NESDC secretary-general Danucha Pichayanan said that in the first quarter of 2022, Thailand saw a 2.2 per cent expansion of gross domestic product (GDP), with almost all sectors reporting increased turnover.
The key economic indicators in the first three months of the year are:
Danucha said that factors that prompted the NESDC to lower GDP estimates for 2022 were the slowdown in expansion of global trade and the rising price of crude oil.
“The conflict between Russia and Ukraine will continue to affect global and Thailand’s economic expansion, especially from the inevitable supply chain impact on energy, fertilisers and wheat that are key factors for the manufacturing sector,” he added.
In November last year, the NESDC had forecast GDP growth of up to 4.5 per cent, riding on increasing domestic demand and manufacturing capacity following the improving Covid-19 situation and increasing vaccination rate, gradual recovery of international tourism following the government’s relaxation of Covid measures, expansion of exports, and disbursement of government budget to various projects.