News Room - Business/Economics

Posted on 22 Feb 2010

Thai economy grows 5.8% in Q4

Thailand's economy grew for the first time in more than a year in the fourth quarter of 2009, boosted by tourism and rising exports, official figures showed Monday.

 

Gross domestic product (GDP) for the last three months of 2009 was up 5.8 per cent year-on-year after four consecutive quarters of contractions, according to data from the National Economic and Social Development Board.

 

"The growth improved due to positive figures in exports and tourism," said Ampon Kittiampon, secretary general of the board, adding that government stimulus packages had also helped.

 

Full-year GDP saw a contraction of 2.3 per cent, and the board now forecasts growth of between 3.5 and 4.5 per cent for 2010, up from a previous forecast of between 3.0 and 4.0 per cent.

 

But Ampon warned that growth could still be hampered by the current suspension of industrial projects worth billions of dollars on Thailand's eastern seaboard owing to environmental concerns.

 

Exports were forecast to rise 15.5 per cent in 2010 while imports are likely to grow by 24.0 per cent, with a trade surplus of US$11.3 billion and a current account surplus of US$12.2 billion.

 

On Friday, commerce minister Porntiva Nakasai said Thai exports grew at their fastest rate for 18 months in January because of a recovery in the kingdom's main markets.