Thai GDP soars in 3rd quarter

By APD writer Chen Jiabao

**BANGKOK, Nov.21 (APD) ** -- Thai GDP advanced 4.3 percent year-on-year in the third quarter, the strongest expansion since the first quarter 2013, Thailand's economy planning body announced on Monday.

The National Economics and Social Development Board (NESDB) says gross domestic growth (GDP) for the third quarter of this year rose to 4.3%, prompting it to adjust growth forecast for the whole year higher.

With GDP in the September quarter beating estimates, the NESDB is raising its forecast for this year to 3.9% from 3.5% to 4.0%.

Porametee Vimolsiri, secretary-general of NESDB said the growth was boosted by faster rises in exports, private consumption, government spending and investments.

Exports leaped 12.5% in the third quarter, beating the record in the past 19 quarters, according to data from the Commerce Ministry.

Growth was driven by growing demand for Thai manufacturing products from Thailand's major trade partners especially China and Japan. The Commerce Ministry credited the surge for an improvement in the global economy and the rising prices of commodity and oil.

The steady tourism growth also drives the GDP rise.

The country's tourism body said 28,824,753 foreign tourists travelled to the kingdom in the first 10 months of 2017, marking a 6.69 increase compared with the same period last year.

These tourists contributed some 1.47 trillion baht (45 billion U.S. dollars) to Thailand, increasing 9.31 percent. Chinese mainland tourists, accounting for 28.45 percent of the total foreign arrival, remain the biggest contributor to the tourism growth.

Data shows that GDP annual growth rate in Thailand averaged 3.69 percent from 1994 until 2017. The NESDB said Thai GDP is expected to touch four percent this year and higher growth momentum is anticipated next year.

(ASIA PACIFIC DAILY)