Thailand first quarter GDP contracts 2.6% year-on-year, less than expected

Thailand first quarter GDP contracts 2.6% year-on-year, less than expected

Girl walks past Skytrain construction site in Bangkok
A girl walks past a Skytrain construction site in Bangkok, Thailand, May 13, 2018. (File photo: REUTERS/Soe Zeya Tun)

BANGKOK: Thailand's economy shrank in the first quarter from a year earlier as coronavirus outbreaks hurt consumption and tourism, but the fall was less than expected.

Southeast Asia's second-largest economy contracted 2.6 per cent in the March quarter from a year earlier, data from the National Economic and Social Development Council showed on Monday (May 17), versus a forecast 3.3 per cent drop in a Reuters poll.

On a quarterly basis, gross domestic product rose a seasonally adjusted 0.2 per cent in the first quarter, beating the 0.8 per cent drop forecast by economists.

The agency cut its GDP outlook for the full year to 1.5 per cent to 2.5per cent from a previous forecast of 2.5 per cent to 3.5 per cent growth.

Source: Reuters/dv

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