Thai Economy Expands 2.7% in 3rd Quarter

Thailand's gross domestic product in the third quarter of 2013 increased by 2.7%, a slight slowdown from a 2.9% rise in the previous quarter, the National Economic and Social Development Board (NESDB) said.

 

The NESB said the lower-than-expected pace in July-September was a result of deceleration in non-agricultural sector and a decline in agricultural sector.

 

On domestic expenditure, household consumption and investment decreased by 1.2% and 6.5%, respectively.

 

In contrast, government consumption and net exports of goods and services grew by 7.4% and 18.6%, respectively. Also, inventories had run down in this quarter. After seasonal adjustment, GDP on the quarter-by-quarter basis increased by 1.3%. GDP in the first nine months of 2013 grew by 3.7%.

 

The NESDB projects the Thai economy “is likely to grow by 3.0 percent” in 2013, lower than the 3.8-4.3 percent forecast in August. In 2014, the country's economy is expected to grow in the range of 4.0-5.0 percent.
 

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