BANGKOK, Feb 16 — The Office of the National Economic and Social Development Board (NESDB) announced that the Thai economy grew by 2.3 per cent in the fourth quarter of 2014.
It ruled out the possibility of deflation as the national economy is expanding well.
NESDB Secretary-General Arkhom Termpittayapaisith said the gross domestic product of Thailand obviously improved compared with its 0.6 per cent growth rate in the third quarter.
He attributed the fourth quarter expansion to consumption and investment in the private sector, exports and expenses on government supplies.
Household spending increased by 1.9 per cent.
The Consumer Confidence Index in the overall economy rose to 69.6, up from 69.3 in the previous quarter.
Government investment went up by 3.2 per cent and private investment rose 4.1 per cent.
Exports increased 1.5 per cent compared with their 1.7 per cent decline in the third quarter.
Export value stood at Bt56.76 billion. Overall last year the Thai GDP expanded by 0.7 per cent.
Mr Arkhom said the Thai economy was likely to expand by 3.5-4.5 per cent this year as exports would slowly increase in tandem with the global economy, investment in the private sector and tourism recovery, and the government would quickly disburse budgets for its important projects and global oil prices would drop. (MCOT online news)
