In the third quarter, GDP expanded 3.0% over the same period last year, which was virtually in line with market expectations of 3.1% growth but marked a slowdown compared to the revised 4.4% increase tallied in the second quarter (previously reported: +4.2% year-on-year). Total consumption expanded a strong 6.5% annually in Q3 (Q2: +5.6% yoy), buttressed by healthy growth in both private and government consumption, which increased 6.0% and 9.0% respectively. In addition, gross fixed investment accelerated from a 10.2% increase in the second quarter to a 15.5% expansion in the June-September period. That said, a massive destocking process caused total investment to fall, which, in turn, dragged domestic demand down in the third quarter. On the external side of the economy, exports of goods and services dropped into negative territory and contracted 2.8% in Q3, contrasting the revised 1.1% increase recorded in Q2 (previously reported: +0.9% year-on-year). Meanwhile, imports contracted 1.8% in Q3 contrasting the 8.6% expansion observed in Q2 and marking, in fact, the slowest growth rate recorded since Q4 2009. As a result, the net contribution from the external sector to overall economic growth improved significantly from minus 4.3 percentage points in the second quarter to minus 1.1 percentage points in Q3. On a quarter-on-quarter basis, GDP grew 1.2% in seasonally adjusted terms in the third quarter, which was below the revised 2.8% expansion observed in the previous period (previously reported: +3.3% year-on-year).
Economic growth slower in Q3
November 19, 2012
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Thailand GDP Chart
Note: Year-on-year changes of GDP in %.
Source: Office of the National Economic and Social Development Board (NESDB) and FocusEconomics Consensus Forecast.
Thailand Economic News
October 17, 2016
On 13 October, Thailand’s beloved King Bhumibol Adulyadej died after a 70-year reign and his successor, Crown Prince Maha Vajiralongkorn, has declared his wish to wait until he ascends the throne.
October 4, 2016
In September, consumer prices inched up 0.04% from the previous month, which contrasted the 0.04% decrease observed in August and overshot market expectations of a 0.1% increase.
September 30, 2016
In August, the trade balance recorded a USD 2.1 billion surplus, which was above the USD 0.7 billion surplus observed in the same month of the previous year and was also higher than the USD 0.8 billion surplus registered in July.
September 30, 2016
In August, manufacturing production increased 3.1% over the same month last year, which was a sharp upswing from the 5.0% contraction seen in July and marked the highest reading in over three years.
September 14, 2016
At its 14 September monetary policy meeting, the Bank of Thailand (BoT) decided unanimously to keep the one-day repurchase rate at 1.50% as the markets had expected. In its press release, the Bank commented that the Thai economy had accelerated in the second quarter on the back of strong private consumption and resilient public expenditure.