Thailand Economic Outlook
June 21, 2022GDP growth accelerated in annual terms in the first quarter, supported by recovering tourist numbers due to the relaxation of Covid-19 restrictions. Activity is seemingly continuing to expand at a healthy rate in the second quarter. In April, annual private consumption growth strengthened from the previous month. Moreover, in April-May the manufacturing PMI remained in expansionary territory, while the Central Bank stated that economic activity improved in May amid receding concerns about the pandemic and easing restrictions. That said, in April the current account registered the widest deficit in nine years due to a notable slowdown in export growth, likely prompted by China’s lockdowns. Meanwhile, parliament passed the first reading of the USD 93 billion draft budget for 2023, which plans for a USD 20 billion deficit and an expansionary fiscal stance to support the post-Covid-19 economic recovery.
Thailand Economic GrowthThe economy should expand at a faster pace this year, as the further easing of Covid-19 restrictions and the reopening of borders boost the important tourism industry and consumer spending. The latter will also benefit from accumulated savings and a supportive fiscal stance. High commodity prices and China’s Covid-19 policy pose downside risks to the outlook. The FocusEconomics panel sees the economy expanding 3.5% in 2022, which is unchanged from last month’s projections, before growing 4.3% in 2023.
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Thailand Economic News
September 16, 2022
Manufacturing output grew 0.5% month-on-month in seasonally-adjusted terms in July (June: +2.1% mom).
September 16, 2022
Merchandise exports expanded 4.3% annually in July, on the heels of June’s 12.0% rise.
September 8, 2022
Inflation came in at 7.9% in August, which was up from July’s 7.6%.
September 6, 2022
Consumer prices rose 0.05% from the previous month in August, contrasting the 0.16% drop seen in July.
August 22, 2022
Growth sped up in the second quarter, with GDP increasing 2.5% on an annual basis (Q1: +2.3% year on year).