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Thailand's economic growth up 2.7 pct in Q1

BANGKOK, May 16 (Xinhua) -- Thailand's economy grew 2.7 percent in the first quarter of the year, thanks to a recovery in tourism and higher agricultural output, the country's economic planning agency has said.

This marked a sixth consecutive period of expansion, accelerating from 1.4 percent growth in the final quarter of 2022, according to the data released by the Office of the National Economic and Social Development Council (NESDC).

The improvement was attributed to the constant expansion of the service sector, driven by the country's growing foreign arrivals, and the agricultural sector due to higher yields, the NESDC said in a statement Monday.

The NESDC maintained its gross domestic product forecast this year in the range of 2.7 percent to 3.7 percent, boosted by a further recovery in tourism and steadily expanding private consumption.

It also forecast that the country's headline inflation would slow this year, ranging between 2.5 percent and 3.5 percent year-on-year.

The Southeast Asian country's economy expanded 2.6 percent in 2022, recovering from 1.5 percent growth in 2021 as its vital tourism picked up pace.