RTTNews - Thailand's gross domestic product or GDP contracted a seasonally adjusted 1.9% sequentially in the first quarter, following a 6.1% drop in the fourth quarter, a report from the Office of the National Economic and Social Development Board showed Monday. Economists expected the GDP to decline only 1.7%. This was the second consecutive quarterly decline in GDP.
Year-on-year, the GDP fell 7.1% in the first quarter compared to a revised 4.2% drop in the preceding quarter. Initially, the GDP was reported to have slipped 4.3% in the fourth quarter. Meanwhile, economists expected the GDP to decline only 6.5% in the first quarter.
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