Thailand’s economy grew in the first quarter of 2022, mainly due to improved private consumption and exports.
GDP “ran” at a rate of 2.2% compared to the previous year, compared to 1.8% in the last quarter of 2021, according to the office of the National Council for Economic and Social Development.
The results were better than the average estimates for 2% growth.
GDP for the first quarter increased by 1.1% from the previous quarter, on a seasonally adjusted basis.
Stronger exports of goods, and the continued recovery of private consumption and tourism, supported growth in the first quarter despite restrictions on its micron spread.
The tourism sector is likely to recover further in the coming months, thanks to the easing of border restrictions, although the resurgence of the coronavirus in China could mean a smaller return of travelers from that country.
Meanwhile, rising inflation could hit private consumption and exports could be pressured by the slowdown in the global economy.
The government agency stressed that it expects the economy to grow 2.5% -3.5%, lower than the previous estimate of 3.5% -4.5%, after growing 1.5% in the previous year.
Private consumption, which accounts for half of the country’s economy, increased by 3.9% in the first quarter compared to the previous year.
Exports of goods increased by 10%, services by 31% and imports of goods and services increased by 6.7%.
Government expenditures increased by 4.6% and public capital expenditures decreased by 4.7%, while private expenditures increased by 2.9%.
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