Thailand's economic growth slows to 1.8 pct in Q2-Xinhua

Thailand's economic growth slows to 1.8 pct in Q2

Source: Xinhua

Editor: huaxia

2023-08-21 16:33:15

BANGKOK, Aug. 21 (Xinhua) -- Thailand's economy expanded 1.8 percent in the second quarter as tourism picked up pace amid weak exports due to the global economic slowdown, the country's economic planning agency said Monday.

This marked a seventh straight period of expansion, easing from a 2.6 percent growth in the first quarter, which was revised down from 2.7 percent stated earlier, according to the data released by the Office of the National Economic and Social Development Council (NESDC).

The Thai economy was primarily driven by increasing private consumption despite the slowdown in private investment and the export of services. Meanwhile, merchandise exports, public investment, and government expenditure contracted, the NESDC said in a statement.

The NESDC downgraded its gross domestic product (GDP) forecast this year to a range of 2.5-3.0 percent from the 2.7-3.7 percent projected earlier, as the value of goods exported is projected to drop 1.8 percent year-on-year compared to the 5.4 percent growth in 2022.

It also forecast that the country's headline inflation would slow further this year, ranging between 1.7 percent and 2.2 percent year-on-year.

The Southeast Asian country's economy expanded 2.6 percent in 2022, recovering from 1.5 percent growth in 2021, as the vital tourism recovery continued apace.