Thai 2023 GDP expands at 1.9%, slower than expected
Nov 1, 2023; Cancun, Mexico; Ons Jabeur (TUN) celebrates winning her match against Marketa Vondrousova (CZE) on day four of the GNP Saguaros WTA Finals Cancun. Mandatory Credit: Susan Mullane-USA TODAY Sports
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BANGKOK: Thailand's gross domestic product (GDP) grew 1.9 per cent in 2023, the planning agency said on Monday (Feb 19), as higher tourist numbers and private consumption were undercut by falls in manufacturing and public spending.
The weaker-than-expected growth raises the case for an interest rate cut at the central bank's next policy review on April 10, after it left the key rate steady at 2.50 per cent, the highest in more than a decade, in a split vote. Two dissenters favoured a rate reduction.
Growth in 2024 was expected at 2.2-3.2 per cent, lower than the 2.7 per cent-3.7 per cent projection provided by the agency in November.
State planning agency chief Danucha Pichayanan told a press conference that fourth quarter GDP was up 1.7 per cent versus a 2.5 per cent expansion forecast in a Reuters poll.
BEIJING : Chinese electric vehicle giant BYD on Monday launched a new version of its plug-in hybrid sedan Qin Plus DM-i with a lower starting price, doubling down on price cuts to stay competitive in the world's largest auto market.
The new model goes for a starting price of 79,800 yuan ($11,090), down 20 per cent from the previous version.
The Qin Plus hybrid competes with best-selling gasoline sedans such as Nissan's Sylphy and VW's Lavida.
($1 = 7.1953 yuan)
