The Bank of Thailand (BoT) reported that GDP growth in the first quarter of 2023, despite a decline in merchandise exports and manufacturing production, was mainly driven by recovery of domestic and foreign tourists who boosted services and private consumption. Exports fell by 2.2% year-on-year in March before picking up in April. In contrast, private consumption grew by 6% YoY in March, rising from 3.9% in February. The service sector showed signs of improvement as domestic and foreign tourist numbers increased, with foreign tourist arrivals as of 25 April being 8 million, according to BoT’s forecast. Employment in the service and tourism sectors increased to levels close to pre-pandemic levels. The BoT is awaiting official growth figures from the National Economic and Social Development Council.
Discover more from Siam News Network
Subscribe to get the latest posts to your email.