V3 27/02/63 0 V3 27/02/63 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in 2019 In 2019, the Thai economy grew by 2.4 percent year-on-year, down from

sector the Thai economy continues to outperform with Q2 growth at 4.6% slightly below Q1 but remaining strong. Private consumption growth was robust in July and August, supported by higher consumer

, the effect of the strong Thai Baht that limited the export performance of the Thai lime industry in general, and the proportionally high cost of combustible fuels Golden Lime Public Company Limited 3

driven by improving domestic economic conditions, bouyant exports and the tourism sector. The market expects private consumption to have expanded, with higher spending on durable goods – particularly

positively, private consumption remained robust through amid still- weak inflation. On 10th July, a new cabinet was formed that should largely see policy continuation; however, given the coalition’s slim

3.0% QoQ, mainly from the decrease in mobile top-up value as a result of the low-season in mobile industry, the marketing campaigns to promote postpaid and e-Wallet usages, the increase in number of

competitiveness of industry peers is under pressure by the very strong Thai Baht, resulting in repatriation of capacity allocation. On the upside we addressed the market weakness with savings on the cost side, our

purchasing power. However, from Sep-21 onward, restrictions were gradually lifted, resulting in some improvement in consumer spending. Meanwhile, competition in mobile industry remained elevated as operators

the equal proportion of Land & Houses Public Company Limited and Quality Houses Public Company Limited as follows: Certified Companies of Thailand's Private Sector Collective Action Coalition Against

recovery whereas non-durable and semi-durable goods namely food and apparels still contracted, pointing to a still weak grass-root economy. Private investment also showed signs of recovery that is consistent