The central bank Bank of Thailand (BOT) on Friday announced that it has revised up its gross domestic product (GDP) growth projection for 2010 to range from 6. 5 percent to 7.5 percent, the Thai News Agency (TNA) reported.
In April, the BOT forecast that the country's economic growth rate for 2010 would be about 4.3 percent to 5.8 percent.
The growth rate projection was reviewed amid the solid expansion of the country's economy in the first half of 2010.
In quarter 1 (Jan-Mar), the economy grew 12 percent year on year, while in quarter 2 (April-June) it is projected to expand over seven percent year on year.
Thailand's exports have largely contributed to the country's economic expansion as the exports in the first six months (Jan-Jun) ,totaled 93.1 billion U.S. dollars, or a year-on-year hike of 36.6 percent.
The Commerce Ministry has revised up its export growth forecast for 2010 from 14 percent to 19 percent year on year, or totally valuing at about 183 billion U.S. dollars.
Also, the country's recovering tourism sector following the end of the political unrest in May has also been supporting the economic expansion.
The tourism sector contributes some 8 to 9 percent to the country's GDP.
Meanwhile, the central bank has maintained its GDP growth projection for 2011 at three percent to five percent year on year./.