By Kosaku Narioka
Thailand’s economic growth accelerated in the first quarter, driven by a recovery in tourism and gains in private consumption.
Gross domestic product rose 2.7% from a year earlier, compared with 1.4% growth in the final quarter of 2022, the Office of the National Economic and Social Development Council said Monday.
The reading exceeded the median forecast of a 2.3% expansion in The Wall Street Journal’s poll of seven economists.
The economy grew 1.9% from the previous quarter on a seasonally adjusted basis, compared with an estimated 1.7%.
As more Chinese travelers return to the country, the tourism sector looks set to continue to recover, helping to bolster the overall economy, despite global macroeconomic uncertainty, economists said.
Private consumption, which accounts for about half of the Thai economy, increased 5.4% in the first quarter from a year earlier, compared with a 5.6% gain in the fourth quarter.
Exports of services climbed 88%, compared with a 95% rise in the previous quarter, while exports of goods fell 6.4% and imports of goods and services declined 1.0%, the data showed.
Government spending fell 6.2% and public capital investment increased 4.7%, while private capital expenditure gained 2.6%.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
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