GDP Expands 3.3% in Q1 YoY Due to Export Boost
Gross domestic product grew 3.3 percent year on year in the first quarter, said Porametee Vimolsiri, secretary general of the National Economic and Social Development Board.
GDP growth in the fourth quarter last year was 3 per cent and full-year growth in 2016 was 3.2 per cent, Porametee said.
Exports drove higher growth between January to March due to the segment starting to recover in line with the improving global economy, the secretary general said, adding that government spending also contributed to the expansion, growing 9.7 per cent in the first quarter.
Consumer spending expanded 3.2 per cent in the first quarter year on year, largely due to rising farmer income, Porametee said, although private investment decreased 1.1 per cent.
The NESDB has projected full-year GDP growth of 3.3-3.8 per cent, compared to the previous projection of 3-4 per cent.