Thai industrial-sector GDP grows considerably in 2010

Published : March 02, 2011 :: 11:03:44 [ 1,154 views ]

BANGKOK, Mar 2 – Thailand's industrial sector enjoyed impressive growth in 2010 with the country's gross domestic product (GDP) expanding 13.9 per cent, the highest in 16 years or since 1994, according to Industrial Economic Office Director-General Suttinee Poopaka.

The significant GDP growth was attributed to the steady recovery of the global economy and the Thai economic revival boosted by state investment and the increased confidence demonstrated by the private sector in injecting money into the economic system.

The industrial sector is likely to sustain its growth in 2011 if these factors are still favourable.

She said the Manufacturing Production Index (MPI) in 2010 increased up to 14.4 per cent, the highest in 10 years or since 2000 when IEO adopt the MPI as an indicator.

Production capacity utilisation increased in conjunction with the MPI to an average of 63.3 per cent due mainly to the global economic recovery and the local economic pickup boosted by increased spending in the household sector, improved investment atmosphere, and higher state spending.

Three main industries, namely, vehicle, electrical appliance and electronics grew 55.2, 32.4, and 21.9 per cent respectively.

Ms Suttinee predicted that the GDP in the industrial sector and MPI would rise in a range of 5.5-6.5 per cent and 6-8 per cent respectively in 2011, while production capacity utilisation would stay at 64-66 per cent.

She attributed the sustained growth estimate this year to the continued expansion of the industrial sector, particularly the production for export in key product categories such as vehicle, hard disk drive, electrical appliance, and electronics.

Report by : MCOT online news

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