BANGKOK, May 20 (Xinhua) -- Thailand's economy expanded 1.5 percent in the first quarter of 2024 from a year earlier, driven by the tourism sector and private consumption, the country's economic planning agency said on Monday.
The gross domestic product (GDP) in the January-March period slowed from a 1.7-percent growth in the previous quarter due to declines in public investment, government spending and merchandise exports, according to the data released by the Office of the National Economic and Social Development Council (NESDC).
On a quarterly basis, the economy grew a seasonally adjusted 1.1 percent in the first three months of this year, rebounding from a revised 0.4 percent drop in the October-December quarter, the NESDC said in a statement.
The NESDC expects the Southeast Asian nation's economy to grow in the range of 2.0-3.0 percent this year, down from a prior projection of 2.2-3.2 percent, supported by expansions in government expenditure and public investment, coupled with an ongoing recovery in the tourism sector and favorable growth in private consumption and investment. ■