BANGKOK, 30 October 2018 Thailand's Ministry of Finance expects the Thai economy to expand by 4.5 percent this year after noting state mega investments in the third quarter bolstered private sector confidence and spurred further investment.

The Fiscal Policy Office (FPO) has put Thai economic growth in the range of 4.3-4.7 this year, up from a projection last year of 3.9 percent, due to a pickup in private spending, consumption and investment. Private investments in the third quarter were up 21.2 percent with September marking a 21 month growth streak. Consumer confidence was measured at 69.6, the highest in 15 quarters, and was in step with an increase in employment and income in the farming sector. State assistance programs such as the welfare card scheme also benefited the public.

Foreign tourists entering the country were up year-on-year in the quarter and are expected to support other industries. While Thai trade has been somewhat affected by US trade restrictions, export growth has only been tempered to 8 percent from a previous 9.7 percent. Nonetheless, 4.8 percent growth in the economy during the first half of the year has maintained confidence in continued expansion. The FPO has delayed making assessments on 2019 due to the trade war complicating data.

National News Bureau Of Thailand | FPO sees 4.5% economic growth this year after strong Q3 performance