Thailand's economy expanded 6 percent in the first quarter of this year and is projected to grow 4.6 percent for the whole year, a senior official of the National Economic and Social Development Board (NESDB) said on Monday.

NESDB's Secretary General Ampon Kitti-ampon said that the country's gross domestic product (GDP) in the first quarter grew 6 percent, up from 3.2 percent of the same period of the previous year and 4.7 percent in the fourth quarter of last year.

Although the inflation rate in the first quarter rose up to 5.7 percent and fuel prices surged by 40.9 percent, the impressive growth stemmed from an increase in exports by 14.1 percent in volume, 3.3 percent in prices and 17.9 percent in value.

He said the investment sector grew slowly at 7.2 percent, compared with 11.3 percent in the same quarter the year before since the investment in the construction sector and machinery declined.

Household spending in the first quarter stayed almost unchanged at 4.1 percent when compared with the previous quarter.

Ampon said NESDB forecasts that the Thai economy this year would grow 4.2-4.9 percent under an assumption that the inflation rate stays at 4.5-4.7 percent.

Source: Xinhua