Thai SMEs have promising growth

BANGKOK, February 19 (TNA) - Thailand's small and medium-sized enterprises (SMEs) have kept growing, with their combined gross domestic product (GDP) growth standing at 5.3 per cent year-on-year in 2015 and expected to further expand by 5-5.5 per cent year-on-year this year. Office of Small and Medium Enterprises Promotion (OSMEP) Director-General Salinee Wangtal reported on February 18 that the 5.3 per cent GDP growth of local SMEs last year surpassed the overall growth rate of Thailand's GDP at 2.8 per cent and amounted to 5.56 trillion baht, accounting for 41.1 per cent of the country's total GDP value, the proportion of which exceeded 40 per cent of the Kingdom's overall GDP for the first time in seven years, or since 2009. Salinee foresaw that the GDP of Thailand's SMEs should stand at 5-5.5 per cent this year, continuing to exceed the country's overall GDP growth that the Office of the National Economic and Social Development Board (NESDB) predicted at 2.8-3.8 per cent. Salinee attributed the growing Thai SMEs to the government's measures to support them and to stimulate domestic spending and the continuous growth of the Thai tourism in, which local SMEs have played important roles. By groups, Salinee pointed out, the GDP of Thailand's SMEs grew 17.6 per cent among those in the tourism sector, 11.7 per cent in the construction sector, 9.6 per cent in the retail sector and 6.7 per cent in the transport and logistics sectors. According to the OSMEP chief, Thai SMEs showing growth close to the country's overall GDP expansion in 2015 were those in the education sector (4.7%), the health sector (4.4%) and the property development sector (3.6%), while those with only 0.6 per cent growth, lower than the country's overall GDP growth, included those in businesses relating to rubber, plastic, textile, garments, food, beverages, gems and jewelry, machines, automobiles and parts. (TNA)