Thai GDP soars in 3rd quarter of 2017

Source: Xinhua| 2017-11-21 15:42:01|Editor: Lifang
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BANGKOK, Nov. 21 (Xinhua) -- Thai GDP advanced 4.3 percent year-on-year in the third quarter, the strongest expansion since the first quarter of 2013, according to Thailand's National Economics and Social Development Board (NESDB).

The growth of gross domestic product (GDP) for the third quarter of this year rose to 4.3 percent, prompting it to adjust growth forecast for the whole year from 3.5 percent to 4 percent, the NESDB said on Monday.

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

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

Growth was also 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 the GDP annual growth rate in Thailand averaged 3.69 percent from 1994 to 2017. The NESDB said Thai GDP is expected to touch 4 percent this year and higher growth momentum is anticipated next year.