Thailand's economy grew at a slower-than-expected pace in the third quarter and the government cut its growth forecast for this year.
Gross domestic product grew 2.4 percent year-on-year, data from the National Economic and Social Development Council showed Monday, which was slower than the 2.6 percent economists had forecast. In the second quarter, the economy grew 2.3 percent.
Following the data, the government slashed its growth forecast for this year to 2.6 percent from 2.7-3.2 percent predicted in August.
Third quarter growth was supported by increases in private and government final consumption expenditure and investment, however exports and imports of goods continuously contracted, the NESDB said.
Private consumption growth slowed to 4.2 percent, while state spending rose at a faster pace of 1.8 percent. Gross fixed capital formation growth climbed to 2.8 percent.
Exports decreased 0.3 percent, after a 5.8 percent slump in the previous three months. Imports decreased 7.7 percent.
On a quarter-on-quarter basis, GDP edged up 0.1 percent in the third quarter after a 0.4 percent increase in the previous three months.