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Thai Q2 GDP grows 1.3% q-o-q above forecast

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Thailand's economy grew faster than expected in the second quarter from the first, thanks to stronger exports and tourism in a sign the recovery is gaining momentum.

[BANGKOK] Thailand's economy grew faster than expected in the second quarter from the first, thanks to stronger exports and tourism in a sign the recovery is gaining momentum.

The economy expanded 1.3 per cent in the June quarter from the prior period, on a seasonally adjusted basis, topping the 1.0 per cent growth forecast by economists in a Reuters poll.

That matched the first quarter's pace, which was the fastest in four years.

From a year earlier, the economy grew 3.7 per cent in April-June, the highest rate in 17 quarters, the National Economic and Social Development Board said on Monday, compared with 3.2 per cent in the poll.

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In the March quarter, annual growth was 3.3 per cent.

Growth in Southeast Asia's second-largest economy has lagged other regional peers for years. The military government has ramped up spending in a bid to boost domestic activity but large infrastructure projects have been slow taking off.

So growth has been reliant on a recovery in exports and tourism, but the economy faces risks from rising trade protectionism, a cooling China and a strong baht currency.

REUTERS

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