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Thailand's economy grows 1% in first quarter

The Bank of Thailand estimates that the country grew by just 1% in the first quarter on both a quarterly and annualised basis, reported the Bangkok Post.
Thailand's economy grows 1% in first quarter ảnh 1At a supermarket in Bangkok, Thailand. (Photo: AFP/VNA)
Bangkok (VNA) - The Bank of Thailand estimates thatthe country grew by just 1% in the first quarter on both a quarterly andannualised basis, reported the Bangkok Post.

The Thai economy slowed in March as domestic demand andtourism softened after expanding well in the preceding periods, and partlybecause the benefits from the Easy E-Receipt campaign dissipated, the centralbank said.

“Despite this slowdown, the economy showed signs ofimprovement in the first quarter compared to the previous one,” it added, ascited by the daily newspaper. “But overall growth was likely to remain low on ayear-on-year basis.”

The country recorded a current account surplus of 1.1billion USD in March, down from 2 billion USD in the previous month, it said. Volatilityin the THB has decreased, it added, but the currency could weaken further inthe second quarter due to external factors and in line with regional peers.

March exports fell 10.2% year-on-year, while imports in themonth were up 5.2% from the same period last year, it said.

Thailand expanded 1.9% last year, slower than expected andless than 2.5% growth in 2022, lagging other larger economies in the region./.
VNA
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