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Thailand: Economy accelerates in Q3

November 16, 2015

In Q3, GDP expanded 2.9% over the same period last year. The figure marked a slight acceleration over the 2.8% increase seen in the second quarter. Q3’s expansion reflected an improvement in external demand, while the domestic sector deteriorated over the previous quarter.

In the third quarter, private consumption grew 1.7% over the same quarter last year, which was an improvement over the 1.6% increase seen in the second quarter. Conversely, fixed investment swung from a 2.7% expansion in the second quarter to a 1.2% contraction in the third quarter. In addition, government consumption expanded 1.0% in the third quarter, which was a slowdown over the 3.8% rise seen in the previous quarter and the slowest increase in a year.

On the external side of the economy, exports of goods and services rose 1.8% in Q3, which was up from the 1.0% increase seen in Q2. However, imports of goods and services deteriorated from a 0.4% drop in Q2 to a 2.4% decrease in Q3. The external sector’s net contribution to overall economic growth improved from 1.0 percentage points in Q2 to 3.2 percentage points in Q3.

On a quarter-on-quarter basis, GDP expanded 1.0% in seasonally-adjusted terms in Q3, which was an improvement over the 0.4% increase seen in the second quarter.

The FocusEconomics panel forecasts the economy to grow 2.6% in 2015, which is unchanged from last month’s estimate. For 2016, the panel projects the economy to expand 3.3%, which is also unchanged from last month’s estimate.


Author:, Senior Economist

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Thailand GDP Q3 2015

Note: Year-on-year changes of GDP in %
Source: Office of National Economic and Social Development Board (NESDB) and FocusEconomics Consensus Forecast.


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