The Bank of Thailand has confirmed that it will have to adjust its growth projection for 2013 to below the previous target of 5.1% due to a slowdown in the economy.
Senior director at the BoT Methee Supapong said on Friday that growth in the economy slowed in May, in line with a decline in domestic consumption, resulting from an end to government stimulus measures and warnings over rising household debt.
The central bank's revised gross domestic product growth projection will be officially announced on July 19, he said.
Exports over the month were down 5.1% to US$19.5 billion, due to fragile overseas demand for Thai goods, particularly in China, which is facing economic slowdown itself. This has led to a 7.8% decline in industrial output and a 3.3% drop in private investment contracts, Mr Methee said.
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