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BANGKOK - Thailand's economy suffered a double-digit contraction in the fourth quarter of 2011, pummelled by the kingdom's worst floods in decades, government data showed on Monday.

 

Gross domestic product (GDP) shrank 10.7 percent in October-December from the previous quarter, according to the National Economic and Social Development Board. GDP fell 9.0 percent compared with the same period in 2010.

 

The months-long floods last year took a heavy toll on Thailand's industrial heartland north of Bangkok, with many factories forced to close temporarily.

 

For the whole of 2011, Thailand's economy expanded by 0.1 percent, the figures showed, missing analyst forecasts.

 

The government is optimistic about prospects for a rebound, with Finance Minister Kittiratt Na-Ranong predicting last week that the export-dependent economy could grow by 7.0 percent in 2012. [Dow Jones Newswires contributed to this story] — AFP