ º°ªnµ µ ³ µ ´¥q 4.2 – º§ ¥²£´ ёѤьј Җѥьэѥъ
¥´¤¥³
1,013
º§ ¥²£´
1,109
16
-996
1
0
-1,109
1,241
-36
-1,277
1,390
1,455
1,498
-174
-100
-1,629
-1,598
1,484
110 -364
-1,280
¥´¤ m´¤
-1,849
-1
03FY 04FY 05FY 06FY 07FY 08FY 09FY 1 Source: Bank of Thailand; CTE analysis
2013 ¨´ ¤µÁ È ª ¨³Á¤º°É Á ¸¥ ´ µ¦ ¨´ ¸ ¹Ê ¤µ
º§ ¥²£´ ¬²¬£¥´¤Â ¹¯ 100.0 ,751
1,902
2,077
2013 0.0
-100.0
-75
-28 -412 -200.0
2012
-300.0
1,825
-1,930 -400.0 -2,489
-500.0
0FY 11FY 12FY
J F M A M J J A S O N D
67
www.ChartingThailandEconomy.com
Ä 7 Á º° ¦ ° ¸ 2013 »¨ ¦³¤µ Á · »¨ 9 ¡´ ¨oµ µ ´¥q 4.3 – º§ ¥²£´ ç² º§Â ¶ ¬ ёѤьј Җѥьэѥъ º§ ¥²£´ º§Â ¶ ¬ 110
16
24
0
88
8
-36 -45
-1 -144 -174
03FY
04FY
05FY
Source: Bank of Thailand; CTE analysis
06FY
07FY
µ Á · »¨ 6 ¡´ ¨oµ µ nª »¨Á ·
6
9
-28 -75
00 -96
-137
-266
-364 -401
-412 -466
08FY
09FY
10FY
11FY
12FY
'13/7mo
68
www.ChartingThailandEconomy.com
Á¤º°É Á ¸¥ ´ ¦³Á «°ºÉ Ç µ¦ µ »¨ Â¥nÁ®¤º° ¦³Á « ¸ É »n ®¦º°®¦´ ²
´¥q 4.4 – º§ ¥²£´ m¯ · · ·Å ¥²Â ª m´ È зѥчўєѥѕѝѼѥўіѤэюѨ 2013 Hong Kong Singapore South Korea Russia Australia Philippines Taiwan China Thailand Indonesia Brazil Euro Area US
-4
Malaysia -5.1
India
-5.2
Vietnam Japan Pakistan Note: (*) The Economist Poll (**) Actual
Source: The Economist
-8.3 -8.8
¦³¤µ ° Å ¥ º°ªnµÅ¤n ¸ ´  n ÈŤnÅ o
È 2.0 0.7 0.5 -0.6 -1.3 -1.8 -1.9 -2.1 -2.8 -2.9 -3.1 -3.3 -4.0
4.3
69
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® ¸Ê µ µ¦ ³Á¡·¤É ¼ ¹Ê Á¨È o°¥Ä nª ¸É nµ ´¥q 4.5a – ·Ë¬´ ´¥ ² ј Җѥьј Җѥьэѥъ 6.0
5.0
4.0
Public debt from State Enterprises
3.0 Bond to Compensate FIDF's Loss & Prefunding debt 2.0
1.0 Direct Government debt 0.0 2009 10%
2010
2011
2012
Jun-13
8%
8%
7%
7%
Source: Public Debt Management Office
Ext as
µ ¤µ ° ¸ ¸Ê ´¥q 4.5b – ·Ë¬´ ´¥ ² Ѥ ѝњҕ ьшҕѠлѨчё ѝч Ѩ Ѩ 50% 45% 40%
Public debt from State Enterprises
35% 30% 25%
Bond to Compensate FIDF's Loss & Prefunding debt
20% 15% 10%
Direct Government debt
5% 0%
2009
ternal debt percent of total
2010
2011
2012
Jun-13
70
www.ChartingThailandEconomy.com
® ¸Ê µ µ¦ ³ ° Å ¥Å¤n °º ªnµ°¥¼nÄ ¦³ ´ ´¥q 4.6 – ·Ë¬´ ´¥ ²Å ħ Ѥ ѝњҕ ьшҕѠлѨчё ѝч Ѩ ,Ѩ 2012 ўіѪѠјҕѥѝѫч 1 Japan 2 Zimbabwe 3 Greece 6 Lebanon 8 Italy 9 Portugal 10 Iceland 12 Ireland 14 Singapore 15 Belgium 18 France 19 United Kingdom 20 Egypt 21 Canada 22 Spain 25 Hungary 27 Germany 28 Sri Lanka 31 Malta 33 Israel 35 United States 37 Morocco 39 Netherlands 41 Croatia 43 Bhutan Source: CIA fact book
219 203 161 128 126 120 119 118 107 101 89 89 85 84 83 81 81 79 77 74 74 72 69 66 64
¸É ¼ Á¤º°É Á ¸¥ ´ ¤µ ¦ µ µ µ µ ·
9
Int’l rule of thumb <60% of GDP 52 Bahrain 53 Malaysia 54 Brazil 58 Switzerland 60 India 61 Philippines 64 Venezuela 66 Vietnam 67 Laos 74 Denmark 76 Thailand 79 Czech Republic 81 South Africa 84 New Zealand 85 Argentina 87 Turkey 92 Taiwan 95 China 100 Mexico 106 Korea, South 109 Bangladesh 113 Hong Kong 119 Australia 121 Indonesia 139 Russia
56 56 55 52 52 51 49 48 48 45 44 44 43 42 42 40 39 39 35 34 32 30 27 25 11
71
www.ChartingThailandEconomy.com
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• ѯћіќудѧлѳъѕѯшѧэѱшѯёѨѕк 2.8% Ѳьѳ зіѩкѷ Ͳ іѥѕлҕѥѕўјѤдъѨд ѷ іѣшѫ Җьдѥіѯшѧэ ѯѠднь Ѱјѣдѥіјкъѫь Ͳ ѲьѐѤѷ кдѥіяјѧшдѥінѣјѠшѤњеѠ • ѲьѯчѪѠьд.з. яјяјѧшѠѫшѝѥўдіієѰј • ѲьѐѤѷ кіѥѕлҕѥѕдѥіэіѧѱѓзѓѥзѯѠднь Ѱ • дѥіѝкҕ ѠѠдѲьнњҕ къѨя ѷ ѥҕ ьєѥеѠкюѨ шч ѧ ј • ьѱѕэѥѕдѥіѯкѧьѕѤкѯь Җьдѥіѯшѧэѱшѱчѕ • ѓѥзыѫідѧлѰјѣѓѥзѠѫшѝѥўдііє іњєщк • ѝѼѥьѤдкѥьѯћіќудѧлдѥізјѤкѰјѣѝѓѥё ьѨј Ѹ к ъѼѥѲў ҖюіѣєѥцдѥіцҙіњєѠѕѬіҕ ѣўњ
• ѠѤшіѥдѥіњҕѥккѥьјчјкѯюѶ ь 0.55% Ѳь њҕѥккѥьеѠкѳъѕѕѤкѠѕѬѲҕ ьіѣчѤэшѼѥѷ ъѨѝ ѷ ч ѫ • дѥідіѣлѥѕіѥѕѳч ҖеѠкѳъѕьѤэѳч ҖњҕѥѠ ѱчѕіњєчѨеь ѩѸ ѕдѯњ ҖьѲьдъє. Ѥ ѝњҕ ьзьѕѥдльєѨѰьњѱь • лѼѥьњьѰјѣѝч ѯіѶњдњҕѥіѥѕлҕѥѕіњєъѤкѸ іѣѕѣѯњјѥюјѠч
• ѯкѧьѯђҖ ѠъѤњѷ ѳюѰјѣѯкѧьѯђҖ ѠёѪь Ѹ уѥьѠѕѬѲҕ ѠѕѬъ ҕ Ѩѷ 1.59% ѯкѧьѯђҖ ѠёѪь Ѹ уѥь 0.75% • ѯѝщѨѕіѓѥёѲьіѣээыьѥзѥіѰѕҕјкѯјѶдь ѝѬк ўьѨъ Ѹ ѳѨѷ єҕдѠ ҕ Ѳў Җѯдѧчіѥѕѳч ҖјчјкѲьѳ • ѯѝщѨѕіѓѥёч ҖѥьдѥізјѤкчѨеь ѩѸ ѱчѕчѫјкэ ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ • ѯѝщѨѕіѓѥёч ҖѥьѯкѧьшіѥшҕѥкюіѣѯъћѰѕ шюъ.ѯёѧє ѷ еѩь Ѹ ѰшҕѕѤкѳєҕѠь Ѥ шіѥѕ ѯкѧьэѥ
ѳшієѥѝѝѠкеѠкюѨ окѩѷ шѼѥѷ дњҕѥѠѤшіѥдѥіѯшѧэѱшѲьѳшієѥѝѰіддњҕѥ
эѱшеѠклѨчё Ѩ ѲѨ ьѳшієѥѝѝѠкеѠкюѨ ьє ѨѸ ѥлѥддѥіѝкҕ ѠѠд дѥіэіѧѱѓз
ѠкѓѥзѠѫшѝѥўдіієѕѤкзкѯюѶ ьѝњҕ ьѝѼѥзѤръѨъ ѷ ѼѥѲў ҖдѥіѯшѧэѱшшѼѥѷ ѣѯдќші јчјклѥдъѤкѸ ѯчѪѠьдҕѠьўь ҖѥѰјѣнњҕ кѯчѨѕњдѤьеѠкюѨ ъѰ Ѩѷ ј Җњ Ѥ ѯль ѰјѣдѥіјкъѫьѓѥзѯѠднь нѣјѠшѤњѠѕҕѥкнч э дѥіьѼ ѥѯе ҖѥнѣјѠшѤњ ьѤдъҕѠкѯъѨѕ ѷ њѕѤкѯёѧє ѷ ѝѬк ѕзкчѠдѯэѨѕ Ѹ шѼѥѷ ецѣъѨіѷ ѥѕлҕѥѕіѤуѢўчшѤњјк кяѬ ҖэіѧѱѓзєѠкѲьѰкҕі Җѥѕєѥдеѩь Ѹ ёѤхьҙѢшҕѥкюіѤэјчюіѣєѥцдѥіцҙдѥіѯшѧэѱшеѠкѯћіќудѧлѳъѕѲьюѨ њҕѥк 4.05-4.50% ѝѼѥўіѤэюѨ 2013 Ѱјѣ 4.7-5.0% ѝѼѥўіѤэюѨ 2014
ьѯчѪѠьєѧ.ѕ. ѰшҕѯєѪѠ ѷ ѯъѨѕэдѤэѯешѯћіќудѧлѝѼѥзѤрѵѲьѱјд ѠѤшіѥ ч Ѩ ѰшҕѰьњѱь ҖєдѥідіѣлѥѕеѠкіѥѕѳч Җ ѕѬѲҕ ьѠѤьчѤэъ ҖѥѕѵеѠкѯѠѯнѕ
ь ҖєјчјкѲьіѣѕѣўјѤкѕдѯњ ҖьѯёѨѕкѲьдъє. іѥѕѳч ҖзіѤњѯіѪѠьѯёѧє ѷ еѩь Ѹ чўьѨъ Ѹ ј Ѩѷ чјкѲьдѥіѝѼѥіњлјҕѥѝѫчѲьюѨ 2011
ьіѣчѤэшѼѥѷ ѰјѣјчјкѠѕҕѥкшҕѠѯьѪѠ ѷ кѲьѯчѪѠьѝ.з. ѱчѕѯкѧьѯђҖ ѠъѤњѷ ѳю ѲьіѣчѤэяѬ ҖяјѧшѰъэѳєҕєѯѨ кѧьѯђҖ Ѡ Ѥ ѝњҕ ьъѫьѲьіѣээыьѥзѥіјчјкѲьѯчѪѠьєѧ.ѕ. ѰшҕѕѤкщѪѠњҕѥ ь ҖѠѕѱчѕѝч ѳшієѥѝѰід ѝѓѥёзјҕѠкјчјк эюіѣєѥцдјѤэєѥѯдѧьчѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ ўьѨѝ Ѹ ѥыѥіцѣ
ѕҕјк чѫјдѥінѼѥіѣѯкѧьеѥччѫјѲьнњҕ к 7 ѯчѪѠьѰідеѠкюѨ 2013 ўьѨѸ ъѠҕѠьзҕѥјкѠѕҕѥкіњчѯіѶњѲьѯчѪѠьѝ.з.
72
»¨ µ¦ 妳Á · · ¨ Á¨È o°¥Ä nª 7 Á ´ ¸Á · ³¡´ ( µ¦ oµ + ¦· µ¦Â¨³¦µ¥ ´¥q 5.01 – º§ ´¥ Ï´¥²Â ¶ ёѤьј ҖѥьчѠјјѥіҙ 31.3 24.7
24.1
5.3 1.2 -0.2 08FY
09FY
10FY
11FY
Source: Bank of Thailand; CTE analysis
12FY
13/7mo
º° ¦ ° ¸ µÁ® »®¨´ µ µ¦ µ »¨ ¥Å o» ·) º§ ´¥ n´ (F.O.B) 32.6
29.8
17.3
17.0 8.3 -0.5
08FY
09FY
10FY
11FY
12FY
13/7mo
-5.6
-4.0
12FY
13/7mo
º§ ¥¶ ´¥Ã§²¥´¤Æ n¬º ¶
+
-15.2
08FY
-10.7
-11.1 -19.7
09FY
10FY
11FY
´¥Â §¹Ê¯ ¤n´¤ º ç² ©´£ §´  §¹Ê¯ ¬º ¶ 22.5
21.3 2.2
2.5
4.3
12FY
13/7mo
-4.7 08FY
09FY
10FY
11FY
73
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¦³Á « ¸¤É ¸ »¨ ´ ¸Á · ³¡´ Á · »¨¤µ Á · Ä®¤nÄ Á°Á ¸¥ ´¥q 5.02 – º§ ³ ·Â ¶ ¬² ³ As % of 2013 GDP* Singapore Ͳ Q2
1
Taiwan Ͳ Q2 5.8%
Malaysia Ͳ Q2
5.0%
Vietnam Ͳ 2011
3.5%
South Korea Ͳ Jul
2.9%
Philippines Ͳ Mar
2.5%
Russia Ͳ Q2 China Ͳ Q2
2.1%
Euro Area Ͳ Jun
1.8%
Japan Ͳ Jun
1.0%
Hong Kong Ͳ Q1
0.9% 0.1%
Thailand Ͳ Q2 -1.0%
Pakistan Ͳ Q2 Indonesia Ͳ Q2
-2.4%
US Ͳ Q1
-2.7%
Australia Ͳ Q1
-2.8%
Brazil Ͳ Jul India Ͳ Q1
-3.2% -4.5%
Note: (*) The Economist Poll
Source: The Economist; actual figures for Thailand from Bank of T
ÇÁ¤º°É Á ¸¥ ´ ¸ ¸¡¸ nª Ä® nÁ È Á«¦¬ ·
Last 12 months, USD Billion 19.0%
49.4
11.7%
52.8 14.2 0.2 59.8 10.2 47.9 211.6 247.1 54.1 5.2 -1.4 -2.3 -28.8 -425.7
hailand and NESDB
-51.1 -77.7 -87.8
74
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»¨ µ¦ oµÄ ¦¼ Á · µ · ¨ ® ´ ªnµÁ ·¤ n °° ¸¨É ¨ ¤µ ªnµ µ¦ εÁ oµ ´¥q 5.03 – º§ ´¥ n´ ёѤьј Җѥьэѥъ
´¥¬m ¯¯ ¬²¬£ ³Ë à m n d 8,000 7,000
2012
൞
´¥ Ï´Â n´¬²¬ 8,000 7,000
6,000
6,000
5,000
5,000
4,000
4,000
3,000
3,000
2,000
2,000
1,000
2013
Y-o-Y -3.7%
0
1,000
201
0
J F M A M J J A S O N D
J F M A
Note: (*) Not equal to the one in Balance of Payment decomposition due to few adjust (**) Excluding Electricity and aircraft export, adjustment for Balance of payment (***) Excluding Electricity and military import, adjustment for Balance of payment
Source: Bank of Thailand; CTE analysis
¤Ä nª ¸ É nµ ¤µ ° ¸ ¸Ê Á º°É µ µ¦
=
¬£ ³Ë à m n d
3
º§ ´¥ n´¬²¬£ ³Ë à m n d 0
-100
2012
2012
-200 -300 -400 2013 -500 -600
Y-o-Y -0.4%
M J J A S O N D
tments and exchange rate conversion and exchange rate conversion
-700 -800
J F M A M J J A S O N D
75
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® ¸Ê nµ ¦³Á «Á¡·¤É ¹Ê Ä ¸ ¸Ê ´Ê Ä ¦¼ ´ªÁ ´¥q 5.10a – ¥² ³ ·Ë m´ ¥²Â ª ёѤьј ҖѥьчѠјјѥіҙѝўіѤуѢ 160 120 80 40 0
04YE
05YE
06YE
07YE
08YE
´¥q 5.10b – ¥² ³ ·Ë m´ ¥²Â ª Ѥ ѝњҕ ьшҕѠлѨчё ѝч Ѩ Ѩ
40.9%
04YE
37.0%
38.5%
05YE
06YE
Source: Bank of Thailand
35.4%
07YE
31.4%
08YE
¨³´ nª n° ¸ ¸¡¸
E
09YE
%
28.8%
E
09YE
10YE
11YE
35.2%
33.8%
10YE
11YE
12YE
13/1Q
38.8%
40.0%
12YE
13/1Q
76
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´ nª ® ¸Ê nµ ¦³Á « ¸¤É ¸ µ £µ ¦´ Á¡·¤É ¦³¥³¥µª¤µ ¹Ê ´¥q 5.11a – ·Ë m´ ¥²Â ª ´£ ¥²Â¢ §» ·Ë Ѥ ѝњҕ ьшҕѠўьѨш ѝч Ѹ ѥҕ кюіѣѯъћъѤкѸ ўєч Private Public = General Government and Monetary Authorities
8%
92%
09YE
13%
87%
10YE
Source: Bank of Thailand
15%
20%
23%
85%
80%
77%
11YE
12YE
13/1Q
¹Ê ¨³® ¸Ê nµ ¦³Á «¤¸ ´ nª Á È ® ¸Ê ´¥q 5.11b – ·Ë m´ ¥²Â ª ´£¥²¤²Â©§´ ·Ë Ѥ ѝњҕ ьшҕѠўьѨш ѝч Ѹ ѥҕ кюіѣѯъћъѤкѸ ўєч Long term Short term
44%
56%
09YE
50%
50%
10YE
45%
46%
44%
55%
54%
56%
11YE
12YE
13/1Q
77
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ªµ¤µ¤µ¦ Ä µ¦ 妳® ¸Ê nµ ¦³Á «
´¥q 5.12a – ¥² ³  ¶ º ¬Ï´¥¯ ¥²©m´ ¥²Â ª Ѥ ѝњҕ ьшҕѠўьѨш ѤѸ ѝч Ѹ ѥҕ кюіѣѯъћіѣѕѣѝь
418% 370% 340%
330%
299%
08YE
09YE
10YE
11YE
Source: Bank of Thailand; CTE analysis
12YE
286%
13/1Q
° Å ¥¥´ Ťn nµÁ È ¸ É ´ ª¨
´¥q 5.12b – ¯³ ¥´¬m© ´¥ Ï´¥² ·Ë . m¯ ´¥¬m ¯¯
8.2% 7.6%
4.8%
4.7%
4.2% 3.4%
08FY
09FY
10FY
11FY
12FY
13/1Q
78
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Á · ε¦° ¦³®ªnµ ¦³Á «¨ ¨ Á¨È o°¥Ä
´¥q 5.13a – ¥² ³  ¶ º ¬Ï´¥¯ ¥²©m´ ¥²Â ª* ёѤьј ҖѥьчѠјјѥіҙѝўіѤуѢ
54.4
55.9
2004
2005
106.5
118.0
2007
2008
73.9
2006
´¥q 5.13b – ¥² ³  ¶ º ¬Ï´¥¯ ¥²©m´ ¥²Â ª лѼѥьњьѯчѪѠьъѨѝ ѷ ѥєѥіщѲннҖ ѥѼ іѣзҕѥдѥіьѼ ѥѯе Җѥѳч Җ**
9.1 6.9
2004
5.7
2005
6.9
2006
2007
7.9
2008
Ѥ р (*) іњєєѬјзҕѥеѠк Net forward position ъѨыѷ юъ.єѨѓѥіѣяѬдёѤьѲьѝр (**) ѲнєѬҖ јзҕѥьѼ ѥѯе ҖѥѯмјѨѕ ѷ 12 ѯчѪѠьјҕѥѝѫч
Source: Bank of Thailand; CTE analysis
¸ ¸Ê  n¥ ´ ¤¸Á®¨º°Á¢º °
191.7
206.4
205.8
195.3
2011
2012
Jul-13
154.1
0
8
8
2009
13.8
2010
12.6 10.8
2009
2010
рѥ currency forward contracts
2011
10.0
2012
9.2
Jul-13
79
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nµÁ · µ °n° ´ª¨ 1.6% Ä Á º° . . µ µ¦ ´¥q 5.17a – ³ · m´Â ¶ ´ 2007 = 100
114.0
Baht appreciates
112.0
110.0
108.0
106.0
MͲoͲM
Ͳ1.6%
Baht depreciates Aug-12
Nov-12
Feb-13
May-13
104.0
102.0
100.0
YͲoͲY
98.0
3.6%
96.0
94.0 Aug-13
Note: (*) Positive numbers mean the Baht has been depreciated against those currencies, the opposite applies to negative numbers USD = US$, GBP = Pound Sterling, EUR = Euro, JPY = Yen (per 100), CNY = Yuan Renminbi, SGD = Singapore $, MYR = Malaysia Ringgit, PHP = Philippines Peso, IDR = Indonesia Rupiah (per 1,000), INR = India Rupee, KRW = Korea Won, TWD = Taiwan $, VND = Vietnam Dong, MXN = Mexico Peso, AUD = Australia $
Source: Bank of Thailand; CTE analysis
Á¤º°É Á ¸¥ ´ »¨Á · nµ ÇÄ ¦³ ¦oµÁ ·
0
0
´¥q 5.17b – ´¥Â §·Ê¤ à § ¯ ¯³ ¥´Ã§  §·Ê¤ % ъѨѯѷ юјѨѕ ѷ ьѰюјклѥдюѨ ъѰ Ѩѷ ј Җњ, ц њѤьъѨѷ 31/8/2013 EUR Ͳ 42.7779
8.1
CNY Ͳ 5.3214
5.9
0
KRW Ͳ 0.029
0
TWD Ͳ 1.0758
2.2
0
USD Ͳ 32.2155
2.2
MXN Ͳ 2.4118
2.2
0
0
0
4.3
SGD Ͳ 25.3983
0.4
GBP Ͳ 50.0957
0.4
VND Ͳ 0.0015
0.0
MYR Ͳ 9.882
-3.0
PHP Ͳ 0.7316
-3.1
IDR Ͳ 3.1961 AUD Ͳ 28.9514 INR Ͳ 0.5189
-9.0 -11.2 -13.7
JPY Ͳ 32.9821 -18.3 Baht appreciates
Baht depreciates 80
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