BANGKOK, Nov. 18 (Xinhua) -- Thailand's economy expanded 3 percent in the third quarter of 2024 from a year earlier, driven by exports of goods and services, government spending and public investment, official data showed on Monday.

Gross domestic product (GDP) in the July-September period accelerated from a downwardly revised 2.2 percent growth in the previous quarter, marking the fastest pace since the third quarter of 2022, according to data from the Office of the National Economic and Social Development Council (NESDC).

The upturn was attributed to a 25.9-percent pickup in public investment, which saw an expansion for the first time in six quarters, despite slowing private consumption and contracted private investments, the NESDC said in a statement.

On a quarterly basis, the GDP grew a seasonally adjusted 1.2 percent in the third quarter of this year, quickening from a 0.8 percent increase in the previous three months and marking the third straight period of growth.

The NESDC expects the Thai economy to grow 2.6 percent this year, narrowing from an earlier projection of 2.3-2.8 percent and improving from a 1.9 percent increase recorded in 2023.

The Southeast Asian nation's economy is projected to grow in the range of 2.3 percent to 3.3 percent next year, supported by increased government consumption and investment, growth in domestic private demand, ongoing recovery in the tourism sector, and continuing growth in exports, the state economic planning agency said. Enditem

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