BANGKOK, May 20 — Thailand’s economy expanded 1.5 per cent in the first quarter of 2024 from a year earlier, driven by the tourism sector and private consumption, the country’s economic planning agency said today, reported Xinhua.

The gross domestic product (GDP) in the January-March period slowed from a 1.7-per cent growth in the previous quarter due to declines in public investment, government spending, and merchandise exports, according to the data released by the Office of the National Economic and Social Development Council (NESDC).

On a quarterly basis, the economy grew a seasonally adjusted 1.1 per cent in the first three months of this year, rebounding from a revised 0.4 per cent drop in the October-December quarter, the NESDC said in a statement.

The NESDC expects the Southeast Asian nation’s economy to grow in the range of 2.0-3.0 per cent this year, down from a prior projection of 2.2-3.2 per cent, supported by expansions in government expenditure and public investment, coupled with an ongoing recovery in the tourism sector and favourable growth in private consumption and investment. — Bernama-Xinhua