Thai Economy Keeps Gaining Momentum

Recent updates for the Thai economy show prospects of further expansion. In the fourth quarter of 2012, the GDP grew 18.6 percent year over year and 3.6 percent quarter over quarter.
Joana Taborda | 5/3/2013 2:44:55 PM

And although this largest yearly growth on record was caused by the adjustment after last year's contraction caused by severe floods, exports and an increase in domestic demand were also crucial. Indeed, consumer confidence has been rising steady in the last few months, unemployment rate is at the record low and in February retail sales increased 5.86 percent from a year earlier.

Moreover, in March, Thailand reported the lowest trade deficit since June of 2012, as imports dropped 11.5 percent and exports grew by 4.5 percent, year-on-year. In fact, strong demand for Thai products from Japan, the US, China and Asia, and higher demand for rice in the global market and reduced rice stocks from competing countries helped to boost exports.To make things even better, in March, manufacturing production increased 0.54 percent from a year earlier, after dropping 1.2 percent in the previous month.