Thailand's weak fourth-quarter economic data was in line with expectations, a central bank official said on Monday, as the economic growth missed analysts' forecasts.
The economy grew 1.7% in the fourth quarter of 2023 from a year earlier and contracted 0.6% from the previous period, with full 2023 growth coming in at 1.9%.
"The figures were not a surprise. Some (indicators) were better than we had expected," Sakkapop Panyanukul, a senior director at the Bank of Thailand, told Reuters.
However, the figures prompted Prime Minister Srettha Thavisin to renew his calls for a cut in interest rates on Monday, saying the public was hurting from the current levels.
The current rate is 2.50%, Thailand's highest in a decade, and Mr Srettha, who has locked horns with the central bank over the issue, in a government statement said a 25 basis points reduction would be appropriate.