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Thai economy expands 1.3 percent in Q378 days ago
(AP:BANGKOK) Thailand's economy grew for a second straight quarter as government stimulus spending and a recovery in manufacturing propelled its recovery from recession, the government said Monday.
Southeast Asia's second-largest economy expanded 1.3 percent in the third quarter from the previous quarter though the total size of gross domestic product remained below pre-crisis levels.
The country, a popular tourist destination and a manufacturing base for global automakers including General Motors Co. and Toyota Motor Corp., was pummeled by the global recession, which came on top of several years of political instability.
It emerged from recession in the second quarter, when the economy expanded 2.2 percent following a year of contraction.
The government has rolled out an economic stimulus plan including cash handouts to low income workers while the gradual recovery in global demand for exports has helped manufacturers.
The services sector grew 1.5 percent in the third quarter from the previous quarter while manufacturing expanded 2.6 percent. Agriculture shrank 3.9 percent due to lower prices and a fall in production of major crops like paddy rice.
The economy remained smaller than a year earlier in the third quarter with gross domestic product down 2.8 percent.
Still, that was an improvement from year-on-year falls of 4.9 percent in the second quarter and 7.1 percent in the first quarter.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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