GDP growth in third quarter rises to 4.3%

The National Economics and Social Development Board (NESDB) says gross domestic growth (GDP) for the third quarter of this year rose to 4.3%, prompting it to adjust growth forecast for the whole year higher.

It says the 4.3% GDP growth is the highest growth in the past 18 months.

Contributing factors were attributed to higher exports and consumer consumption in the private sector, and state spendings and investments.

Meanwhile the production sector was also buoyed by industrial production, retail and wholesale business, electrical and gas, hotel, restaurant, transport and communications.

With the higher growth than earlier forecast, the NESDB says it will raise its forecast for this year to 3.9% from its projection of 3.5-4.0% .

For next year, the NESDB says the growth forecast is expected to be in the range of 3.6-4.6%.