Thailand's Economy Grows at Fastest Rate in Over 4 Years

By Saurabh Chaturvedi Features Dow Jones Newswires

Thailand's economy grew at more than 4% for the first time in four-and-a-half years in the third quarter, powered by continued strength in exports as it became the latest Southeast Asian economy to outperform expectations.

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Gross domestic product expanded 4.3% from a year earlier in July-September, accelerating from a revised 3.8% pace in the previous quarter, according to the National Economic and Social Development Board, the Thai government's economic planning arm. Growth also came in faster than a 3.7% forecast by economists polled by The Wall Street Journal.

Exports of goods and services, fueled by tech demand and higher commodity prices, again pushed growth, expanding 7.4%, compared with a 6.0% gain in the April-to-June quarter.

The third-straight quarter of acceleration in Thailand's economy follows strong growth figures elsewhere in the region.

Malaysia, Singapore and the Philippines have all outperformed expectations in the third quarter, partly on an upswing in trade.

The data showed that overall capital expenditure picked up speed while government spending and private consumption also accelerated a touch.

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On a seasonally adjusted quarterly basis, the gain in the Thai economy was sharper, with growth at 1.0%, though the on-quarter gain was slower than a revised 1.4% expansion in the second quarter. Economists had forecast a 0.7% increase on quarter.

Write to Saurabh Chaturvedi at saurabh.chaturvedi@wsj.com

(END) Dow Jones Newswires

November 19, 2017 22:24 ET (03:24 GMT)