The Thai government has to downgrade the country's economic growth again due to a slower expansive pace than expected in the third quarter with the main reason of a sharp decline in exports.

Gross domestic product rose by 0.6 percent, a little higher than in the second quarter but it was lower than a level of one percent increase expected by economists, the National Economic and Social Development Board (NESDB) said, adding that the government lowered its growth estimate for 2014 to 1 percent from 1.5-2 percent projected in August.

NESDB Secretary-General Arkhom Termpittayapaisith was quoted by MCOT as saying that the national economy improved from what it had been in the second quarter as the private sector resumed its investment.

Investment in this sector rose by 3.9 percent after being in steady decline in the four previous quarters. Household spending increased by 2.2 percent compared to 0.2 percent in the third quarter. In the addition, the 40 billion THB subsidy for rice growers and a subsidy for rubber growers might stimulate the economy late this year.

It is expected that economic growth rate may reach at 3.5-4.5 percent next year relying on exports, tourism being likely to improve. However, the economic projection of this year will grow by 1 percent instead of the optimistic anticipation earlier.-VNA