BANGKOK – Thailand’s economy expanded faster than expected in the first quarter, official data showed on Monday, helped by a rebound in private consumption and tourism which will help counter a slowdown in exports.
Southeast Asia’s second-largest economy grew 2.7 percent in the January-March period from a year earlier, data from the National Economic and Social Development Council (NESDC) showed.
Economists in a Reuters poll had expected gross domestic product (GDP) to expand 2.3 percent year-on-year in the January-March period after increasing 1.4 percent in the previous three months.
On a quarterly basis, GDP rose a seasonally adjusted 1.9 percent in the March quarter, versus a forecast rise of 1.7 percent.
Fourth quarter GDP in 2022 was revised to a 1.1- percent contraction, from a earlier 1.5 percent fall.
The tourism-reliant economy’s recovery has lagged its regional peers due to the pandemic, but turned a corner as Chinese tourists returned in recent months boosting employment and domestic demand.
The revival of the vital tourism sector will help to offset the impact from declining exports.
The NESDC kept its 2023 GDP growth forecast at 2.7 percent to 3.7 percent. The economy grew 2.6 percent in 2022.
RELATED STORIES:
Thailand economy likely picked up speed in Q1 as tourism rebounds – Reuters poll
Thai central bank sees policy focus on stability, maintains 2023 GDP forecast
Your subscription could not be saved. Please try again.
Your subscription has been successful.
Read Next
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.
For feedback, complaints, or inquiries, contact us.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
