Thailand GDP

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Thailand: Economy posts weakest growth in five years in 2014 despite acceleration in Q4

February 16, 2015

In Q4 2014, GDP expanded 2.3% over the same period of the previous year. The figure marked a significant improvement over the 0.6% increase seen in the previous quarter. Q4’s expansion reflected an improvement in external demand, while domestic demand performed worse compared to the previous quarter. In the full year 2014, the economy grew 0.7%, which was a deterioration over 2013’s 2.9% expansion and marked the slowest increase in five years.

In Q4, private consumption rose 1.9% over the same period of the previous year, which was a slowdown over the 2.2% increase seen in the previous quarter. However, government consumption rose 5.5% in Q4 (Q3: +0.4% year-on-year) and growth in fixed investment accelerated from 2.9% in the third quarter to 3.2% in the fourth quarter.

On the external side of the economy, exports of goods and services rose 4.9% in Q4 (Q3: -3.8% yoy). Meanwhile, imports fell 0.3%, which represented a much softer contraction than the 1.1% decrease observed in the previous quarter. As a result, the external sector’s net contribution to overall economic growth swung from minus 2.3 percentage points in the third quarter to plus 3.7 percentage points in the fourth quarter.

On a quarter-on-quarter basis, GDP expanded 1.7% in seasonally-adjusted terms in Q4, which was an improvement over the 1.2% increase seen in the previous 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 Q4 2014

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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