Thailand's economy in January improved from the previous month, driven by tourism and consumption, the central bank reported on Friday.
Government measures such as a week-long public transport fare exemption and consumer tax campaign increased consumption, it said, with auto production showing signs of improvement.
Southeast Asia's second-largest economy recorded a current account surplus of US$2.7 billion in January with exports rising 12.9% from the same period last year, the Bank of Thailand (BoT) said, and that imports also rose 7.5% on a yearly basis.
However, exports and industrial good production were still under pressure from structural issues, it said. On Wednesday, the BoT unexpectedly cut the key interest rate by 25 basis points to 2.00% at its first meeting this year, a move it said was a response to a weaker growth outlook and increased risks posed by global trade policy uncertainty.
It followed repeated government calls for further easing to help lift the flagging economy.
The central bank now expects growth to be slightly higher than 2.5% this year, down from 2.9% projected earlier. This week's rate cut follows a hold in December and a quarter-point cut in October.
The next monetary policy review is on April 30.
"We have to closely follow employment in the construction sector and automotive industry," assistant governor Chayawadee Chai-anant told a press conference on Friday. Thailand's economy expanded 2.5% last year, less than expected, and lagging regional peers.
Finance Minister Pichai Chunhavajira has said he expects growth of between 3% and 3.5% this year, driven by stimulus measures and strong foreign investment. The government has said it will implement the third phase of its signature 450 billion baht ($13.27 billion) stimulus scheme in the second quarter of 2025.
