GDP up 4.0% in Q4 of 2017

The economy expanded by 4.0% in the last quarter of 2017 and should rise by 3.6-4.6% this year, according to the National Economic and Social Development Board (NESDB).

Gross domestic product growth in the fourth quarter resulted from growing consumption and investment in the private sector as well as rising exports, NESDB secretary-general Porametee Vimolsiri said on Monday.

Annual economic growth last year stood at 3.9%, compared with 3.3% in 2016.

Investment in the private sector continued to grow for the third quarter in the last quarter of 2017. It grew by 2.4% year on year, compared with 2.5% growth in the third quarter last year.

Exports rose well for rice, natural rubber, tapioca, rubber products, telecommunication equipment, automotive parts, vehicles, machinery and petroleum products.

Production accelerated in the fields of hotels, restaurants, trade, transport, electricity, gas and tap water.

There were declines in the last quarter of 2017 in investment by the government sector, investment in construction projects and production in the agricultural and construction sectors.

The NESDB forecast the economy would grow by 3.6-4.6% this year on world economic recovery as well as expenditure and accelerated investment in the government sector.

It expected exports would rise in value by 6.8%, private consumption by 3.2% and overall investment 5.5% this year.