Thailand is forecast to register a 3.5 to 4.0 percent growth in the Gross Domestic Product (GDP) throughout this year, according to a report issued by the National Economic & Social Development Board on Monday.
That may compare to a 3.2 percent growth in Thailand's GDP last year and an earlier prediction of a 3.3 to 3.8 percent economic growth announced last May.
Thailand has registered a 3.5 percent economic growth during this year's first six months or a 3.7 percent growth during the second quarter alone, reported the NESDB, the highest in 4 years since the first quarter of 2013.
The 3.7 economic growth during this year's second quarter accounted for a 1.3 percent increase from the first quarter which registered a 3.3 percent, reported the NESDB.
Domestic consumption registered a 3.0 percent growth during the second quarter of this year, compared to 3.2 percent growth during the first quarter, reported the NESDB.
The household incomes in agricultural sector as well as revenues in export sector and tourist sector have increased accordingly during the second quarter of this year, it reported.
Government expenditures have risen by 2.7 percent during the second quarter, compared to 0.3 percent during the first quarter while private investments have risen by 3.2 percent during the second quarter, compared to 1.1 percent drop during the first quarter.
Compared to the 3.2 percent increase in the private investments, the government investments dropped by 7.0 percent during the second quarter of this year, according to the NESDB report.
Nevertheless, state firms' investments increased by 20.5 percent during the second quarter, compared to 17.0 percent during the first quarter.
The export sector earned some 56.1 billion U.S. dollars in combined value and registered a 8.0 percent increase during the second quarter, compared to 6.8 percent rise during the first quarter, according to the NESDB report.
Thailand's export products which secured higher values included rice, rubber, rubber products, automotive parts and accessories, machinery, mechanical equipment and petroleum products whereas the export products which brought lower values included automobiles, air conditioners and tapioca.
The Thai exports to China, the European Union, the United States, Japan and ASEAN have increased but those to the Middle East and Australia have dropped.
Meanwhile, the import sector accounted for 49.5 billion U.S. dollars in combine value and registered a 4.5 per cent increase in value and 8.9 per cent increase in volume during the second quarter.
The Thai tourist sector scored 18.3 billion U.S. dollars in earnings, 11.6 billion U.S. dollars of which from foreign visitors, during the second quarter, accounting for a 9.4 per cent increase and a 8.8 per cent increase from the first quarter respectively.
Major foreign visitors to Thailand included those from China, South Korea, the United States, Malaysia and Laos, the NESDB reported.
The overall national economy has been fairly stable in the second quarter during which the unemployment rate ramained low at 1.2 percent, the average inflation at 0.1 percent, the current account at 8.3 billion U.S. dollars, representing 7.7 per cent of the GDP, the foreign reserve at 185.6 billion U.S. dollars by the end of the second quarter and the public debts amounted to 181 billion U.S. dollars, accounting for 40.7 percent of the GDP, by the end of the third quarter of fiscal 2017, reported the NESDB.
The agency reported that the current government has planned to promote SME (small and medium-sized enterprises) sector throughout the country by providing them with loans from government banks and other financial aid measures in effort to keep the national economy growing.
In particular, export markets for SME products will be penetrated and expanded in the CLMV target group in addition to the major world markets. CLMV refers to Thailand's neighboring countries, namely Cambodia, Laos, Myanmar and Vietnam.
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