Q3 GDP grows by 4.3%

BANGKOK, Nov 20 (TNA) --The Thai economy expanded by 4.3% in the third quarter of this year and the National Economic and Social Development Board (NESDB) expects the yearly growth to reach 3.9% due to Thai exports that peaked in 19 quarters. NESDB Secretary-General Porametee Vimolsiri said the Thai Gross Domestic Product (GDP)’s growth of 4.3% in the third quarter resulted in the GDP’s expansion of 3.8% in the first nine months of this year. Regarding positive factors, the NESDB has revised its GDP growth projection for this year up from 3.7% to 3.9%. In the third quarter, consumption in the private sector rose 3.1% from the previous quarter, private investment increased by 2.9%, government investment went up 2.6%, and the value of exports stood at US$61.63 billion, peaking in 19 quarters. Manufacturing expanded by 4.3%, agriculture rose 9.9%, hotel and restaurant businesses increased by 6.7%. Mr Porametee said the GDP was likely to rise by 4.1% next year due to world economic recovery. Overall investment will increase by 5.5% and exports will climb up by 5% next year. In the next five years, the GDP will grow by 3% annually, interest rates will rise slowly, and the government will have to increase people’s purchasing power, he said. (TNA)