Thailand's economy expanded by 2.8 percent in the first quarter of this year, supported by stronger exports, consumption and investment, according to the Office of the National Economic and Social Development Council (NESDC).
Total investment, merchandise exports and government consumption accelerated during the quarter, while private consumption continued to grow steadily. Exports of services also returned to positive growth, the NESDC said in its latest report.
In the first three months of this year, Thailand's export value reached $95 billion, marking a 17.8 percent increase from a year earlier and accelerating from 9.4 percent growth in the previous quarter. The expansion was driven mainly by strong manufacturing exports, particularly electronics and electrical appliances.
On the production side, the agriculture, forestry and fishing, manufacturing, accommodation and food service, transportation, and storage sectors all recorded faster growth. However, wholesale and retail trade, as well as the construction sector, slowed compared with the previous quarter.
Despite the growth in the first three months, NESDC has remained the country's full-year economic growth forecast within the range of 1.5 to 2.5 percent as the war in the Middle East drags on.
