BANGKOK, Aug 15 — Thailand’s gross domestic product (GDP) grew 2.5 per cent year-on-year (y-o-y) in the second quarter of 2022, the fastest since the second quarter of 2021 as Covid-19 curbs ease.
Thailand also revises its GDP rate projection for 2022 from 2.7 to 3.2 per cent, from an earlier 2.5 to 3.5 per cent growth range as the tourism sector rebounds.
Last year, Thailand’s growth of 1.5 per cent was among the slowest in Southeast Asia.
In a statement, the National Economic and Social Development Council (NESDC) said the expansion in the June quarter following the acceleration in the service sector, which resulted from the easing of Covid-19 restrictions and continuous implementation of the government’s stimulus measures for tourism.
It said that as a result of easing restrictions, the number of foreign tourist arrivals and Thai visitors expanded notably.
“Foreign tourist arrivals are expected to hit 30 million next year from nearly 10 million this year,” it said.
In the second quarter of 2022, NESDC said the service sector grew by 4.6 per cent, accelerating from 2.9 per cent in the first quarter.
It said the agricultural sector increased by 4.4 per cent as a result of higher yields from the main crops.
However, the industrial sector declined by 1.8 per cent from a rise of 0.6 per cent in the first quarter due to lower manufacturing production, it said.
On a quarterly basis, GDP grew a seasonally adjusted 0.7 per cent in April-June.
Last week, the Bank of Thailand raised its policy rate by 25 basis points (bps) to 0.75 per cent, the first time in nearly four years, to fight inflation as the economic recovery has continued to strengthen.
The rate was last raised in December 2018.
— Bernama
