Thai Economy Chalks 3.7 Per Cent Q-O-Q Growth In 2Q17

By Mohd Haikal Mohd Isa BANGKOK, Aug 21 (Bernama) -- Thailand’s economy grew 3.7 per cent in the second quarter of 2017 (2Q17) from the 3.3 per cent recorded during the previous quarter, said the National Economic and Social Development Board (NESDB) office. In a statement Monday, the board attributed its quarter-on-quarter (q-o-q) performance to stronger growth in the agricultural and major service sectors. "On the production side, growth in the agricultural sector accelerated to 15.8 per cent, q-o-q, from 5.7 per cent previously, due to the higher yields from major crops," it said, adding that the services sector including hotels, restaurants, transport, communication and trading also showed favourable growth. Hotel and restaurants grew by 7.5 per cent, q-o-q, compared with 5.3 per cent previously, mainly contributed by the 7.6 per cent increase in the number of foreign tourists, resulting in an 11.7 per cent rise in tourism receipt in the country. Meanwhile, the non-agricultural sector registered a slower growth of 2.7 per cent, q-o-q, from 3.1 per cent, mainly due to a slowdown in the manufacturing sector together with contractions in mining and quarrying, electricity, gas and water supply and construction sector. NESDB said exports and imports of goods and services grew six per cent and 8.2 per cent, respectively, improving from 2.7 per cent and 6.1 per cent. It said with the growth in 2Q17, Thailand's economic growth this year was expected to be between 3.5 and 4 per cent compared with a growth of 3.2 per cent registered last year. -- BERNAMA