FPO estimates 2012 economic growth at 5.5%

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BANGKOK, 27 March 2012  – The Fiscal Policy Office (FPO) has revised the 2012 economic growth up from the earlier estimation of 5% to 5.5% as a result of a better economic recovery.

According to FPO Director Somchai Sajjapong, increasing investments from the public and private sectors as well as private consumption have contributed to the growth.

The FPO has assessed that private investment will increase by 12% year-on-year, while public investment, which shrank by 8.7% last year, is expected to grow by 12% this year.

The Office however predicted that the export sector will not grow as much, as a result of the sluggish global economy. Meanwhile, it said the import sector is likely to expand by 23%, which will lower the country’s trade surplus.