Thai economy grows 3.5% in Q2, reports NESDB

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According to a report released by the National Economic and Social Development Board (NESDB), the overall economy of Thailand grew 3.5 percent in the second quarter of 2016.

NESDB secretary-general Poramethee Vimolsiri said the agency is confident that the country’s economic expansion will be 3.3 percent at the end 2016, thanks to the continual growth Thailand has enjoyed since the beginning of this year.

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The latest report said the second quarter had performed exceptionally well, evidenced by a strong GDP growth of 3.5 percent, representing a 3.2 percent increase compared to the first 3 months.

The main contributor to the expansion, according to the secretary-general, was household spending which grew by 3.8 percent between April and June 2016.

Despite some positive signs, he said private investment underperformed in the second quarter while exports fell by 3.1 percent in the same period, putting this year’s exports at risk of a 1.9 percent contraction.