crop field under rainbow and cloudy skies at dayime

Thailand’s Agricultural GDP in Q1/2023 Grew 5.5%, Expected to Grow 2-3% Throughout the Year

The Office of Agricultural Economics (Agricultural Economics Office), Ministry of Agriculture and Cooperatives of Thailand has reported that the agricultural economy in the first quarter of 2023 (Jan. – Mar. 23) grew by 5.5% compared to the same period in 2022, with a value of more than 1.82 billion baht. The growth is attributed to the amount of rain accumulated over the past year, which resulted in sufficient water in the reservoir and natural water sources for cultivation and animal husbandry.

The good condition of many types of agriculture, coupled with continuous incentivization of farmers to expand planting areas and increase production, have contributed to the increase in agricultural GDP. The GDP for the whole year is expected to grow by 2-3%, worth around 700 billion baht.

The secretary-general of NESDB revealed that factors contributing to the increase in agricultural GDP were good weather conditions and a sufficient amount of water for cultivation. Good product prices incentivize farmers to increase production capacity. Additionally, the economic recovery of China and Japan as export markets, and the implementation of BCG policies that help productivity levels have also played a significant role.

Moreover, the demand for agricultural products is increasing both domestically and internationally due to the recovery of manufacturing, trade, and tourism activities. This is an important part of the reason why agricultural production has improved.

The growth in Thailand’s agricultural GDP is a positive sign for the country’s economy, which has been affected by the COVID-19 pandemic. It also indicates that Thailand’s agricultural sector is resilient and can adapt to changing conditions. The government’s efforts to support the sector and promote sustainable agricultural practices are expected to continue in the coming years.

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