Illustrative image (Photo: Reuters)Bangkok (VNA) - Thailand’s economy expanded at the slowest pace in almostfive years in the second quarter of 2019 as exports and tourism deteriorateddue to impacts from the US-China trade war and the strong baht.
Thecountry’s gross domestic product (GDP) increased 2.3 percent as compared to thesame period last year, lower than the figure of 2.8 percent in thefirst quarter, the National Economic and Social Development Council(NESDC) said on August 19.
Thatwas the slowest pace since the third quarter of 2014. The growth was in linewith the median estimate of 2.3 percent in a Bloomberg survey of economists.
NESDCreduced its forecast for 2019 growth to 2.7-3.2 percent from 3.3-3.8 percentpredicted in May. It also sharply revised its estimate for this year's exports,now seeing 1.2 percent reduction instead of 2.2 percent growth.
NESDC Secretary-General Thosaporn Sirisumphand said a slowdown both domestically and abroad affected the second quarter’s growth.
Accordingto NESDC, in the reviewed period, private consumption rose 4.4 percent from ayear earlier and private investment rose 2.2 percent, while public consumptionrose 1.1 percent, crimped by the delayed formation of a government afterMarch's elections.
Annualgrowth in foreign tourist numbers slowed to 1.1 percent in the April-Juneperiod from 1.8 percent in the previous quarter.
Amidstincreased risks to the country’s economic growth, low inflation and the strongbaht, most economists expect the Bank of Thailand (BoT) to cut its key interestrate later this year after a surprise easing on August 7.-VNA
VNA
