Economy slowed in Q4/2005
Economic growth in the final quarter of 2005 increased by 4.7 per cent year on year, lower than the third-quarter figure of 5.4 per cent, National Economic and Social Development Board secretary-general Ampon Kittiampon said yesterday.
Gross domestic product for 2005 recorded growth of 4.5 per cent, in line with the expectation of several research houses and the Bank of Thailand.The board also cut its 2006 GDP forecast, from 4.7-5.7 per cent to 4.5-5.5 per cent. High oil prices, a fall in major crops, and a slowdown in non-agricultural products contributed to lower growth in the final quarter of 2005. The agricultural sector contracted by 0.2 per cent. Manufacturing also slowed because high oil prices have hit consumer purchasing power. But a recovery in tourism boosted the services sector, which expanded by 4.1 per cent, compared to an annual increase of 3 per cent in the previous quarter. Wichit Chaitrong, The Nation
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