Thailand: GDP growth records best result since Q2 2021 in the first quarter
Growth sped up in the first quarter, with GDP increasing 2.2% on an annual basis (Q4 2021: +1.8% year on year). Q1’s reading marked the strongest increase since Q2 2021.
Government consumption growth slowed to 4.6% in Q1 (Q4 2021: +8.1% yoy). Fixed investment rebounded, growing 0.8% in Q1, contrasting the 0.2% contraction in the previous quarter. Meanwhile, private consumption growth accelerated to 3.9% from the previous quarter’s 0.4% increase.
On the external front, exports of goods and services increased 12.0% on an annual basis in the first quarter, which was below the fourth quarter’s 17.6% expansion. In addition, imports of goods and services growth moderated to 6.7% in Q1 (Q4 2021: +16.4% yoy).
On a seasonally-adjusted quarter-on-quarter basis, economic growth lost momentum, cooling to 1.1% in Q1, from the previous quarter’s 1.8% increase.