Factbox: Thailand's flood crisis and its economy

BANGKOK (Reuters) - Thailand's worst floods in half a century have killed at least 366 people since mid-July, damaging farmland and industrial estates and disrupting the lives of nearly 2.5 million.

Officials and economists have sharply slashed their growth forecasts for the year. Rebuilding and repairs could require billions of dollars.

Below is the flood impact on Southeast Asia's second-largest economy and how the government is coping.

IMPACT ON GDP GROWTH

The government has put the flood damage at 1.0-1.7 percent of gross domestic product. But the cost to the economy could go far higher if Bangkok, which accounts for 41 percent of GDP, is swamped.

Finance Minister Thirachai Phuvanatnaranubala told Reuters last week the economy could shrink 1.1 percent in the fourth quarter from a year earlier and growth this year could be just little more than 2 percent -- down from 3.7 percent seen a week ago.

Bank of Thailand Governor Prasarn Trairatvorakul said the economy could grow less than 3 percent this year compared with the central bank's earlier forecast of 4.1 percent. It is due to release new forecasts on Friday.

Citi said it saw growth of 2.2 percent this year, rather than 2.7 percent previously. Barclays Capital has cut its growth forecast to 2.9 percent for this year from 3.7 percent.

IMPACT ON FACTORIES

The floods have forced seven big industrial estates north of Bangkok to close, affecting at least 9,859 factories and about 660,000 jobs. This has disrupted industrial goods, led by autos and electronics, accounting for 65 percent of total shipments. Agricultural products account for 17-19 percent of the total.

The Commerce Ministry expects exports -- which are generally the equivalent of more than 60 percent of GDP each year -- to fall 13 percent in the fourth quarter and that exports might grow less than 15 percent next year.

Thailand is the biggest auto market in Southeast Asia and a regional vehicle production and export base. Toyota Motor Corp said on Monday it would cut output at its Japanese assembly plants this week and estimated an output loss of 6,000 cars in Japan output for this week. It would also cut production in North America as the floods disrupted supply.

The country is also the world's biggest rice exporter but some 1.55 million hectares (3.82 million acres) of farmland have been inundated and the government has cut its estimate of the crop to 21 million tonnes from 25 million.

The floods have damaged 3.5 million tonnes of paddy, or around 2 million tonnes of milled rice, and have delayed rice shipments, according to Korbsook Iamsuri, president of Thai Rice Exporters Association.

Rice exports in 2012 could fall as much as 30 percent from 2011 to 7.0 million-7.5 million tonnes, it said.

Tourism Minister Chumphol Silpa-archa said tourist arrivals could be 500,000 to 1 million below the government's target of 19 million this year.

Don Muang airport, used by budget airlines for domestic flights and by private planes, had to close on Tuesday as the flooding was making access difficult.

At least 295 bank branches have been forced to close, mainly in provinces north of Bangkok.

GOVT MEASURES TO HELP

Prime Minister Yingluck Shinawatra said this month the government would spend more than 100 billion baht on reconstruction after the flooding.

Earlier this month, the cabinet agreed to a 10 percent cut in current state expenditure, or 80 billion baht, in the current year from October 1 to help with the floods.

It also approved an increase in the budget deficit to 400 billion baht ($13 billion) for the year from 350 billion.

This week, the cabinet approved a 325 billion baht ($10.6 billion) package to help affected firms, small vendors and individuals through soft loans to be arranged or partly guaranteed by the government.

It will also consider tax breaks for affected companies.

On Tuesday, the government said it would relax import tariffs and regulations to allow in more imports of food, water and consumer products that are in short supply.

It declared October 27-31 a holiday in 21 provinces, including Bangkok, to help it cope with the floods. Financial markets will stay open.

MONETARY POLICY RESPONSE

The Bank of Thailand (BOT) decided to leave its policy rate unchanged at 3.50 percent last week, pausing after more than a year of tightening.

Most economists expect the BOT to keep rates on hold until next year but some say a rate cut may come soon if the economy shows no signs of improvement. It will next review policy on November 30.

On Tuesday, the central bank said it was collaborating with the Bank of Japan on the provision of liquidity. The BOT would lend baht funds using Japanese government bonds as collateral.

It is also in talks with authorities in the United States, Britain and Europe about baht funding for foreign firms.

(Sources: Reuters, government information)

(Reporting by Orathai Sriring; Editing by Nick Macfie)