Imports fell 1.9 percent from a year before and Thailand was left with a small trade surplus of $0.22 billion on the month, central bank data showed on Friday. The flooding, which started in the north of the country in July, moved slowly south and forced seven huge industrial estates to close in October. It inundated parts of Bangkok but the heart of the capital was eventually spared. Data earlier this week showed factory output in November was almost a half lower than a year before because of the flooding and, together with Friday's figures, will add to the pressure for another interest rate cut in January. The Bank of Thailand (BOT) cut its policy rate by a quarter of a point to 3.25 percent on Nov. 30 to help restore confidence and some economists think it will cut again at its next meeting in January. "The severe floods appear to have hurt both domestic demand and exports and we think that should continue to be reflected in the December numbers," said Usara Wilaipich, an economist with Standard Chartered Bank in Bangkok. "This backdrop should provide the BOT with enough justification to adjust its policy rate further," she added. While hinting at the prospect of another cut, Bank of Thailand Governor Prasarn Trairatvorakul has insisted that rates are not now on a downward trend -- after nine increases from mid-2010 to tackle inflation -- and the authorities are optimistic the economy will rebound in 2012. The central bank has forecast GDP growth of just 1.8 percent this year -- before the floods it had expected 4.1 percent -- and on Friday it said even the latest forecast might not be met, but it did not expect the economy to contract. Its data showed private investment was 1.3 percent lower in November than a year before and consumption also took a hit from the floods, falling 1.6 percent. The central bank expects the trade-dependent economy to bounce back next year, forecasting growth of 4.8 percent thanks to post-flood spending by both industry and government. The cabinet has approved a 350 billion baht ($11.1 billion) budget for infrastructure and water management projects aimed at preventing further disasters. The Board of Investment said on Thursday that the value of investment applications had surged 61 percent to 663.6 billion baht ($21 billion) this year, as of Dec. 23, despite the flooding. That included foreign direct investment projects worth 390.9 billion baht, a jump of 67 percent. Pimonwan Mahujchariyawong, an economist at Kasikorn Research, who also expects a rate cut on Jan. 25, forecast GDP growth of 4.3 percent for 2012 but said it could be far lower if the euro zone debt crisis got worse and problems spread. "We think that post-flood restoration, coupled with the government's pro-growth policies will be positive factors going into next year but risks from global factors are also rising. So if you ask me, there will be a rebound but growth acceleration won't be substantial," she said. "The recovery should be seen gradually from the first quarter but will become clearer in the second." Some factories are back at work after the floods but others, particularly tech firms, will need weeks or even months to clean up and carry out repairs before they get back to full capacity. Thailand is a regional hub for the world's top car producers. Most of the big assembly plants are in the eastern part of the country, which was not affected by the floods, but many firms making car parts had to close.