Bangkok (NNT/VNA) - Thailand's first quarter growthhas expanded by a 20-quarter high of 4.8 percent, according to the country'seconomic monitoring agency.
Deputy Secretary-General of the National Economic and SocialDevelopment Board, Wichayayuth Boonchit revealed that the high growth wasattributed to a 3.6 percent boost in private sector consumption as a result ofthe government's assistance plan for low income citizens.
Low inflation and interest rates, coupled with continued private sectorinvestment from last year's 4th quarter, were also contributing factors.
Most notably, applications for investment assistance in the Eastern EconomicCorridor (EEC) have reached 165 billion THB while government investment hasseen positive growth for the first time in four quarters.
Meanwhile, exports have continued to expand at a rate of 9.9percent, approaching 61.9 billion USD. Increased demand due to growth inexports and private sector consumption has resulted in a 3.7 percent growth inthe industrial sector due to increased demand.
The agricultural sector has also benefitted from favourable weather conditionsand sufficient water supply, expanding at a rate of 6.5 percent. In addition,the tourism sector has garnered up to 573 billion THB from foreign visitors and267 billion THB from domestic tourists.
The board has therefore adjusted its growth forecast for thisyear to 4.5 percent, up from the previous figure of 4.1, with a range ofbetween 4.2 and 4.7 percent.-VNA
Deputy Secretary-General of the National Economic and SocialDevelopment Board, Wichayayuth Boonchit revealed that the high growth wasattributed to a 3.6 percent boost in private sector consumption as a result ofthe government's assistance plan for low income citizens.
Low inflation and interest rates, coupled with continued private sectorinvestment from last year's 4th quarter, were also contributing factors.
Most notably, applications for investment assistance in the Eastern EconomicCorridor (EEC) have reached 165 billion THB while government investment hasseen positive growth for the first time in four quarters.
Meanwhile, exports have continued to expand at a rate of 9.9percent, approaching 61.9 billion USD. Increased demand due to growth inexports and private sector consumption has resulted in a 3.7 percent growth inthe industrial sector due to increased demand.
The agricultural sector has also benefitted from favourable weather conditionsand sufficient water supply, expanding at a rate of 6.5 percent. In addition,the tourism sector has garnered up to 573 billion THB from foreign visitors and267 billion THB from domestic tourists.
The board has therefore adjusted its growth forecast for thisyear to 4.5 percent, up from the previous figure of 4.1, with a range ofbetween 4.2 and 4.7 percent.-VNA
VNA
