GDP in Thailand
Thailand - GDP (billions of U.S. Dollars)
Thai economy posts stellar growth in Q3, again beating expectations
Economic growth again stepped up in the third quarter, expanding a robust 4.3% year-on-year, the quickest acceleration since Q1 2013. The print was chiefly supported by the external sector, which has had a stellar year to date, and a robust agricultural sector; the pace of growth in the latter eased, however, from the previous quarter. The result came in above the second quarter’s revised 3.8% yoy increase (previously reported: +3.7% year-on-year) and market expectations of a softer 3.8% growth rate.
Domestically, private consumption grew a tad faster in the third quarter and was supported by low inflation and interest rates coupled with increased wages (Q3: +3.1% yoy; Q2: +3.0% yoy). Government expenditure also increased at a slightly quicker pace on the back of the government’s efforts to stimulate economic growth and attract private investment (Q3: +2.8% yoy; Q2: +2.6% yoy, previously reported: +2.7% yoy). Fixed investment growth accelerated from a weak showing in the previous quarter (Q3: +1.2% yoy; Q2: +0.4% yoy). This was mainly due to a slower contraction in public investment, as growth in private investment slowed.
The external sector has been performing robustly for most of the year to date. In the third quarter, exports grew 7.4% in Q3, up from a solid 6.0% increase in the previous quarter. The rate of expansion in Q3 was the fastest since Q4 2012. Growth in imports, on the other hand, slowed from a robust 8.2% yoy in Q2 to a more moderate 6.7% yoy in Q3, which might indicate a continuation of lackluster domestic demand. As a result, the external sector’s net contribution to economic growth improved.
Looking ahead, the second-largest economy in ASEAN is expected to grow healthily through year-end and next year. A booming external sector and a recovery in the domestic economy on the back of fiscal stimulus and accommodative monetary policy should buttress growth. With elections set for next year, political risks cloud the horizon, however. Moreover, high household debt is weighing on private consumption and could drag on growth prospects. A slowdown in major trading partners’ economies, rising protectionism and a strong baht could dent the external sector.
The FocusEconomics panel forecasts that the economy will grow 3.5% in 2018, which is unchanged from last month’s estimate. For 2019, the panel projects that the economy will expand 3.4%.
Thailand - GDP (USD bn) Data
|GDP (USD bn)||397||422||407||398||407|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||2.39||0.0 %||Nov 17|
|Exchange Rate||32.83||0.17 %||Nov 17|
|Stock Market||1,709||-1.41 %||Nov 17|
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November 20, 2017
Economic growth again stepped up in the third quarter, expanding a robust 4.3% year-on-year, the quickest acceleration since Q1 2013.
November 8, 2017
At its 8 November monetary policy meeting, the Bank of Thailand (BoT) unanimously voted to uphold the one-day repurchase rate at 1.50%, where it has been for over two years.
November 2, 2017
Consumer prices in Thailand increased 0.16% over the previous month in October, down from a 0.58% increase in September.
October 31, 2017
Manufacturing output increased 4.2% in annual terms in September, matching the previous month’s revised print (previously reported: +3.7% year-on-year) and overshooting market expectations of a more modest pace of growth.
Thailand: Export growth beats market expectations in September, despite ongoing worries over the strength of the currency
October 31, 2017
Thailand’s external sector recorded a USD 3.4 billion surplus in September, coming in ahead of the surplus registered in the same month a year ago.