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Thailand: Economy decelerates in Q2

August 17, 2015

In Q2, GDP expanded 2.8% over the same period last year. The figure marked a slight deceleration over the 3.0% increase seen in the first quarter. Q2’s expansion reflected a deceleration in domestic demand, while the external sector improved over the previous quarter.

In Q2, private consumption grew 1.5% over the same quarter last year, which was a deceleration over the 2.4% increase seen in the first quarter. In addition, growth in fixed investment dropped significantly from 10.7% in Q1 to 2.5% in Q2. Conversely, government consumption expanded 4.6% in the second quarter, which marked an improvement over the 3.3% rise seen in the previous quarter and the fastest increase since Q3 2013.

On the external side of the economy, exports of goods and services rose 1.0% in Q2, thus matching Q1’s expansion. However, imports of goods and services swung from a 2.3% expansion in Q1 to a 0.3% contraction in Q2. As a result of the contraction in imports, the external sector’s net contribution to overall economic growth rebounded from minus 0.8 percentage points in Q1 to plus 1.0 percentage points in Q2.

On a quarter-on-quarter basis, GDP expanded 0.4% in seasonally-adjusted terms in Q2, which was a slight improvement over the 0.3% increase seen in the first quarter.

The Central Bank expects the economy to expand 4.0% in 2015. FocusEconomics panelists expect the economy to grow 3.9% in 2015, which is down 0.1 percentage points over last month’s estimate. The panel projects that the economy will grow 4.1% in 2016.


Author:, Senior Economist

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Thailand GDP Q2 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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