Monday, June 6, 2005

Thailand economy contracts - growth figures revised

by Brian Turner

Figures released Monday by Thailand’s national planning agency showed that the Thai economy shrank by 0.6 percent in the first quarter of 2005 due to the effect of drought, December’s tsunami, and rising oil prices.

Overall growth of the economy fell to 3.3 percent compared to the same quarter last year. In light of the new figures, the government to reduced its growth forecast for the year from 5.5 to 6.5 percent, down to a new prediction of 4.5 to5.5 percent.

Some analysts think even the new reduced numbers are too optimistic. Agricultural output contracted by 8.2 percent compared to last year’s first quarter, due to serious drought.

This was the fifth quarter in a row that agricultural output had fallen. The reduced number of foreign tourists visiting Thailand after the tsunami resulted in a 7.4 percent reduction in the hotel sector and a 2.3 percent fall in the air transportation sector.

The construction sector, however, expanded 13.3 percent compared to the first quarter of 2004.

 

 

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