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Financial News: Thai GDP Rises Most Since Early 2013

Thai GDP Rises Most Since Early 2013

11/20/2017 - 01:17:00 (RTTNews)

(RTTNews) - Thailand's economy grew at the fastest pace in more than four years in the third quarter, largely driven by foreign demand and tourism.

Gross domestic product expanded 4.3 percent year-on-year, bigger than the revised 3.8 percent growth posted a quarter ago, data from the National Economic and Social Development Board showed Monday.

This was the biggest expansion since the first quarter of 2013, when GDP climbed 5.2 percent and also exceeded expectations of 3.9 percent.

Quarter-on-quarter, GDP advanced 1 percent versus 1.4 percent in the previous three months.

On the expenditure-side, private consumption grew 3.1 percent annually compared to 3 percent a quarter ago. Likewise, growth in government spending improved to 2.8 percent from 2.6 percent.

Gross fixed capital formation advanced 1.2 percent, much faster than the 0.4 percent increase seen a quarter ago.

For the external sector, exports and imports of goods and services climbed 7.4 percent and 6.7 percent, respectively.

Further, the production-side breakdown of GDP showed that the agricultural sector maintained favorable growth of 9.9 percent, even though it weakened from 16.1 percent a quarter ago.

Meanwhile, non-agricultural sector grew by 3.8 percent after rising 2.8 percent.

The government agency raised its growth outlook for 2017 to 3.9 percent from 3.5-4 percent estimated previously. The economy is forecast to grow 3.6-4.6 percent next year.

A combination of robust external demand and increased infrastructure spending should help keep growth robust in the quarters ahead, Krystal Tan, an economist at Capital Economics, said.

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