Wed, 06 Dec 2023

BANGKOK, Nov. 20 (Xinhua) -- Thailand's economy expanded 1.5 percent in the third quarter from a year earlier, weighed down by slowing exports and government spending, the country's economic planning agency said on Monday.

This marked an eighth straight period of growth but the softest in the last three quarters, easing from 1.8 percent in April-June and 2.6 percent in January-March, according to the data released by the Office of the National Economic and Social Development Council (NESDC).

The Thai economy was driven by the ongoing expansion of private investment and strong growth in private consumption. Meanwhile, merchandise exports, government spending and public investment contracted, the NESDC said in a statement.

Despite declines in the manufacturing sector, the hospitality sector saw strong expansion thanks to the recovery of the tourism industry, which also benefited the lodging and catering sectors, as well as the transportation and storage sectors.

The NESDC revised its gross domestic product (GDP) forecast this year to 2.5 percent, down to the lower end of a previous forecast of between 2.5 percent and 3.5 percent, due to decreasing exports and government spending.

The Southeast Asian country's economy is projected to expand between 2.7 percent and 3.7 percent in 2024, recovering from 2.6 percent year-on-year growth in 2022, owing to the return-to-expansion of shipments, increasing private consumption and investment, and tourism recovery.

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