FPO cuts 2015 GDP estimate to 3.0%

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BANGKOK, 29 July 2015 – The Finance Ministry has officially lowered this year’s economic growth estimate as a result of global economic slowdown.

Director-General of the ministry’s Fiscal Policy Office Krisda Chinavicharana on Tuesday chaired a news conference on Thailand’s economic conditions in the second quarter of 2015.

According to Mr. Krisda, the GDP estimate has been revised to 3.0% from 3.7% although the tourism sector and the public spending have lent help to the economic recovery, with the growth rates of 36.6% and 10.7% in the first half of this year.

Meanwhile, the industrial sector, the agricultural sector and exports have been contracting and consumers remain worried about many problems including the drought crisis, he added.

The FPO also expects the exports to contract 4% this year, compared with the 0.2% growth rate it earlier projected, mainly because of the slowing growth in China.

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