Growth forecast maintained at 3.7%: Finance Ministry

The forecast was maintained though consumer and industrial confidence kept falling in April. 

Krisda Chinavicharana, director-general of the Fiscal Policy Office, said at the press conference that the growth forecast is achievable under the assumption that public spending and investment would expand as much as expected. 

While the tourism prospect should remain bright, the export sector should pick up in May as the contraction rate slowed in April. The office expected the Thai export growth at 0.2 per cent for 2015. 

Bank of Thailand Governor Prasarn Trairatvorakul said Thai exports should partly benefit from the weakening baht but the situation depends largely on major trade partners' economic condition. 

According to the Fiscal Policy Office, consumption-based value-added tax collection in April expanded by 12.8 per cent, indicating growth in private consumption. Yet, consumer confidence in the overall economy remained low, falling for four months in a row to 66 points, due mainly to slow economic recovery, export contraction and low agricultural prices. 

Private investment further slowed down, reflected through the 3.3 per cent year-on-year drop in cement sale in the month. Industrial confidence also declined for fourth month in the row to 86.2 points, the lowest since October 2014.