The National Economic and Social Development Board has reemphasised that it has no plan to revise the economic growth estimate for this year, despite significant increases having taken place in global oil prices.
NESDB’s Secretary-General Amphon Kitti-amphon said even though fuel prices in the world market had sharply risen, the average price of crude oil in Dubai stayed at US$63.67 per barrel during the first 9 months of this year.
The average diesel price held at $24.82 per litre, which is lower than expected at $26.72 per litre.
So, NESDB saw no need to revise the growth estimate for the gross domestic product (GDP) and inflation rates for this year. (TNA)
The NESDB should remember that there are 12 months… in a year.
And the oil prices started to explode, precisely in october… Beginning of fourth quarter.
Therefore, oil prices on Q4 will have an effect on GDP and inflation for the year 2007.