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Thailand Private consumption

Thailand Private consumption

Private Consumption in Thailand

The Thai economy recorded average private consumption growth of 2.5% in the decade to 2022, with private consumption growth reaching 6.3% in 2022. For more private consumption information, visit our dedicated page.

Thailand Private consumption Chart

Note: This chart displays Private Consumption (annual variation in %) for Thailand from 2014 to 2023.
Source: Macrobond.

Thailand Private consumption Data

2019 2020 2021 2022 2023
Private Consumption (ann. var. %) 4.0 -0.8 0.6 6.2 7.1

Nomura analysts commented on the outlook: “We do not expect the strong growth in private consumption to be sustained in the following quarters amid the continued drop in average monthly wage growth […] Furthermore, the tightening in credit conditions should weigh on big-ticket consumption such as car sales, while the catch-up in FY24 budget disbursement should be constrained by the significant delay in the budget enactment.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Thai private consumption projections for the next ten years from a panel of 21 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 private consumption forecast available for Thai private consumption.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Thai private consumption projections.

Want to get access to the full dataset of Thai private consumption forecasts? Send an email to info@focus-economics.com.

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