A beach town in Thailand

Thailand GDP Q2 2022

Thailand: GDP growth accelerates in the second quarter

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.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest