Thailand’s Q4 economygrew by 1.4% in the final quarter of 2022 with hopes high for a tourism-led recovery.
Southeast Asia’s second-largest economy grew slower than expected in the fourth quarter of 2022 as exports and manufacturing declined. The much-anticipated rebound in tourism will continue to boost the recovery this year as global demand for manufactured goods declines.
On a quarterly basis, GDP contracted by a seasonally-adjusted 1.5% in Q4, ending starry-eyed expectations of a 0.5% rise, data from the National Economic and Social Development Council (NESDC) showed on Friday.
Service driven exports
Export items with decreased value included machinery, chemicals and vehicle parts.
On the expenditure side, Thailand’s Q4 economy was mainly driven by the export of services, expansion of private consumption, and public investment. Nonetheless, the export of goods and…
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