Consumer confidence rose in January to the highest level in 47 months, propped up by the economic recovery, says Fiscal Policy Office (FPO) director-general Pornchai Thiraveja.
The consumer confidence index rose for a sixth consecutive month to hit 62.9, up from 62.0 in December, Mr Pornchai said in a statement.
He said domestic consumption has improved, reflected by passenger car sales rising 2.4% year-on-year and 9.4% month-on-month after removing seasonal effects.
The number of newly registered motorcycles contracted from the same period last year by 1.8%, but increased from the previous month by 7.6% after removing seasonal effects.
Value-added tax decreased from the same period last year by 2.7%, but increased from the previous month by 1.1% after removing seasonal effects.
Real farm income expanded from the same period last year by 0.6%.
The overall economy in January improved due to the expansion of the tourism sector, private consumption and merchandise exports, which rose for a sixth consecutive month.
Meanwhile, private investment slowed compared to the previous month.
Mr Pornchai said the FPO would closely monitor both external and internal factors affecting the manufacturing sector.
There was a more negative signal regarding private investment. The volume of commercial vehicle sales fell 26.5% compared with the same period last year.
Investment in the construction category, as reflected in the volume of domestic cement sales, fell 7.2% year-on-year.
Real estate transaction tax dropped 3.3% compared with the same period last year.
Foreign tourist arrivals tallied 3.04 million, up by 41.5% from the same period last year, with the highest proportion from China, Malaysia, South Korea, Russia and India.
The value of merchandise exports rose for a sixth consecutive month to US$22.6 billion, up 10% year-on-year.
Headline inflation contracted by 1.11% while the core inflation rate stood at 0.52%.
In terms of economic stability, public debt at the end of December accounted for 61.3% of GDP, which is still "under control" according to the 2018 State Financial and Fiscal Discipline Act.
As for external stability, the situation remains stable and is able to support risks from global economic volatility, as reflected in the country's international reserves at the end of January, tallying $222 billion.