The University of the Thai Chamber of Commerce (UTCC) has reported another decline in the Consumer Confidence Index (CCI) to 72.1 during September, putting it at the lowest in 16 months.
According toWachira Koontaweethep, Assistant Director of the UTCC’s Center for Economic and Business Forecasting, a recent survey suggested that the September CCI posted a decrease from the previous month to stand at 72.1. The figure represented a drop for the ninth consecutive month and the lowest reading since June 2014.
The Assistant Director attributed the downward trend in the CCI to consumers’ worries over the Bank of Thailand’s reduction of GDP growth to 2.7 percent, as well as global economic uncertainties, export contraction, drought crisis and slump in farm product prices.
At the same time, the survey placed the confidence index on the overall economy at 61.2, job opportunities at 67.3 and future income at 87.9.
