Event
The Thai economy expanded at a faster pace in November vs the previousmonth, according to the Bank of Thailand’s assessment. Strong growth inmerchandise exports, albeit helped by some temporary factors, and continuedrobust government spending were the main positive drivers. Meanwhileprivate consumption growth slowed and private investment continued tocontract. The November data is consistent with our expectations and wemaintain our forecasts for 3.2% real GDP growth in 2016(implying slowergrowth of 3.0% in 4Q16) and 3.3% in 2017.