By Nopparat Chaichalearmmongkol
BANGKOK--Thailand's consumer sentiment has weakened for the first time in four months as the country mourns the passing of their highly-revered King Bhumibol Adulyadej.
The University of the Thai Chamber of Commerce said Thursday that the consumer confidence index fell to 73.1 in October from 74.2 in September.
The university's report is based on a survey of 2,243 respondents across the country in late October - the month when Thailand's King Bhumibol passed away after 70 years on the throne. The government declared a one-year mourning period and asked the country to refrain from any festive activities for 30 days.
The university said in a statement that the weakening of confidence could be blamed on consumers' worries about the pace of local and global economic recovery, the relatively-low level of farm product prices and the high cost of living.
It added that the index dived despite positive factors such as the second consecutive month of exports growth in September, the government's affirmation of the 2016 economic growth rate projection of 3.3%, and hopes of the government's active spending and investment plans to boost the economy.
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(END) Dow Jones Newswires
November 03, 2016 01:46 ET (05:46 GMT)
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