BANGKOK, May 21 (TNA) — The National Economic and Social Development Board (NESDB) reported that the gross domestic product of Thailand increased by 2.8% year-on-year in the first quarter of 2019.
It expected the GDP growth at 3.6% and export expansion at 2.2% throughout this year.
NESDB secretary-general Thosaporn Sirisumphand said trade conflict between China and the United States and Brexit caused world economic slowdown to continue from late last year to the first quarter of this year.
The Thai economy grew by 3.6% in the previous quarter and without a seasonal factor, the economy expanded by 1.0% from the fourth quarter of last year.
Mr Thosaporn said the Thai GDP should increase by 3.6% throughout 2019 on the formation of the new government, private investment, the government’s spending and investment, and improving tourism.
He expected exports would grow by 2.2%, and private consumption and overall investment would rise 4.2% and 4.5% respectively. Headline inflation would run at 0.7-1.2% and Thailand’s current account would record a surplus of 5.9% of the GDP.
Mr Thosaporn also said the formation of the new government, despite its low votes in the House, would boost the economy because political stability naturally raised trade and investment. (TNA)
