Thailand Lowers Gdp Growth Forecast

[george]

Thailand lowers GDP growth forecast

BANGKOK: -- The Thailand government has lowered the country's growth forecast for the year to 6-7 percent, from a previously forecast 7-8 percent.

Gross domestic product for the first quarter of the year came in below market expectations at 6.5 percent, impacted by the deadly bird flu and drought in the agricultural sector, prompting the National Economic and Social Development Board to lower its full-year projections.

The government think tank said the agricultural output, which is usually a key GDP growth driver, contracted 2.8 percent year-on-year in the first quarter after declines in crops and livestock.

During the fourth quarter of last year, Thailand's GDP grew 7.8 percent. For the full year 2003, it grew by 6.7 percent.

-- UPI 2004-06-08