Thai quarterly GDP grows at best annual pace

BANGKOK: Thailand posted third-quarter economic data that shows it is on a firmer recovery track, after years of sluggishness, though economists say it needs higher private investment and government spending to stay there sustainably.

While the growth pace moderated from April-June on a quarterly basis, it beat market expectations.

Exports and tourism have lifted growth for South-East Asia’s second largest economy this year, though Thailand’s pace still lags that of peers.

Keeping down Thai growth has been stillsoft domestic demand and delays in the start of big infrastructure projects.

On an annual basis, the economy expanded 4.3% in the third quarter, the best pace for any period since the first quarter of 2013, the National Economic and Social Development Board (NESDB) said.

That handily beat the Reuters poll median of 3.8% and was also above its highest forecast. Annual growth for April-June was revised to 3.8%, from 3.7%.

On a quarterly basis, gross domestic product (GDP) grew a seasonally adjusted 1.0% in July-September.

That topped the 0.75% Reuters poll forecast, but was below the previous period’s pace, revised up to 1.4% from 1.3%.

“The momentum may have softened slightly but it has still remained solid for three consecutive quarters. So, I’m not too worried,” said Charnon Boonnuch, economist of Tisco Securities.

He said quarterly growth could soften further in the year’s final period, but the 2018 outlook remains strong. — Reuters