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Thai blasts seen not having big impact on economy, tourism: Planning agency

Shoppers at the Jatujak Green night market in Bangkok, Thailand.
Brent Lewin | Bloomberg | Getty Images

Thailand's economy expanded 0.8 percent in the second quarter from the previous three months, more than expected, as higher government and household spending as well as tourism lifted domestic activity.

Economists in a Reuters poll had expected gross domestic product (GDP) in April-June to grow 0.5 percent, compared with revised 1.0 percent growth in the first quarter on a seasonally adjusted basis.

On an annual basis, growth in the second quarter was 3.5 percent, the fastest in 13 quarters, the national planning agency said on Monday, above the 3.2 median forecast in the Reuters poll, and against 3.2 percent in January-March.

The National Economic and Social Development Board also said the economy will likely grow 3.0-3.5 percent this year, unchanged from its previous forecast.

The economy expanded 2.8 percent last year.

The agency now expects exports to contract 1.9 percent this year, rather than fall 1.7 percent as forecast earlier.

Since seizing power in May 2014, Thailand's military government has struggled to revive Southeast Asia's second-biggest economy as exports and domestic demand are still weak.

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