Illustrative image (Source: thailand-business-news.com)

Bangkok (VNA) – Thailand’s economy grew at a faster pace in the fourth quarter of 2018 than the previous three months, according to its National Economic and Social Development Council (NESDC).

In the period, gross domestic product rose 3.7 percent, higher than a revised 3.2 percent in the third quarter and the 3.6 percent as predicted by economists.

The economy expanded 4.1 percent for the whole of 2018, compared with a revised 4 percent for the previous year.

The NESDC expects growth of between 3.5 percent and 4.5 percent this year, driven by household spending, investment and tourism.

Private consumption and investment drove the fourth-quarter growth as
exports were hit by a slowdown in global demand, US-China trade tensions and strong Thai baht..

The Bank of Thailand, which kept its benchmark rate unchanged this month after the first hike in seven years in December, has said its “accommodative” monetary policy would remain appropriate in the period ahead.-VNA