Thailand’s economy contracted at a slower pace in the first quarter, the National Economic and Social Development Council reported Monday.
Gross domestic product fell 2.6 percent year-on-year in the first quarter, following a 4.2 percent decrease in the fourth quarter. Economists had forecast an annual decline of 3.3 percent.
On a quarterly basis, growth eased sharply to 0.2 percent from 1.1 percent in the preceding quarter. However, the rate was better than the economists’ forecast of -0.8 percent.
On the expenditure-side, private final consumption expenditure dropped 0.5 percent annually, while government spending grew 2.1 percent. Gross fixed capital formation increased sharply by 7.3 percent.
Goods and services balance recorded a deficit of THB 30.1 billion, comprising a surplus of THB 224.3 billion in trade balance and a deficit of THB 254.4 billion in service balance.