2.1 Supply. Bank of Thailand, January Nominal Farm Income. Manufacturing Production Index (MPI)

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1 Bank of Thailand, uary 2.1 Supply Farm income continually increased but concentrated in certain crops and regions. Service sector continued to expand, especially for tourism-related activities on the back of an increasing number of foreign tourists. Manufacturing production also expanded in line with improving merchadise exports. Nominal Farm Income (%YoY) H1 Q3 Q4 Dec Nominal farm income P Agricultural production P Agricultural price Note: Farm income does not include government subsidies and transfers. Source: Office of Agricultural Economics and calculated by BOT Real Farm Income Index sa ( 213 = ) Real farm income sa Real farm income sa, 3mma Source: Office of Agricultural Economics and calculated by BOT (%YOY) Manufacturing Production Index (MPI) Weight 211 H1 Q3 Q4 Dec P Food & Beverages Automotives Vehicle Engine Rubbers & Plastics IC & Semiconductors Textiles & Apparels Chemicals Cement & Construction Electrical Appliances Petroleum HDD Others MPI MPI sa %D from last period P = Preliminary data. Seasonally adjusted by BOT. Source: Office of Industrial Economics (Cont) P (%MoM) Index sa ( = ) Export < 3% 3% < Export < % Export > % Manufacturing Production Index (MPI) Source: Office of Industrial Economics and calculated by BOT %MoM sa -3.6% 1.8% -1.5% Index sa ( = ) Other Manufacturing Indicators Electricity used in industry Import quantity of raw materials Index of hours worked in manufacturing Source: NSO, OIE, Customs Department and seasonally adjusted by BOT %MoM sa.2% -1.3% -7.3% (%) Capacity Utilization (sa) Weight 211 Q2 Q3 Q4 Dec p Food & Beverages Automotives Rubbers & Plastics IC & Semiconductors Textiles & Apparels Chemicals Cement & Construction Electrical Appliances HDD Others CAPU sa P = Preliminary data. Seasonally adjusted by BOT. Source: Office of Industrial Economics

2 Bank of Thailand, uary ( 213 = ) Number of Foreign Tourists 1 Sales in Trade Sectors 14 Sales in Transportation Sectors Sales in Communication Sectors (RHS) 13 Juristic Act and Right Registration Fee for Real Estate (RHS) Service Sector Indicators 213 Note: Sales from VAT collection, latest data estimated by BOT Share in GDP : Trade (15.1%), Transportation (5.7%), Hotel and Restaurant (4.3%), Real estate (2.5%), Telecommunication (1.5%) Source: Department of Tourism, The Revenue Department Department of Land ( 213 = ) Other Service Sector Indicators Low Cost Airlines' Passengers International Airports' Passengers BTS Ridership (Sky Train) Nielsen's Fast Moving Consumer Goods Revenue of The Transport Co. Ltd. 213 Source: Airports of Thailand, Nielsen Company, The Tourism Authority of Thailand, The Transport Co. Ltd., Bangkok Mass Transit System, calculated by BOT

3 Bank of Thailand, uary 2.2 Domestic demand Government expenditure expanded well as compared to the previous year and continued to be an important economic growth driver. Meanwhile, private consumption softened after the impact of government s stimulus packages were expired, reflecting that an earlier acceleration of private spending was partly an intertemporal shift in consumption behavior. However, purchase of passenger cars expanded well due to the launch of new car models. Private investment was unchanged from last month and still concentrated in alternative energy, service and transportation businesses. Private Consumption Indicators % YoY 2 1 H1 Q3 Q4 Dec P P (%MoM) Non-durable index Semi-durable index Durable index Service index E.3 E (less) Net tourist spending Private Consumption Index Note: %MoM is calculated from seasonally adjusted data. P = Preliminary Data, E = Estimated Data, R = Revised Data (212 = ) Durable Index and Semi-durable Index 213 Durable index Semi-durable index (RHS) (212 = ) (212 = ) Nielsen s FMCG Index & Fuel Index 213 Source: The Nielsen company and Bank of Thailand P = Preliminary Data (212 = ) Nielsen s FMCG index 145 Fuel index P (RHS) (212 = ) Service Index* & Non-resident Spending Index Service index (212 = ) 2 Non-resident spending index (RHS Note: *Combination of 1) hotel and restaurant VAT and 2) transportation sales Diffusion Index (Unchanged = ) MOC UTCC (RHS) 4 3 Consumer Confidence Index Diffusion Index (Unchanged = ) Source: Ministry of Commerce (MOC), University of the Thai Chamber of Commerce (UTCC) 7 % YoY Permitted Construction Area (9mma) Private Investment Indicators Q3 Q4 Dec P P (%MoM) Construction Materials Index Real Imports of Capital Goods Real Domestic Machinery Sales E. E Car Sales for Investment Private Investment Index Note: %MoM is calculated from seasonally adjusted, 3-month moving average data. P = Preliminary Data Source : Bank of Thailand

4 Bank of Thailand, uary Million USD sa, 3mma 6, 5, 4, 3, 213 Equipment Indicators Imports of Capital Domestic Machinery Sales (Mil Baht, RHS) Car Sales for Investment (Unit, RHS) 17 86,32 E 17 3, ,549 sa, 3mma, 7,, 3, Note: E = Estimated Data, All data is in real terms. Source: Federation of Thai Industries, Customs Department, Revenue Department, calculated by BOT 1, m 2, 9mma 7, 6, 6, 5, 5, 4, 213 Source: NSO and Bank of Thailand Construction Indicators (21 = ) 14 Permitted Construction Area Construction Material Index (RHS) , Business Sentiment Index Diffusion Index (Unchanged = ) 4 BSI Source : Bank of Thailand Expected BSI (next 3 months) April Central government expenditure (excl. subsidies/grants and miscellaneous other expense) Billion Baht Average Current Expenditure Oct Dec Feb Apr Jun Aug Billion Baht Capital Expenditure Billion Baht (+8.1% YoY) Billion Baht (+9.7% YoY) 4 2 Oct Dec Feb Apr Jun Aug Source: Comptroller General s Department and Bank of Thailand Fiscal Position Billion Baht FY P FY P FY P FY P Q2 Q3 Q4 Dec Revenue 1/ (%YoY) Expenditure 2/ (%YoY) Budgetary B/L Non-Budgetary B/L Cash B/L (CG) Primary B/L (CG) Net Financing Treasury B/L Note: P = Preliminary data 1/ Cash basis 2/ Exclude principal loan repayment Source: Fiscal Policy Office Comptroller General s Department Bank of Thailand

5 Bank of Thailand, uary 2.3 The global economy and external sector The current account surplus was continually sustained by both (1) the trade surplus as value of merchandise exports continued to expand, and (2) the service, income and transfer accounts as tourism receipts further expanded thanks to the high season and the Chinese New Year in this month. The capital and financial accounts also registered a surplus mainly due to Foreign Direct Investment (FDI) inflows, and loan repayment paid to Thai corporates by affiliated firms. Moreover, foreign portfolio inflow increased, which was consistent with investment fund flows in the Asian region amid growing investors concerns over the U.S. economic policies after Donald Trump's accession to presidency as well as political situations in Europe. Diffusion index 55 G3 Manufacturing PMI US Euro area Japan Asia s Manufacturing PMI Diffusion index INDO KR TW HK SG Source: ISM, Markit Economics 4 Apr Oct Apr Oct Apr Oct Source: Bloomberg, Markit Economics Dec = 18.1 Bn USD Ex. Gold = 17.6 Bn USD %YoY Export Growth Share P P = 17.1 Bn USD Ex. Gold = 16.5 Bn USD P P H1 Q3 Q4 Dec %MoM Agriculture Fishery Manufacturing Agro-manufacturing Electronics and Optical Appliances Electrical Appliances Automotive Machinery & Equipment Petroleum Related Total (BOP Basis) Ex. Gold Ex. Gold & Petroleum Related %MoM calculated from seasonally adjusted data. P = Preliminary data Note: Data above are recorded by custom basis, except total export value is recorded by BOP basis. Custom basis considers recording passing through Customs while BOP basis considers changes in ownership between R and NR. Source: Compiled from Customs Department s data Dec = 16. Bn USD Ex. Gold = 14.9 Bn USD %YoY Import Growth Share P P = 15.2 Bn USD Ex. Gold = 14. Bn USD P P H1 Q3 Q4 Dec (%MoM) Consumer Raw material & Intermediate o/w Fuel o/w Raw mat & Interm ex. Fuel Capital Others Total (BOP Basis) Ex. Gold %MoM calculated from seasonally adjusted data P = Preliminary data Note: Data above are recorded by custom basis, except total import value is recorded by BOP basis. Source: Compiled from Customs Department s data

6 Bank of Thailand, uary Financial Account Million USD P P P E H1 Q3 Q4 Dec 1. Assets TDI Equity Thai portfolio investment Equity sec. investment Debt sec. investment Loans Other investments Trade credits Liabilities FDI Equity Foreign portfolio investment Equity sec. investment Debt sec. investment Loans Other investments Trade credits Total financial flows (1+2) Balance of Payments Billion USD P P P E H1 Q3 Q4 Dec Trade balance Exports (f.o.b.) %YoY Imports (f.o.b.) %YoY Services & income Current account Capital and financial account Government Central bank ODCs Others Net error & omissions Overall balance International reserves Net forward position Source : Bank of Thailand E= Estimated data P = Preliminary data Source : Bank of Thailand P = Preliminary data E= Estimated data %YoY Source: Department of Tourism Inbound Tourists by Country of Origins Share %MoM H1 Q3 Q4 Dec sa China Malaysia Asia ex. China&Malaysia Russia Europe ex. Russia Others Total (million persons) Index sa ( = ) Inbound Tourists Index Total China (share 27%) Malaysia (share 11%) Asia ex. CN MY (share 29%) Europe ex. Russia (share 16%) Russia (share 3%) Note: denotes share of total tourist arrivals in 2 1 Source: Department of Tourism

7 -16 Apr Oct Apr Oct Feb-16 Mar-16 Apr-16 May-16 Jun Aug-16 Sep-16 Oct-16 Nov-16 Dec Feb-16 Mar-16 Apr-16 May-16 Jun Aug-16 Sep-16 Oct-16 Nov-16 Dec Feb-17 Bank of Thailand, uary 2. Monetary and financial conditions Total corporate financing slowed down from the previous month and remained concentrated in financing to alternative energy business in line with the sector s continued increase in private investment. Meanwhile, new household credits, especially from Specialized Financial Institutions (SFI), slightly declined. Consistent with regional currencies, the Thai baht appreciated against the U.S. dollar, while NEER remained stable as the Thai baht depreciated against the Japanese yen and the Australian dollar. Commercial Bank Interest Rates* % p.a. /16 Q2/16 Q3/16 Q4/ Feb month deposit rate Average of 4 largest banks Average of other banks MLR Average of 4 largest banks Average of other banks MRR Average of 4 largest banks Average of other banks End of Period Bangkok Bank, Krung Thai Bank, Kasikorn Bank, and Siam Commercial Bank % p.a and ThaiBMA Government Bond Yields As of 21 February 17 1D BRP 1M 2Y 5Y 1Y Billion baht Total Corporate Financing Business Credits (SA) Equity Debt 3MMA Note: Business credits and debt : change in outstanding (par) Equity : New issuance at par value, ThaiBMA, SET New Private Credit Extended by Other Depository Corporations Billion baht Household MoM, SA % MoM change, SA (RHS) Business % % 95 Loan to Deposit and B/E Ratio Commercial Bank P P = Preliminary Data

8 3-Dec Feb Mar Apr-16 2-Jun-16 3-Jun-16 2-Aug Aug Sep Oct Nov Dec Dec Feb Mar Apr-16 2-Jun-16 3-Jun-16 2-Aug Aug Sep Oct Nov Dec Bank of Thailand, uary Exchange Rates Changes in Trading Partners Currencies per USD Index (212 = ) Appreciation USDTHB (RHS) 22 Feb 2 1 USDTHB = 35.1 NEER25 = USDTHB (reverse) % 4% 3% 2% 1% 1.1% 2.6%.6% 4.6% 1.7% % MoM ( 17 vs Dec 16) % MTD (22 Feb 17 vs 17).9% 1.% 1.3% 1.7% 1.8%.5% 2.8% 2.1% 3.2% 1.9% Sources: Reuters, Bank of Thailand NEER % -1% -2% -1.9% -.4% -1.% -.1%.% EUR JPY AUD PHP IDR CNY MYR THB SGD TWD KRW Note: End-period data, + = Appreciation against USD Sources: Reuters, Bank of Thailand -.5%.% Regional Exchange Rate Volatility % p.a. 16% 14% 12% 1% 8% 6% 4% 2% % THB CNY IDR KRW MYR PHP As of 22 Feb Sources: Reuters, Bank of Thailand

9 Bank of Thailand, uary 2.5 Financial stability Headline inflation edged up from the previous month as prices of domestic petroleum and fresh food increased. Core inflation, however, stabilized from last month. The seasonally-adjusted unemployment rate remained stable. External stability remained resilient to withstand volatility in the global financial market. %YoY Contribution to Headline Inflation Fresh Food (15.69%) Energy (11.75%) Core Inflation (72.56%) ( ) Share in Headline Inflation 17 Headline Inflation 1.55% Source: Ministry of Finance calculated by BOT %YoY Contribution to Core Inflation Rent (19.62%) Food and Beverage ex. Alcohol (28.17%) Other Goods and Services (52.21%) ( ) Share in Core Inflation 213 Source: Ministry of Finance calculated by BOT 17 Core Inflation.75% % Unemployment Rate Feb Mar Apr May Jun 17 Unemployment rate 1.2 % Unemployment rate (sa) 1. % Aug Sep Oct Nov Dec Note: Data from onward are based on The 21 Population and Housing Census Source: Labor Force Survey, NSO ( 213=) Employment Index Total Agriculture (31%) Manufacturing (17%) Construction (6%) Trade (17%) Service (29%) 213 Note: Data from onward are based on The 21 Population and Housing Census. ( ) denotes share in total employment Source: Labor Force Survey, NSO calculated by BOT Percent sa Labor Market Tightness Index Job Openings/Unemployed person 5 Year Average (21 - ) 213 Source: NSO, Department of Employment, Bank of Thailand

10 Bank of Thailand, uary 1. Interest Income 2. Interest Expense 3. Net Interest Income (3) = (1) - (2) 4. Non-interest Income 5. Operating Expense 6. Net Operating Income (6) = (3) + (4) - (5) 7. Bad Debt & Doubtful Account* 8. Income Tax 9. Net Profit (9) = (6) - (7) -(8) Note: P = Preliminary Data * = Including Impairment Loss Commercial Bank Performance Billion Baht Q2 Q3 Q4 Q2 Q3 Q4 P Percent Non-Performing Loans (NPLs) %NPL to Total Loan %NPL to Consumer Loan %NPL to Total Corporate Loan External Debt Outstanding Billion USD P P P E Change 17/Dec16 H1 Q3 Q4 E Total 1. General government Central Bank* Other Depository Corporations (ODC) Other Sectors Other Financial Corporations Non Financial Corporations O/W Foreign Trade Credit Total Short-term (%) Long-term (%) Note: *including BOT bonds held by non-residents and SDRs allocations by IMF Source : Bank of Thailand P=Preliminary data Solvency Indicators External Stability Indicators Criteria P P P E H1 Q3 Q4 E Current Account / GDP (%) 13.2 n.a. Debt / GDP (%) 35.4 n.a. Debt / XGS 1/ (%) 51.1 Debt Service Ratio (%) n.a. 7. n.a. n.a. Liquidity Indicators Gross Reserves / ST Debt >1 time Gross Reserves / Imports 2/ >3-4 times ST Debt / Total Debt (%) 42.5 Note: XGS Export of Goods and Services (3-year average) Monthly Import (1-year average) Source : Bank of Thailand P=Preliminary data