Thai Q1 GDP falls 1.8%, sharpest contraction in 8 years

BANGKOK (REUTERS) – Thailand’s economy contracted at its sharpest pace in eight years in the first quarter, but by less than expected, as the coronavirus outbreak hit tourism and domestic demand.

South-east Asia’s second-largest economy shrank 1.8 per cent in the January-March quarter from a year earlier, data showed on Monday (May 18), versus a 4.0 per cent decline forecast in a Reuters poll. The economy grew a downwardly revised 1.5 per cent in the December quarter.

On a quarterly basis, the economy shrank a seasonally adjusted 2.2 per cent in the March quarter, the National Economic and Social Development Council said, smaller than the forecast 4.5 per cent contraction projected by economists.

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