Thai economy beats expectations
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Thailand has shaken off war fears to record solid growth
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BANGKOK, Thailand (Reuters) -- The Thai economy grew 6.1 percent year-on-year in the fourth quarter of 2002 and expanded by 5.2 percent for the whole of last year, beating analysts' expectations, a government source said Sunday.
The figures show Thailand is taking global market uncertainty and fears of a possible war in Iraq in stride, outperforming most of its Asian neighbours.
Thai gross domestic product grew 5.8 percent year-on-year in the third quarter of last year, Thai officials have said. The economy expanded only 1.9 percent in 2001.
The 6.1 percent growth figure for the fourth quarter of last year outstrips analysts' expectations of 5.2 percent from a Reuters poll conducted last week.
Annual growth of 5.2 percent shows the fastest growth among major economies in Southeast Asia and the country's fastest expansion since 1996 before the Asian financial crisis.
Analysts polled by Reuters had expected 2002 growth of around five percent.
The state National Economic and Social Development Board is due to release fourth-quarter and 2002 GDP data on Monday.
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