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Thailand’s economy posts slower pace than expected in Q3

by ChemOrbis Editorial Team -
  • 17/11/2014 (17:00)
According to data released by the National Economic and Social Development Board of Thailand (NESDB), the country’s economy grew less than expected in the third quarter of this year. The country’s gross domestic product (GDP) increased 1.1% on a quarterly basis in the third quarter compared with the previous three months.

On a yearly basis, the country’s economy grew 0.6% when compared to the same period of 2013. Initial forecasts called for an increase of 1.8% on a quarterly basis and annual growth of 1.0% in a survey conducted by Reuters. Thailand’s weaker economic growth was attributed to lower exports and a contraction in the tourism sector. The country’s exports decreased 1.7% in the third quarter of this year because of slower global growth widely affecting the main sectors like autos and agriculture.

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