Thailand cuts economic growth outlook for 2013

Staff Writer
Columbus CEO

BANGKOK (AP) — Thailand cut its economic growth forecast for this year after exports fell short of expectations.

The state planning agency says Southeast Asia's second-largest economy is likely to grow 3 percent this year instead of 3.8-4.3 percent predicted in August.

It said in a report on Monday that export growth was lower than expected.

The agency also said automobile production did not reach the target of 2.5 million cars as the government's first car-buying tax incentives expired.

Thailand's economy expanded in the July-September quarter after contracting in the first half of the year.

Gross domestic product rose 1.3 percent from the previous quarter.