Thailand's economy expanded faster than expected in the first quarter, official data showed on Monday, helped by a rebound in private consumption and tourism which will help counter a slowdown in exports.
Southeast Asia's second-largest economy grew 2.7% in the January-March period from a year earlier, data from the National Economic and Social Development Council showed.had expected gross domestic product to expand 2.3% year-on-year in the January-March period after increasing 1.4% in the previous three months.
On a quarterly basis, GDP rose a seasonally adjusted 1.9% in the March quarter, versus a forecast rise of 1.7%.The tourism-reliant economy's recovery has lagged its regional peers due to the pandemic, but turned a corner as Chinese tourists returned in recent months boosting employment and domestic demand.The NESDC kept its 2023 GDP growth forecast at 2.7% to 3.7%. The economy grew 2.6% in 2022.
Reporting by Orathai Sriring, Kitiphong Thaichareon and Satawasin Staporncharnchai; Editing by Martin Petty
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