BANGKOK, 18 May 2015 – The Thai economy went up slightly in the first quarter of this year, the National Economic and Social Development Board (NESDB) reported on Monday.
According to the NESDB, the country’s gross domestic product (GDP) from January to March grew just 0.3% from its previous quarter and grew 3% year-on-year. The initial projection was 3.4%.
The agency also slashed its forecasts for exports and economic expansion for 2015, but expected the second quarter to slightly increase from the first.
This year’s GDP growth forecast was cut to 3% to 4%, from 3.5% to 4.5%. Meanwhile, export growth was lowered from 3.5% to 0.2%.
The agency said rising government spending had not effectively dealt with declining exports and local demand.
