Thailand’s Government has lowered its economic growth rate for 2013 to three percent, compared to the previous forecast of 3.8 - 4.3 percent.

The adjustment was made following its gross domestic product (GDP) growth of just 2.7 percent in the third quarter of this year, weaker than the rate of 2.9 percent in the last three months.

According to General Secretary of the National Economic and Social Development Board (NESDB) Akom Termpittayapaisit, the move was attributed mainly to a decline in domestic consumption.

Thailand's household consumption fell by 1.2 percent in the third quarter. Investment activities were down 6.5 percent while the agricultural sector saw a decrease of 0.7 percent, but governmental spending went up by 7.4 percent.

Akom said Thailand will see an economic improvement next year if the Senate ratifies the Government’s 2 trillion baht (63,327 billion USD) loan to be poured into construction and infrastructure development.

The country’s GDP growth should expand by 4 - 5 percent due to the world economy’s recovery and the Government’s increased spending on facilities investment, said the NESDB. Last year, the economy saw 6.5 percent growth.-VNA