BANGKOK: Thailand's economy expanded 3.0% in the third quarter from a year earlier, official data showed on Monday, the fastest pace in two years and beating the median forecast of 2.6% growth in a Reuters poll of analysts.
On a quarterly basis, Southeast Asia's second-largest economy grew a seasonally adjusted 1.2%, the National Economic and Social Development Council said. That was the fastest pace in 18 months, and above the poll forecast of 0.8% growth.
The July-September quarter figures compared with downwardly revised annual growth of 2.2% and quarterly growth of 0.8% in the June quarter.
The agency forecast GDP growth of 2.6% this year, inside the previous forecast range of 2.3% to 2.8%, and projected growth of 2.3% to 3.3% in 2025.
Last year's growth was 1.9%, which lagged regional peers. The economy has struggled because of high household debt and borrowing costs weighing on consumption as well as sluggish demand from major trading partner China.
Finance Minister Pichai Chunhavajira has said the government will consider more stimulus measures on Tuesday, including the second phase of its "digital wallet" handout scheme.
The flagship programme, which will give 10,000 baht ($287) each to about 45 million people to spend in local communities, launched in September and about one third of the payments have already been made.
After sustained government pressure, the central bank unexpectedly cut its policy interest rate by a quarter point to 2.25% on Oct. 16.
Tourism and exports, key drivers of Thai growth, are expected to continue to support the economy next year.
The NESDC increased its export growth forecast to 3.8% this year from 2% seen earlier, and said exports were expected to rise 2.6% in 2025.
The agency projected 36 million foreign tourists this year, trimming a previous forecast of 36.5 million, and saw that increasing to 38 million visitors in 2025.
Thailand posted a record of nearly 40 million foreign tourists in 2019, before the pandemic. - Reuters
