Thai Q1 GDP growth accelerates

Dhaka,  Fri,  22 September 2017
Published : 12 May 2017, 14:06:46

Thai Q1 GDP growth accelerates to 4-year high

Thai Q1 GDP growth accelerates
Thailand first-quarter economic growth was seen at fastest pace in four years from the previous three months, as exports rebound.

The export-dependent economy in the January-March period may have expanded rapidly as stronger exports, consumption and tourist numbers more than offset weaker private investment and public spending.

Growth in Southeast Asia's second-largest economy has still lagged regional peers since 2014, when the military seized power to end months of street protests.

The junta has ramped up investment to lift activity but big infrastructure projects have been slow getting off the ground. 

From a year earlier, growth was forecast to be slightly faster at 3.2 per cent in January-March, after 3.0 per cent in the previous quarter.

The National Economic and Social Development Board, which compiles GDP data, has forecast 2017 GDP growth of 3.0-4.0 per cent and export growth of 2.9 per cent. It will give new projections on Monday.

In January-March, exports grew 6.6 per cent from a year earlier while private consumption expanded 2.9 per cent and farm income jumped 20 per cent, central bank data showed. 

Exports are worth about two-thirds of Thailand's economy.

Tourist numbers rose to 9.2 million in the first quarter from 7.8 million in the December quarter, when a Thai crackdown on cheap tour packages slashed the number of visitors from China and some activities were cut back after the death of King Bhumibol Adulyadej in October.

Private investment contracted 2.2 per cent in the March quarter year-on-year while government expenditure declined 4.0 per cent, according to Reuters.
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