Thailand's 1Q13 GDP hit 5.3%

As economy shrank 2.2%.

According to DBS, 1Q GDP reached 5.3% YoY, significantly below consensus expectation of a 6.0% expansion. In sequential terms, the economy contracted by 2.2% QoQ sa.

Some moderation after the breakneck speed of growth in 4Q is inevitable as government spending moderates compared to early 2012.

Here's more from DBS:

Moreover, external demand has proven to be lackluster in the first two months of the year and this has translated into weak goods export numbers.

Maintaining the momentum of the domestic economy will be critical in the coming quarters in order for Thailand to reach our forecasted 5.0% GDP growth rate for 2013.

Timely execution of the government’s infrastructure plan in 2H13 will also be needed to provide the boost to GDP growth.

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