Thailand Q1 GDP growth accelerates to 2.2% as COVID-19 restrictions ease

Pearl Bantillo

17-May-2022

SINGAPORE (ICIS)–Thailand’s economy posted a first-quarter annualized growth of 2.2%, faster than the 1.8% pace set in the previous quarter, on the back of stronger private consumption and exports as COVID-19 restrictions have eased.

On a seasonally adjusted quarter-on-quarter basis, the economy expanded by 1.1% in the period January to March 2022, data from the Office of National Economic and Social Development Council (NESDC) show on Tuesday.

On a year-on-year basis, private consumption in the first quarter accelerated to 3.9% from 0.4% in the previous quarter.

Exports during the period grew 14.6% to $73.3bn, with chemicals and petrochemical products posting an 18.7% increase year on year.

Manufacturing posted a slower growth of 1.9% in the first quarter from 3.8% in the previous quarter.

Tourism receipts grew for the first time in 11 quarters, rising 63.8% year on year to $4.2bn in January-March 2022 as COVID-19 measures were relaxed. The sector is a major component of the Thai economy.

For the whole of 2022, the Thai economy is projected to grow by 2.5-3.5%, supported by improvement in domestic demand, recovery of domestic tourism, and continued export growth, NESDC stated.

Exports are projected to post a 7.3% growth, while headline inflation is estimated to be in the 4.2-5.2% range, it said.

($1 = Bt34.52)

Visit the ICIS Coronavirus topic page for analysis of the impact on chemical markets and links to latest news.

READ MORE

ICIS Premium news service

The subscription platform provides access to our full range of breaking news and analysis

Contact us now to find out more

Speak with ICIS

Now, more than ever, dynamic insights are key to navigating complex, volatile commodity markets. Access to expert insights on the latest industry developments and tracking market changes are vital in making sustainable business decisions.

Want to learn about how we can work together to bring you actionable insight and support your business decisions?

Need Help?

Need Help?