May 29, 2014 / 5:16 AM / in 4 years

Thai second-quarter GDP seen up more than 1 percent from last year: finance ministry

BANGKOK (Reuters) - Thailand’s economy could grow more than 1 percent in April-June from a year earlier after contracting in the first quarter, helped by the payment of arrears to rice farmers under the new military government, a Finance Ministry official said on Thursday.

The ministry’s fiscal policy office chief, Somchai Sajjapong, repeated full-year growth would be at least 2 percent and that the ministry was aiming for 3 percent.

The army seized control of the government on May 22 to end months of political unrest. The new rulers said this week they would pay some 90 billion baht ($2.75 billion) owed to farmers within a month and that could boost economic growth by 0.2 percentage point this year

In March, the ministry cut its GDP growth forecast to 2.6 percent from 4 percent. The economy grew 2.9 percent in 2013.

($1 = 32.7100 Thai Baht)

Reporting by Kitiphong Thaichareon; Writing by Orathai Sriring; Editing by Alan Raybould

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