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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
THAILAND
Thai Q1 GDP came in stronger than expected at 1.9% q/q and 2.7% y/y after falling 1.5% q/q in Q4. Growth was supported by net exports driven by tourism which boosted services exports. The government expects 2023 GDP growth to be between 2.7% and 3.7%, while the BoT said that the economic recovery is in line with expectations but dependent on China’s recovery. The tourism forecast is unchanged. Given the better Q1 GDP result and continued concern over upside risks to inflation, the BoT is likely to hike again at its May 31 meeting.
- Net exports contributed 1.3pp to quarterly growth and 2.8pp to annual, seasonally adjusted. Exports of goods & services rose 4.5% q/q and 2.9% y/y whereas imports grew 2.6% and fell 1.1%. Services exports are up 87.8% y/y due to the tourism recovery.
- Private consumption eased slightly to 5.4% y/y after 5.6% in Q4, but remains solid. Investment growth was lower at 3.1% y/y from 3.9%.
- Government expenditure fell 6.2% y/y after -7.1% and the government’s NESDC said following the data that public investment is likely to slow in Q4 2023 due to the expected delay in the budget to Q1 2024 because of the election. It also noted that this delay plus political uncertainty was a downside risk to Thai growth.
Thailand GDP % sa
Source: MNI - Market News/Refinitiv
Thailand consumption vs tourism
Source: MNI - Market News/Refinitiv
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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