GDP shrinks by 3.2% according to April figures

BANGKOK, 26 May 2010 (NNT) — The Thai gross domestic product (GDP) has shrunk by 3.2%, according to the figures in April of this year.

Fiscal Policy Office (FPO) Director Satit Rangkasiri said that even though the GDP growth was maintained at 12% from Q1, the GDP growth was seen to have slowed down in April indicating the effects of the anti-government riots. Mr Satit said that the GDP had exceeded the initial forecast of 8-9% with the consumption rate increasing by 21%, but was later declined by 3.2% in April. While the investments in the private sector has grown by 39.4%, investments were cut by 4% in April.

Mr Satit has urged the government to expedite the disbursement in order for investments and projects to be implemented.

Meanwhile, the export figures in April have increased by 35.2%, due to the positive performance of electronics, automobiles and agricultural products, and with the price hikes beneficial to Thai exports, leading to growth. However the quantity of exports have been cut by 0.5%, Mr Satit said. Regarding the value of damages to the GDP from the anti-government riot aftermath, Mr Satit said that the FPO is currently undergoing calculations.