Industryweek 3755 Thailand Mfg Promo
Industryweek 3755 Thailand Mfg Promo
Industryweek 3755 Thailand Mfg Promo
Industryweek 3755 Thailand Mfg Promo
Industryweek 3755 Thailand Mfg Promo

Thai Economy Soars in Q4 on Post-flood Recovery

Feb. 18, 2013
Strong domestic and international demand helped to drive the strong performance.

BANGKOK -- Thailand's economy enjoyed record growth in the fourth quarter of 2012 as industry recovered from the impact of the kingdom's worst floods in decades, official data showed Monday.

Gross domestic product soared 18.9% in the three months through December from the year-earlier period according to the government's National Economic and Social Development Board (NESDB).

GDP rose 3.6% compared with the previous quarter.

Strong domestic and international demand helped to drive the strong performance, said NESDB secretary general Arkhom Termpittayapaisith.

"There has been a full recovery after the severe floods," he told a press conference.

The Thai economy suffered a double-digit contraction in the wake of the months-long floods, which deluged vast swathes of the country in 2011, killing hundreds of people and causing widespread damage to factories.

At their height the floodwaters affected 65 of the country's 77 provinces, swamping hundreds of thousands of homes and disrupting global supply chains.

The NESDB forecasts economic growth of 4.5%-5% for 2013, after an expansion of 6.4% in 2012.

"An economic recovery in the United States, China and Europe will be good for Thai exports," Arkhom said, adding that an increase in the kingdom's minimum wage would also boost domestic demand.

Rising car sales and production helped to lift GDP in the fourth quarter due to a government scheme to encourage new vehicle purchases.

Thailand's central bank last month held its key interest rate steady at 2.75% citing a better-than-expected performance in the economy.

Copyright Agence France-Presse 2013

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!