The consumer confidence index continues to slide, hitting a 14-month low in July due to lacklustre economic growth, struggling exports and drought.
The index for the July survey, released on Thursday by the University of Thai Chamber of Commerce, put the figure at 73.4, surpassing the previous floor of 74.4 in June. It was the lowest point in 14 months dating back to the coup in May last year.
UTCC vice-president Thanavath Phonvichai said the downward economic growth adjustment, the export slump and the drought were the large contributors to the index slip. Other factors included less money in the pockets of farmers and worries about the gloomy global economy, he added.
"More than 50% of people in the survey believed the Thai economy in July was the worst in 43 months, since the great floods in 2011,'' he said.
The Fiscal Policy Office, which is the Finance Ministry's think-tank, has revised down economic growth to 3% from 3.7% in line with predictions of the Bank of Thailand and several private research houses. The university's Centre for Economic and Business Forecasting, which undertakes the index survey, estimated gross domestic product of between 2.5% and 2.9%.
The Commerce Ministry has admitted to a 3% contraction of exports this year instead of growth of 1.2%, according to its latest projection.
The index gauged the sentiment of 2,245 samples across the country.