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Thailand’s economic growth beats estimates in Q1

by ChemOrbis Editorial Team - content@chemorbis.com
  • 16/05/2016 (14:47)
According to data released by the National Economic and Social Development Board of Thailand (NESDB), the country’s gross domestic product (GDP) expanded 3.2% on the year in the first three months of 2016, beating analysts’ average estimates of 2.8% growth in a Bloomberg News survey. On a quarterly basis, Thailand’s economy grew 0.9%, which also exceeded average estimates of 0.6%.

Prime Minister Prayuth Chan-Ocha has implemented over THB400 billion ($11 billion) in economic stimulus measures since last year to support local demand, while the Bank of Thailand kept its benchmark interest rate on hold last week for an eighth consecutive meeting to boost the economy.

Thailand’s economic growth was mainly driven by a strong tourism sector and high government expenditures while domestic demand remains weak, said an economist at Bangkok-based TMB Bank Pcl ahead of the NESDB’s release.
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