BANGKOK, March 31 (Xinhua) -- Thailand's economy softened in February on a monthly basis, primarily due to a decline in exports, tourism receipts, and private consumption, the central bank said on Tuesday.

People stroll at a shopping mall in Bangkok, Thailand, Nov. 5, 2024. (File photo: Xinhua)

Exports, a key driver of the Southeast Asian country's economic growth, fell 2.3 percent in February compared to a month earlier, owing partly to the winding down of temporary factors, according to the Bank of Thailand.

Foreign tourist arrivals dropped 1.8 percent month-on-month, driven by fewer long-haul visitors, resulting in a drop of tourism receipts, said the central bank's Assistant Governor Chayawadee Chai-anant.

Private consumption also decreased, dragged down by lower spending on durable goods, particularly passenger cars, following front-loaded purchases ahead of the expiration of the government's electric vehicle subsidy program, Chayawadee told a news conference.

Despite that, private investment continued to improve, mainly through investments in machinery and equipment as well as construction. Meanwhile, government spending saw year-over-year expansion in both current and capital expenditures, Chayawadee said.

Looking ahead, she noted that Thailand's economic outlook remains vulnerable to Middle East tensions, with higher fuel prices set to lift inflation and living costs.

A slowdown in global activity driven by surging energy and logistics costs could further pressure Thai tourism and exports going forward, she added.