Thailand posts highest growth in 5 years

Thailand's economy gain momentum in the first quarter of 2018 to grow at its fastest pace in 5 years due to strong personal consumption and recovery in the agriculture setor. Gross domestic product (GDP) expanded by 4.8% from a year earlier, up from the 4% growth in the fourth quarter of 2017, according to the government agency, National Economic and Social Development Board. 

 

 

Domestic demand rose with as private consumption went up 3.6%, as against the 3.4% improvement in the fourth quarter. Nearly half of the Thai Private consumption makes up just less than half of the Thai economy.

 

Government spending rose 1.9% after rising 0.2% in the fourth quarter. Public investment rose 4.0% after dropping by 6% in the quarter before. The agriculture sector expanded 6.5% compared with a 1.3% contraction in the fourth quarter.

 

Exports of goods and services slowed down at 6% compared to the 7.4% growth in the previous quarter. Private investment rose 3.1% following a 2.4% gain in the previous quarter, an indication of investors'confidence on the country's economic outlook.