The Thai economy grew 4.45 percent in the second quarter of this year and was projected to grow 3.8-4. 3 percent for the whole year, according to the National Economic and Social Development Board (NESDB).

NESDB's Secretary-General Ampon Kitti-ampon was quoted by the Thai News Agency as saying Monday that the Thai economy had already bottomed out in the first quarter of this year with a growth of 3.3 percent and expanded to 4.4 per cent in the second quarter.

This resulted in the gross domestic product (GDP) growing 3.9 percent in the first half of this year.

Negative factors that dampened the economic growth include the global crude price surge, drought, impacts from the last December tsunami disaster and southern unrest.

He said the second quarter boosted by the production capacity increase, higher vehicle exports and a rise in liquor and beer production.

Inflation rates stood at 3.3 percent in the first half of this year, with the rate in the first quarter staying at 2.8 percent and the second quarter at 3.7 percent, he said.

The export value in US dollar denomination increased 12.4 percent in the second quarter and the import value rose 33.7 percent due to the surge by 42 percent in the crude and oil shipment.

The import of fuel soared 80 percent in the first half of this year and accounted for 18 percent of the country's total imports.

It resulted in a trade deficit of 8.46 billion US dollars, or 334.38 billion baht in the first half of this year.

Source: Xinhua