Thailand's business confidence index experienced a notable rise in October 2025, increasing to 48.7 from 48 in September. This marks the highest level since March and indicates overall improvement in sentiment across most components. Specifically, performance registered at 51.2, up from 47.2, while production increased to 50.2 from 48.8. Employment figures saw a slight increase to 49.6 from 49, and overall order books rose marginally to 47.7 from 47.4.
Examining the sectors, the non-manufacturing index showed growth, primarily driven by the hotel, restaurant, and passenger transportation industries. This uplift is attributed to the commencement of the tourism season and increased long-haul arrivals. Retail trade confidence also saw a boost, bolstered by the government’s "Half-Half Plus" co-payment initiative, which aims to stimulate consumer spending ahead of the year-end.
Conversely, the manufacturing sector's index remained largely unchanged. Optimism in the automotive sector was more pronounced, yet this was offset by a less favorable outlook in food and electrical appliances. These declines are attributed to reciprocal tariffs and heightened import competition. Looking forward, the three-month forward-looking business sentiment index reached an eight-month peak of 52.5 in October, up from 52 in September.
