Thailand: Improving tourism sector and domestic demand had failed to offset shrinking exports.
The reading accelerated from a rise of 1.5 per cent in 2021, but undershot the official and market expectations.
The country's gross domestic product expanded 1.4 per cent in the fourth quarter of last year, slowing from the third quarter's growth of 4.6 percent, due to contractions in exports and manufacturing, according to the Office of the National Economic and Social Development Council . The country's USdollar-denominated export value of goods fell 7.5 per cent in the last quarter of 2022, compared with an increase of 6.7 per cent in the previous quarter. Private consumption expenditures increased 5.7 per cent from one year earlier during the period.
The NESDC expected the GDP this year to expand in the range of 2.7-3.7 per cent, boosted by a further recovery in tourism and private consumption and the expansion of both private and public investments, which could help offset some of the impact of declining exports. It also forecast that the country's headline inflation growth would range between 2.5-3.5 pe rcent this year, easing from a rise of 6.1 per cent in 2022. - Xinhua
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