The Commerce Department reported on Friday that the July-September advance in gross domestic product followed a 3.1% rise in the second quarter. The 3% growth rate for third-quarter GDP and the 3.1% increase in the second quarter followed a much weaker 1.2% increase in the first quarter. In the third quarter, consumer spending slowed slightly to 2.4% from a sizzling 3.3% in the second quarter. Many analysts believe growth in the current quarter will come in around 2.7%. Administration officials have said the tax cuts will spur faster growth and the faster growth will erase much of the cost of the tax cuts.

Source: Bangkok Post October 27, 2017 13:07 UTC