Economic Growth in Thailand
Thailand's economy recorded an average growth rate of 1.9% in the decade to 2024, compared to the 4.9% average for ASEAN. In 2024, real GDP growth was 2.5%. For more GDP information, visit our dedicated page.
Thailand GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Thailand from 2014 to 2024.
Source: Macrobond.
Thailand GDP Data
2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|
Economic Growth (GDP, ann. var. %) | -6.1 | 1.6 | 2.6 | 2.0 | 2.5 |
GDP (USD bn) | 500 | 506 | 496 | 516 | 527 |
GDP (THB bn) | 15,649 | 16,185 | 17,382 | 17,959 | 18,586 |
Economic Growth (Nominal GDP, ann. var. %) | -7.3 | 3.4 | 7.4 | 3.3 | 3.5 |
GDP growth falls to one-year low in Q2
Economy loses steam but beats market expectations: GDP growth slowed to 2.8% year on year in the second quarter, down from 3.2% in the first quarter and marking the worst result since Q2 2024, due to a decelerating domestic demand. Still, the expansion was stronger than markets had expected, partly due to a resilient external sector. On a seasonally adjusted quarter-on-quarter basis, economic growth slowed to 0.6% in Q2, from the previous quarter's 0.7% increase.
Domestic demand eases in Q2: Domestic demand grew in Q2 at the slowest rate in a year, fueling the moderation in annual GDP growth. Household spending rose 2.1% year on year in Q2, down from a 2.5% expansion in Q1. Moreover, government consumption growth fell to 2.2% in Q2 (Q1: +3.4% yoy), while fixed investment growth picked up to 5.8% from a 4.7% increase in Q1. On the external front, exports of goods and services largely maintained Q1’s momentum—despite global trade uncertainty—and rose 12.2% on an annual basis in the second quarter, which was close to the first quarter's 12.3% expansion. An acceleration in goods exports, likely due to shipment frontloading ahead of U.S. tariff hikes, largely compensated for a sharp slowdown in services exports, reflecting a cooling tourism sector. Conversely, imports of goods and services growth sped up to 10.8% in Q2 (Q1: +2.1% yoy), marking the highest reading since Q4 2021.
Panelist insight: United Overseas Bank’s Enrico Tanuwidjaja and Sathit Talaengsatya said: “The composition of growth is set to pivot toward domestic engines—principally public investment and selective private demand—while external demand (goods exports and tourism) softens as front-loading fades and tariff headwinds intensify.” EIU analysts commented: “We expect Thailand’s GDP in the second half of the year to slow significantly to average below 1% year on year as a result of the tapering of front-loading activities. […] On the domestic demand front, the prolonged political wrangling and border conflicts with Cambodia will keep business and consumer confidence tepid, suppressing growth in investment and consumption.”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Thai GDP projections for the next ten years from a panel of 36 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Thai GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Thai GDP projections.
Want to get access to the full dataset of Thai GDP forecasts? Send an email to info@focus-economics.com.
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