Thailand GDP Q2 2022

Thailand

Thailand: GDP growth accelerates in the second quarter

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).

Private consumption growth accelerated to 6.9% from the previous quarter’s 3.5% increase. This increase was due to easing Covid-19 restrictions and government stimulus for spending. Meanwhile, government consumption growth slowed to 2.4% in Q2 (Q1: +7.2% yoy), primarily due to the reduction of in-kind transfers. Meanwhile fixed investment dropped, declining 1.0% in Q2, contrasting the 0.8% expansion in the previous quarter.

On the external front, growth in exports of goods and services decreased to 8.5% on an annual basis in the second quarter, which was below the first quarter's 12.1% expansion. Meanwhile, imports of goods and services growth accelerated to 9.1% in Q2 (Q1: +6.2% yoy).

On a seasonally-adjusted quarter-on-quarter basis, economic growth lost momentum, cooling to 0.7% in Q2, from the previous quarter's 1.2% increase.

Commenting on the short-term outlook, Enrico Tanuwidjaja, economist at UOB, stated:

“We are much more sanguine for growth momentum in the second half of the year (3Q and 4Q will likely grow circa the 4% region), which are driven by our assumptions of significantly higher inbound tourists that will likely propel domestic trade activities and further shore up domestic consumer confidence and spending.”

FocusEconomics Consensus Forecast panelists project GDP to grow 3.9% in 2022, which is down 0.1 percentage points from last month’s forecast, and expand 4.3% in 2023.


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Thailand GDP Q2  2022

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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