Thailand lowers 2013 growth forecast to 3%

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baht countThailand’s National Economic and Social Development Board (NESDB) has cut its full-year forecast for growth to 3 per cent from an earlier estimate in the range of 3.8-4.3 per cent. The agency cited falling exports, as well as weaker domestic consumption for the revision.

GDP rose 1.3 per cent in the three months through September from the previous quarter. GDP grew 2.7 per cent from a year earlier.

Prime Minister Yingluck Shinawatra’s administration has tried to speed up budget disbursement and boost local demand as plans to spend 2 trillion baht ($63 billion) on infrastructure and 350 billion baht on water management projects have stalled. Consumer confidence in October 2013 fell to the lowest level in 20 months as protests grew against a bill that would have provided amnesty for political offenses stretching back to the nation’s 2006 coup, allowing the return of her exiled brother Thaksin.

The NESDB cut its full-year expansion forecast to 3 per cent from a range of 3.8 per cent to 4.3 per cent projected in August 2013, and said the economy may grow 4 per cent to 5 percent in 2014. It said it expected no export growth this year, from an earlier estimate of 5 per cent.

Household consumption fell 1.2 per cent last quarter from a year earlier, the NESDB said. Public investment slumped 16.2 per cent from a year ago as both government construction and investment in machinery and equipment declined.

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Reading Time: 1 minute

Thailand’s National Economic and Social Development Board (NESDB) has cut its full-year forecast for growth to 3 per cent from an earlier estimate in the range of 3.8-4.3 per cent. The agency cited falling exports, as well as weaker domestic consumption for the revision.

Reading Time: 1 minute

baht countThailand’s National Economic and Social Development Board (NESDB) has cut its full-year forecast for growth to 3 per cent from an earlier estimate in the range of 3.8-4.3 per cent. The agency cited falling exports, as well as weaker domestic consumption for the revision.

GDP rose 1.3 per cent in the three months through September from the previous quarter. GDP grew 2.7 per cent from a year earlier.

Prime Minister Yingluck Shinawatra’s administration has tried to speed up budget disbursement and boost local demand as plans to spend 2 trillion baht ($63 billion) on infrastructure and 350 billion baht on water management projects have stalled. Consumer confidence in October 2013 fell to the lowest level in 20 months as protests grew against a bill that would have provided amnesty for political offenses stretching back to the nation’s 2006 coup, allowing the return of her exiled brother Thaksin.

The NESDB cut its full-year expansion forecast to 3 per cent from a range of 3.8 per cent to 4.3 per cent projected in August 2013, and said the economy may grow 4 per cent to 5 percent in 2014. It said it expected no export growth this year, from an earlier estimate of 5 per cent.

Household consumption fell 1.2 per cent last quarter from a year earlier, the NESDB said. Public investment slumped 16.2 per cent from a year ago as both government construction and investment in machinery and equipment declined.

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