The National Economic and Social Development Board (NESDB) of Thailand has raised its projection of the country's gross domestic product growth for this year to 5 percent from 4.2-4.7 percent set earlier.

The NESDB made the upward revision citing fuel prices and inflation rates had declined while exports had grown satisfactorily, the Thai News Agency reported Monday.

NESDB's Secretary General Ampon Kitti-ampon said the exports in the second half of this year had grown more than expected.

Global fuel prices had dropped since August to an average of 61. 30 U.S. dollars per barrel from 63 U.S. dollars per barrel assumed originally, making an inflation rate decline.

The political situation had also become clearer. Because of these factors, NESDB believed the economy in the second half of this year would not be as sluggish as expected earlier.

It is projected the inflation rate this year would stay at 4.6 percent, private investment would expand 4.4 percent compared with 11 percent last year, state investment would grow 4 percent compared with 11.4 percent last year, and overall consumption would rise 3.6 percent compared with 5.5 percent last year.

The exports are likely to increase to 127.6 billion U.S. dollars from 109.2 billion U.S. dollars last year, an increase of 16.8 percent in value and 9.1 percent in volume.

The imports are expected to rise to 127.6 billion U.S. dollars from 117.8 billion U.S. dollars last year, an increase of 8.3 percent in value and 0.3 percent in volume. It would result in a trade balance for this year compared with a trade deficit of 8.6 billion U.S. dollars last year.

Ampon said NESDB forecast GDP next year would grow 4-5 percent with an inflation rate of 3-3.5 percent.

The exports would grow to 139 billion U.S. dollars, up 9 percent in value and 5 percent in volume and the imports would reach 139.8 billion U.S. dollars, up 9.6 percent in value and 4.6 percent in volume, resulting in a trade deficit of 800 million U.S. dollars.

Source: Xinhua