Thai Economy Expands 1.3 Percent in Q3
Thailand’s economy grew for a second straight quarter as government stimulus spending and an improvement in manufacturing propelled its recovery from recession, the government said Monday.
Southeast Asia’s second-largest economy expanded 1.3 percent in the third quarter from the previous quarter though the total size of gross domestic product remained below pre-crisis levels. The country is a popular tourist destination and a manufacturing base for global automakers including General Motors Co. and Toyota Motor Corp.
It emerged from recession in the second quarter, when the economy expanded 2.2 percent following a year of contraction.
The government has rolled out an economic stimulus plan including cash handouts to low income workers while the gradual recovery in global demand for exports has helped manufacturers.
The services sector grew 1.5 percent in the third quarter from the previous quarter while manufacturing expanded 2.6 percent, according to the figures released by the National Economic & Social Development Board.
The economy remained smaller than a year earlier in the third quarter with gross domestic product down 2.8 percent.
Still, that was an improvement from year-on-year falls of 4.9 percent in the second quarter and 7.1 percent in the first quarter.