MACROECONOMICS WEEKLY UPDATE

FEDERATION OF THAILAND  INDUSTRY 

Car Production in Thailand rose 15.0% in November from a year earlier to 190,155 units, helped by an improvement in the supply of chips, an industry body said on Tuesday. 

Car exports fell 10.98% in November from a year earlier, however, after a rise of 15.51% in the previous month, Domestic car sales in November dropped 4.79% to 68,284 vehicles due to flooding in several parts of the country.

The kingdom is a regional vehicle production and export base for the world’s top carmakers, including Toyota and Honda. The industry accounts for about 10% of the economy and manufacturing jobs.

The Thai baht Support 34.60 with Resistance of 35.20 

KASIKORN  

     Kasikorn Research Center has revised its GDP forecast to 3.2% from a range of 3.2%-4.2% inline with consensus of a global economy slowdown, rising rate environment and European energy crisi.

 

INDUSTRY   

CONSUMER  

The cabinet on Tuesday approved tax rebates for shoppers and cut land and building tax as well as property transaction fees, as a combined New Year gift for the people and economic stimulus.

Deputy government spokeswoman Rachada Dhnadirek had said shoppers would be able to claim income tax rebates on up to 40,000 baht of purchases between Jan 1 and Feb 15 next year by either paper or e-invoices. As for the final 10,000 baht, shoppers must have electronic invoices.

Thailand to put an extra 56 billion baht into circulation, boosting the national economy and promoting the use of electronic tax invoices according to Deputy government spokeswoman Rachada Dhnadirek.

 

Shop Dee Mee 2023 Tax deduction program 

1.     General goods and services subject to Value Added Tax (VAT)
2.     Books (including e-books) 
3.     OTOP products registered with the Department of Community Development.

The tax rebates will not include the purchases of liquor, beer,, tobacco, cars, motorcycles, boat, newspapers, magazine, tour guide fees, hotel accommodation, public utilities, tap water, electricity, phone and internet services, long term service fees ordered outside the Jan 1- Feb 15, 2023 period and non-life insurance.

 

ENERGY 

B.Grimm Power Public Company   (BGRIM)

BGRIM invests in a wind power plant project in the Republic of Korea of 1,030.60 MW to expand investment in offshore wind power projects. Ready to begin construction in the 1st quarter of 2023, scheduled to pay in the third quarter of 2025

 

TOURISIM 

Kasikorn Research Center views that foreign tourists traveling in Thailand and Thai tourists traveling in the country During the New Year’s Eve festival, welcoming the new year during 4 days (30 Dec. ’22 – 2 Jan. ’23 should generate income for the tourism and related business sectors. The total value is about 30,000 million baht or 50% compared to the same period of 2019 (before the outbreak of COVID).

BANKING AND FINANCE 

The 5th year of the Bangkok money expo MONEY EXPO 2022 BANGKOK YEAR-END held by Money and Banking Magazine on 15-18 Dec. ’22. year-end special Supporting transactions, both offline and online, over 6,730-million-baht, popular home loans over 2,740 million baht, entrepreneurs borrowing from SMEs over 1,600-million-baht, people buying life insurance/tax-saving funds in the last curve totaling over 1,550 million baht.

STEEL  

INOX

The Securities and Exchange Commission (SEC) received a report on the sale of shares of POSCO-Thainox Company (INOX) by POSCO HOLDINGS INC., which was sold on December 20. C.65 The number of securities sold is 74.5619% of the total voting rights of the business. The number of securities after the sale is 0% of the total voting rights of the business.

PROPERTIES 

Mr. Chamroen Phothiyod, Director-General of the Treasury Department, revealed that the chairman of the provincial committee in each province Announcement of the appraisal price list of land and buildings according to the Property Valuation Act for the Benefit of the State B.E. 2019 continues to affect the overall economy of the country said account on January 1, 2023 onwards in order to reduce the burden on the public who must use the appraisal price as a basis for land and building tax collection. Including taxes and fees for registration of rights and juristic acts

Currently, Bangkok and other provinces have posted announcements and prepared information for dissemination. Therefore, new appraisal prices will be used from 1 Jan. 23 to 31 Dec. 26, with land appraisal prices having an average price change rate throughout the country of about 8.93. % and building appraisal price an average increase of approximately 6.21% compared to the current accounting period which has been used for a period of 7 years by Bangkok The rate of change in land appraisal prices increased by an average of 2.76% and the building appraisal prices increased by an average of 4.60%.

Thailand SET Index

  SET Index is expected to hover around 1590 to 1630 as the year comes to an end due to decreasing market momentum 

The Market will have a tight range next week.

With Local Institution as Net Sellers so far during this week