Thailand trims growth forecasts after 3Q GDP disappoints

Thailand's planning agency trimmed its economic growth forecast for this year to 1.0 per cent from 1.5-2.0 per cent seen in August, citing weak exports. -- PHOTO: REUTERS
Thailand's planning agency trimmed its economic growth forecast for this year to 1.0 per cent from 1.5-2.0 per cent seen in August, citing weak exports. -- PHOTO: REUTERS

BANGKOK (Reuters) - Thailand's planning agency on Monday trimmed its economic growth forecast for this year to 1.0 per cent from 1.5-2.0 per cent seen in August, citing weak exports.

In 2013, growth was 2.9 per cent.

The Thai economy grew a much less-than-expected 0.6 per cent in July-September quarter from the same period a year ago, and expanded 1.1 per cent from the previous three months, the National Economic and Social Development Board, which compiles gross domestic product (GDP) data, said earlier on Monday.

The army seized power on May 22 in a bid to end months of political unrest and kick-start the sputtering economy, but progress has been limited so far.

The agency also cut its 2014 export growth projection to zero from 2.0 per cent seen earlier. But it maintained its 2015 GDP growth forecast at 3.5-4.5 per cent.

The Bank of Thailand has predicted growth of 1.5 per cent for this year and 4.8 per cent next year, but is expected to cut those forecasts again when it meets next month.

Economists in a Reuters poll last week saw growth of 1.3 per cent this year and 4.0 per cent next year.