BANGKOK, May 22 (Xinhua) -- Thailand’s gross domestic product (GDP) grew by 4.8 percent in the first quarter (Q1) of 2018, up from the 4.0 percent in the previous quarter, hitting the highest quarterly growth rate in recent five years, the country’s top economic planner said on Monday.
“The growth in Q1 was mainly contributed by the increase in private consumption,” said Wichayayuth Boonchit, deputy secretary general of the Office of the National Economic and Social Development Board (NESDB).
Private consumption grew by 3.6 percent in Q1, slightly up from the 3.4 percent in the previous quarter.
Expansion was also seen in both private and government investment. Government investment rose 4.0 percent in Q1, compared to a drop of 6.0 percent in previous quarter, while private investment was up 3.1 percent, compared to a rise of 2.4 percent.
Thai exports grew 9.9 percent in Q1, down from the 11.6 percent in the previous quarter. Total value of Thai exports in Q1 amounted to 61.8 billion U.S. dollars, due to the increase in the exports of rice, tapioca, petroleum products, auto parts, passenger cars, computer components and communication equipment.
Revenue from tourism, a major source of foreign exchange, increased 16.8 percent to 26.7 billion U.S. dollars in Q1 of 2018, the NESDB said.
Of the revenue, 18.2 billion U.S. dollars came from foreign tourists, while the other 8.5 billion U.S. dollars was spent by local Thai, according to the planning agency.
The agency said 10.61 million foreign tourists visited Thailand in Q1, of which 29.9 percent came from China.
Wichayayuth said Thailand needed to keep watching the trend of global economy, which could impact domestic expansion for the rest of the year. Meanwhile, global interest rate tended to gradually rise in response to economic growth in major industrial countries, particularly in the United States. The recovery in these countries could also raise global oil prices.
The NESDB forecast Thailand’s economic growth this year to be between 4.2 and 4.7 percent.
(Contributed by Sinfah Tunsarawuth, edited by Ma Xin, maxin11@xinhua.org)
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