Thailand Finance Ministry keeps GDP growth outlook at 3.6%

The Thai economy is expected to grow 3.6% this year, as earlier forecast, with exports likely to increase more than expected, the Finance Ministry said on Thursday.

The ministry now expects exports to increase 4.7%, up from 3.3% projected in April, despite a strong baht, Krisada Chinavicharana, head of the fiscal policy office, told a news conference.

The economy will be driven by exports and government spending, while private investment in the construction sector is likely to slow down, he said.

Second-quarter economic growth was estimated at 3.4-3.5%, he said, after 3.3% growth in the first quarter.

Earlier this month, the central bank raised its 2017 economic growth forecast to 3.5% from 3.4%, with exports up 5.0%, rather than up 2.2% projected earlier.

In 2016, the economy expanded 3.2%.