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Financial News: Thai Economy Grows 1.5% In Q1

Thai Economy Grows 1.5% In Q1

05/20/2024 - 02:50:00 (RTTNews)

(RTTNews) - Thailand's economy continued to expand in the first quarter, though the pace of growth has eased slightly since the fourth quarter, the Office of the National Economic and Social Development Council said Monday.

Gross domestic product grew 1.5 percent annually after rising 1.7 percent in the second quarter. The growth rate was forecast to ease to 0.8 percent.

The overall expansion was driven by the non-agricultural sector, particularly for tourism-related services. On the other hand, agricultural and industrial sectors contracted.

Expenditure breakdown showed that household consumption advanced 6.9 percent from last year but was slower than the 7.4 percent rise in the previous three-month period.

Meanwhile, government consumption and gross fixed capital formation declined by 2.1 percent and 4.2 percent, respectively, in the first quarter. Export growth moderated to 2.5 percent, while imports grew at an accelerated pace of 5.3 percent.

Quarter-on-quarter, GDP rebounded strongly by 1.1 percent in the March quarter, versus a 0.4 percent decline in the final quarter of 2023.

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