BANGKOK, May 17 (TNA) – The gross domestic product of Thailand fell by 2.6% year-on-year in the first quarter of this year because the new wave of COVID-19 limited consumption in the private sector, according to the National Economic and Social Development Council.
NESDC secretary-general Danucha Pichayanan said the economy shrank as the export of services plunged by 63.5% and consumption in the private sector declined by 0.5%.
However, the national economy in the quarter benefited from the export growth of 3.2%, the overall investment that expanded by 7.3% and consumption in the government sector that rose by 2.1%. These factors caused the GDP in the first quarter of 2021 to increase by 0.2% from the previous quarter.
NESDC predicted the Thai economy would grow by 1.5-2.5% throughout this year, revising its forecast downwards from its previous anticipation on Feb 15 at 2.5-3.5%. (TNA)