On the expenditure side, private consumption rose 2.4 percent year-on-year, accelerating from a 2.1 percent growth in the previous quarter, as purchasing power of households increased. Gross fixed capital formation expanded by 10.7 percent, surging from a 3.2 percent growth in the December quarter, mainly due to a 37.8 percent expansion in public investment, both in construction and machinery. Private investment grew by 3.6 percent, moderating from a 4.1 percent in the preceding quarter. General government consumption rose by 2.5 percent, slowing from a 3.6 percent expansion in the last quarter of 2014 as an increase in purchases of goods and services (+14.7 percent) and fixed capital consumption (+5.3 percent) were unable to offset a decline in compensation of employees (-1.5 percent). Exports of goods and services grew 1.0 percent, slowing from a 4.9 percent growth in the preceding quarter, while imports increased by 2.3 percent.
On the production side, the non-agricultural sector expanded by 4.1 percent, as compared to a 3.1 percent growth in the December quarter. In contrast, the agricultural sector declined by 4.8 percent, compared to a 3.2 percent fall in the preceding quarter, as yield of major crops fall. The growth of non-agriculture were seen for: the construction sector (+25.4 percent from +1.3 percent in Q4); hotels and restaurants (+13.5 percent from +3.3 percent); financial intermediation (+9.6 percent from +7.0 percent); electricity, gas and water supply (+3.8 percent from +8.6 percent); manufacturing (+2.3 percent from +1.4 percent); wholesale and retail trade, transport, storage and communication (+7.1 percent from +5.7 percent); repair of vehicles and personal household goods (+3.9 percent from +2.8 percent) and real estate (+2.8 percent from +2.6 percent). A decline in the agricultural sector was mainly contibuted by a 5.3 percent fall in agriculture, hunting and forestry.
On a quarter-over-quarter seasonally adjusted basis, the GDP increased 0.3 percent, significantly slowing from a revised 1.1 percent expansion in the previous period.
The Thailand government's economic-planning agency, NESDB, slashed its 2015 GDP growth estimate to a range of 3.0 to 4.0 percent from an earlier 3.5 to 4.5 percent. NESDB also lowered its export-value growth target to 0.2 percent from its previous estimate of 3.5 percent, mainly due to weak global economy and low agricultural prices.