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