Thailand posts 4.2% GDP as manufacturing industry picks up

Thailand’s economy has expanded by4.2% year-on-year in the second quarter of 2012, amid a recovery in its manufacturing sector following the devastating floods last year. The country’s GDP grew a seasonallyadjusted 3.3% in April-June this year, compared with the preceding quarter, according to the National Economic and Social Development Board (NESDB).

Thailand is the largest car-producing country in South East Asia. The manufacturing sector grew by 2.7% in the second quarter of this year, compared with a contraction of 4.3% in the preceding quarter, the first expansion since the fourth quarter of 2011, the NESDB said. The manufacturing sector’s capacity utilisation rate grew to 69.2% in the second quarter of this year, from 62.6% in the previous quarter, it said. Meanwhile, Thailand’s overall exports fell by 0.4% year-on-year to US$56.7 billion in the second quarter, revealed NESDB. The country’s economy is now expected to grow by 5.5-6% year-on-year in 2012, lower than a previous forecast of 5.5-6.5% made in May this year, because of weak global demand, it said.