Half-year GDP hits 13-yrs highest

BANGKOK, 23 August 2010 (NNT) – Thailand’s gross domestic product (GDP) in the second quarter of this year has expanded by 9.1%, setting the highest record of half-year figure in 13 years, according to the National Economic and Social Development Board (NESDB).

NESDB Secretary-General Ampon Kitti-ampon said the economic leap in the second quarter was a result of the global economic recovery and the growing investors’ confidence which together sent Thai exports in the corresponding period to expand by 41.8%, compared to 32% in the previous quarter. Major exports included cars, electronics, and electrical appliances. Spurred by improvement in the investment and consumption sectors, the GDP growth in the first half of 2010 has climbed up to 10.6%, the highest since 1997.

The NESDB estimates the Thai economy to expand by 7.0-7.5% this year while the inflation should stand between 3.0-3.5%.

In addition, Mr Ampon suggested the Government should reboot the country’s image to create confidence in the Thai economy and to urgently deal with the problem of the Map Ta Phut Industrial Estate.