Bangkok Q1 2022
The outbreak crisis and Russia’s war in Ukraine
challenged Bangkok’s property market in Q1
• According to the National Economic and Social
Development Council (NESDC), the Thai economy in
2021 grew by 1.6 per cent, recovering from a decline
of 6.2 per cent in 2020. The Thai GDP in Q4 increased
by 1.9 per cent, accelerated by the higher domestic and
external demand for goods and services, including the
relaxation of measures to control the spread of Covid-19
and various measures to stimulate the economy.
• Private final consumption expenditure rose by 0.3
per cent, improving from a 3.2 per cent decrease in
Q3 2021. There was an increase of 3.7 per cent in
spending on food and non-food items. Spending
on durable, semi-durable, and net service items
decreased by a corresponding 5.3 per cent, 0.8 per
cent, and 1.7 per cent, which was an improvement
from a decrease of 13.9 per cent, 6.5 per cent, and 5.4
per cent in Q3 2021.
• Government final consumption expenditure increased
by 8.1 per cent, accelerating from a 1.5 per cent
expansion in Q3. The growth resulted from the
compensation of employees, with a 0.4 per cent rise.
Social transfers in kind increased by 38.5 per cent
whereas the purchase of goods and services rose by
11.4 per cent.
• Private investment decreased by 0.9 per cent,
compared to an increase of 2.6 per cent in Q3 2021.
The decrease stemmed from a 0.9 per cent fall in both
private construction and private machinery.
• Public investment increased by 1.7 per cent,
improving from a decrease of 6.2 per cent in Q3.
The improvement was attributed to a rise in the
• Exports of goods and services increased by 17.7 per
cent, expanding from an increase of 12.3 per cent in Q3.
• Driven by higher oil prices, the consumer price index
(CPI) rose by 2.4 per cent, improving from a 0.7 per
cent increase in Q3.
• The NESDC projected the Thai economy in 2022 to
grow in the range of 3.5-4.5 per cent. Key factors
that will drive economic growth in 2022 include 1)
the growth in domestic demand, 2) the recovery of
domestic tourism, 3) the continual expansion of export
of goods, and 4) the support from public investment.
• The NESDC anticipated the export value of goods in
US dollar terms to expand by 4.9 per cent, private
consumption expenditure and private investment to
increase by 4.5 per cent and 3.8 per cent, respectively,
in 2022. Public investment is projected to increase by
4.6 per cent. Headline inflation is estimated to be in
the range of 1.5-2.5 per cent.
• The Finance Ministry has approved TH34.8 billion for
the fourth phase of the co-payment subsidy scheme,
effective from 1 February to 30 April 2022.
• The Tourism Authority of Thailand (TAT) might lower
the tourism industry’s revenue and arrivals this year,
stemming from the surging oil prices and inflation
caused by the Russia-Ukraine conflict.