Thailand's economy soars in Q4

Gross domestic product (GDP) soared 18.9 percent in the three months through December from the year-earlier period according to the government's National Economic and Social Development Board (NESDB).

GDP rose 3.6 percent compared with the previous quarter.

Strong domestic and international demand helped to drive the strong performance, said NESDB secretary general Arkhom Termpittayapaisith.

The NESDB forecasts economic growth of 4.5-5.0 percent for 2013, after an expansion of 6.4 percent in 2012.

"An economic recovery in the United States, China and Europe will be good for Thai exports," Arkhom said, adding that an increase in the kingdom's minimum wage would also boost domestic demand.

Rising car sales and production helped to lift GDP in the fourth quarter due to a government scheme to encourage new vehicle purchases.

Thailand's central bank last month held its key interest rate steady at 2.75 percent citing a better-than-expected performance in the economy.