ID :
107934
Mon, 02/22/2010 - 14:06
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http://m.oananews.org//node/107934
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NESDB: Thai economy grows 5.8% in Q4 last year
BANGKOK, Feb 22 (TNA) - The Thai economy in the fourth quarter of 2009 grew 5.8 per cent compared to the corresponding period in the previous year, the first expansion in 2009 after contracting during the first three quarters, according to the National Economic and Social Development Board (NESDB).
The Gross Domestic Product (GDP) for the 2009 overall contracted 2.3 per cent, less than the earlier forecast of 3 per cent, according to NESDB secretary-general Ampon Kittiampon.
Factors supporting growth in the last quarter of 2009 were rising exports, and an improved industrial sector, particularly
electronics, the food industry and vehicles production.
Production capacity utilisation in the industrial sector increased from 62.5 per cent in the third quarter to 67.2 in the fourth quarter.
Rising prices of agricultural goods caused overall expenses to grow by 1.4 per cent for the first time in 2009. Farmers had higher incomes and the unemployment rate dropped to 1 per cent, compared to 2.1 per cent in the first quarter of the year. Tourism and the construction sectors expanded owing to private sector confidence in the Thai economy.
The NESDB projected the GDP in 2010 to grow 3.5-4.5 per cent up from 3-4 per cent projection in November in 2009 because Thai exports are expected to grow 15.5 per cent due to the improving global economy.
Household expenses are likely to increase resulting from higher prices of agricultural goods and economic recovery.
A risk factor in 2010 is possible slowdown of the global economy in the second half of this year. Thailand's Map Ta Phut problem if it can be solved and bring back investment at year end will be a positive factor.
However, Mr Ampon warned slow budget allocation under the government economic stimulus packages and drought might have negative impact on the country's economic growth.
He advised the government to speed up its work in expanding investment to reach 4.6 per cent as projected after a 9 per cent contraction in 2009, and to stabilise the currency exchange rate in balance between the country's economic growth and economic stability to cushion risks from fluctuating global economy.
The NESDB secratary-general said he believed that the Bank of Thailand will adjust its key interest rate to keep inflation in tandem with the economic recovery. (TNA)
The Gross Domestic Product (GDP) for the 2009 overall contracted 2.3 per cent, less than the earlier forecast of 3 per cent, according to NESDB secretary-general Ampon Kittiampon.
Factors supporting growth in the last quarter of 2009 were rising exports, and an improved industrial sector, particularly
electronics, the food industry and vehicles production.
Production capacity utilisation in the industrial sector increased from 62.5 per cent in the third quarter to 67.2 in the fourth quarter.
Rising prices of agricultural goods caused overall expenses to grow by 1.4 per cent for the first time in 2009. Farmers had higher incomes and the unemployment rate dropped to 1 per cent, compared to 2.1 per cent in the first quarter of the year. Tourism and the construction sectors expanded owing to private sector confidence in the Thai economy.
The NESDB projected the GDP in 2010 to grow 3.5-4.5 per cent up from 3-4 per cent projection in November in 2009 because Thai exports are expected to grow 15.5 per cent due to the improving global economy.
Household expenses are likely to increase resulting from higher prices of agricultural goods and economic recovery.
A risk factor in 2010 is possible slowdown of the global economy in the second half of this year. Thailand's Map Ta Phut problem if it can be solved and bring back investment at year end will be a positive factor.
However, Mr Ampon warned slow budget allocation under the government economic stimulus packages and drought might have negative impact on the country's economic growth.
He advised the government to speed up its work in expanding investment to reach 4.6 per cent as projected after a 9 per cent contraction in 2009, and to stabilise the currency exchange rate in balance between the country's economic growth and economic stability to cushion risks from fluctuating global economy.
The NESDB secratary-general said he believed that the Bank of Thailand will adjust its key interest rate to keep inflation in tandem with the economic recovery. (TNA)
