Thai household debt rises to record 85.9% of GDP at end-2014: central bank

[BANGKOK] Thailand's household debt rose to a record high 85.9 per cent of gross domestic product at the end of 2014 from 84.7 per cent at the end of September, the central bank said on Tuesday.

Household debt was 10.43 trillion baht (S$437 billion) at the end of 2014, continuing to crimp consumption as the economy struggles. At the end of September, the total was 10.22 trillion baht.

The Thai economy grew only 0.7 per cent in 2014.

A senior Bank of Thailand official said the pace of increases in household debt has slowed sharply compared with in the past and "people's debt burdens should be easing following lower interest rates".

REUTERS