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Thai economy grows 5.8 percent in Q4

BANGKOK: -- (AFP) - Thailand's economy grew for the first time in more than a year in the fourth quarter of 2009, boosted by tourism and rising exports, official figures showed Monday.

Gross domestic product (GDP) for the last three months of 2009 was up 5.8 percent year-on-year after four consecutive quarters of contractions, according to data from the National Economic and Social Development Board.

"The growth improved due to positive figures in exports and tourism," said Ampon Kittiampon, secretary general of the board, adding that government stimulus packages had also helped.

Full-year GDP saw a contraction of 2.3 percent, and the board now forecasts growth of between 3.5 and 4.5 percent for 2010, up from a previous forecast of between 3.0 and 4.0 percent.

But Ampon warned that growth could still be hampered by the current suspension of industrial projects worth billions of dollars on Thailand's eastern seaboard owing to environmental concerns.

Exports were forecast to rise 15.5 percent in 2010 while imports are likely to grow by 24.0 percent, with a trade surplus of 11.3 billion dollars and a current account surplus of 12.2 billion dollars.

On Friday commerce minister Porntiva Nakasai said Thai exports grew at their fastest rate for 18 months in January because of a recovery in the kingdom's main markets.

-- ©Copyright AFP 2010-02-22

Published with written approval from AFP.

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