BANGKOK, 21 May 2012 – The National Economic and Social Development Board (NESDB) has announced that the Gross Domestic Product (GDP) in the first quarter this year has increased by 0.3% year-on-year.
NESDB secretary-general Arkom Termpitayapaisit said the GDP in the first quarter has increased only 0.3% when compared to the growth of the same period last year; however, the increase is 11% from that of the fourth quarter last year.
He stated that factors contributing to the expansion are industrial recovery from flood, increasing consumption, investment, tourism, and export.
Mr Arkom expected the overall GDP this year to grow 5.5-6%, driven by domestic demand and production recovery. The inflation rate is expected at 3.5-4%.