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Thai GDP Growth Weakest Since 2014

Thailand economy grew at the slowest pace in more than four years in the first quarter largely on weaker foreign demand, data from the National Economic and Social Development Council showed on Tuesday.

Gross domestic product grew 2.8 percent year-on-year in the first quarter, after a 3.6 percent expansion logged in previous quarter. Economists had forecast a growth of 2.9 percent.

This was the weakest growth since the fourth quarter of 2014, when GDP gained 2.4 percent.

Quarter-on-quarter, the economy expanded 1 percent following a 0.9 percent rise in the fourth quarter.

Private final consumption expenditure rose 4.6 percent annually in the first quarter, after a 5.4 percent rise a quarter ago. General government final consumption expenditure grew 3.3 percent, rising from a 1.4 percent in the previous quarter.

Gross fixed capital formation advanced 3.2 percent, attributed to private investment with a rise of 4.4 percent and a 0.1 percent drop of public investment.

Exports and imports of goods and services decreased 4.9 percent and 0.2 percent respectively, versus an increase of 0.7 percent and 5.7 percent in the fourth quarter.

On the production side, agricultural sector rose 0.9 percent and the non-agricultural sector grew 3.0 percent.

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