Thai economy soars post-flood recovery

Gross domestic product (GDP) soared 18.9 percent in the three months through December from the year-earlier period according to the government's National Economic and Social Development Board (NESDB).

GDP rose 3.6 percent compared with the previous quarter.

Strong domestic and international demand helped to drive the strong performance, said NESDB secretary general Arkhom Termpittayapaisith.

“There has been a full recovery after the severe floods,” he told a press conference.

The Thai economy suffered a double-digit contraction in the wake of the months-long floods, which deluged vast swathes of the country in 2011, killing hundreds of people and causing widespread damage to factories.

At their height the floodwaters affected 65 of the country's 77 provinces, swamping hundreds of thousands of homes and disrupting global supply chains.

The NESDB forecasts economic growth of 4.5-5 percent for 2013, after an expansion of 6.4 percent in 2012.

“An economic recovery in the United States, China and Europe will be good for Thai exports,” Arkhom said, adding that an increase in the kingdom's minimum wage would also boost domestic demand.

Rising car sales and production helped to lift GDP in the fourth quarter due to a government scheme to encourage new vehicle purchases.

Thailand's central bank last month held its key interest rate steady at 2.75 percent citing a better-than-expected performance in the economy.

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