Thai economy soars in fourth quarter of 2012

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Thailand’s prime minister Yingluck Shinawatra can be happy about a full post-flood recovery of the country’s economy

Thailand’s economy enjoyed record growth in the fourth quarter of 2012 as industry recovered from the impact of the kingdom’s worst floods in decades, official government data released on February 18 showed.

Gross domestic product (GDP) soared 18.9 per cent in the three months through December from the year-earlier period according to the government’s National Economic and Social Development Board (NESDB).

GDP rose 3.6 per cent compared with the previous quarter. Strong domestic and international demand helped to drive the strong performance, said NESDB secretary general Arkhom Termpittayapaisith.

“There has been a full recovery after the severe floods,” he told a press conference.

The Thai economy suffered a double-digit contraction in the wake of the months-long floods, which deluged vast swathes of the country in 2011, killing hundreds of people and causing widespread damage to factories.

The NESDB forecasts economic growth of 4.5 to 5 per cent for 2013, after an expansion of 6.4 per cent in 2012.

Thailand’s central bank last month held its key interest rate steady at 2.75 per cent citing a better-than-expected performance in the economy.

 

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Reading Time: 1 minute

Thailand’s prime minister Yingluck Shinawatra can be happy about a full post-flood recovery of the country’s economy

Thailand’s economy enjoyed record growth in the fourth quarter of 2012 as industry recovered from the impact of the kingdom’s worst floods in decades, official government data released on February 18 showed.

Reading Time: 1 minute

Thailand’s prime minister Yingluck Shinawatra can be happy about a full post-flood recovery of the country’s economy

Thailand’s economy enjoyed record growth in the fourth quarter of 2012 as industry recovered from the impact of the kingdom’s worst floods in decades, official government data released on February 18 showed.

Gross domestic product (GDP) soared 18.9 per cent in the three months through December from the year-earlier period according to the government’s National Economic and Social Development Board (NESDB).

GDP rose 3.6 per cent compared with the previous quarter. Strong domestic and international demand helped to drive the strong performance, said NESDB secretary general Arkhom Termpittayapaisith.

“There has been a full recovery after the severe floods,” he told a press conference.

The Thai economy suffered a double-digit contraction in the wake of the months-long floods, which deluged vast swathes of the country in 2011, killing hundreds of people and causing widespread damage to factories.

The NESDB forecasts economic growth of 4.5 to 5 per cent for 2013, after an expansion of 6.4 per cent in 2012.

Thailand’s central bank last month held its key interest rate steady at 2.75 per cent citing a better-than-expected performance in the economy.

 

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