PM: 2015 first quarter economy expands

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The Thai economy expanded in the first quarter of 2015 due an increased confidence from investors and tourists, according to the Prime Minister.

PM Gen Prayut Chan-o-cha said in a televised broadcast, citing the National Economic and Social Development Board’s report, that the Thai economy expanded by 3 percent in the first quarter of 2015 (January-March) due to an increase in private consumption, investment from the government, and expansion in the tourism sector.

He said that this is a positive effect from government spending, and the confidence in the private and public sector from orderliness and security, from the nation’s return to normality.

The employment figure in April 2015 is at 37.5 million people, which is a 0.5 percent increase from the same period of last year.

The Prime Minister also said that there are still some structural issues to be solved for exporting goods that have been affected from competing countries who are also facing economic issues, and the low agricultural produce value that contributed to only 8 percent of the whole Gross Domestic Product.