Economic Growth in Thailand
Thailand's economy recorded an average growth rate of 1.9% in the decade to 2022, below the 4.4% average for the Asia-Pacific region. In 2022, real GDP growth was 2.6%. 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 2023.
Source: Macrobond.
Thailand GDP Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Economic Growth (GDP, ann. var. %) | 2.1 | -6.1 | 1.6 | 2.5 | 1.9 |
GDP (USD bn) | 544 | 500 | 506 | 496 | 515 |
GDP (THB bn) | 16,887 | 15,649 | 16,187 | 17,383 | 17,925 |
Economic Growth (Nominal GDP, ann. var. %) | 3.2 | -7.3 | 3.4 | 7.4 | 3.1 |
GDP growth ebbs in the first quarter
GDP growth moderated to 1.5% year on year in the first quarter, from 1.7% in the fourth quarter of last year. On a seasonally-adjusted quarter-on-quarter basis, GDP bounced back, growing 1.1% in Q1, contrasting the previous period's 0.4% decrease. Q1's reading marked the best result since Q1 2023.
The downturn was driven by weakening private consumption, fixed investment and exports. Household spending growth fell to 6.9% in Q1, marking the weakest expansion since Q1 2023 (Q4 2023: +7.4% yoy). Moreover, fixed investment contracted 4.2% in Q1, marking the worst reading since Q2 2020 (Q4 2023: -0.4% yoy). Meanwhile, public spending fell at a slower rate of 2.1% in Q1 (Q4 2023: -3.0% yoy). On the external front, exports of goods and services increased 2.5% on an annual basis in the first quarter, which was below the fourth quarter's 4.9% expansion. Conversely, imports of goods and services growth picked up to 5.3% in Q1 (Q4 2023: +3.9% yoy).
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.
Latest Global GDP News
-
GDP declined 0.2% on a seasonally adjusted quarter on quarter basis in the second quarter, contrasting the 1.3% expansion logged...
-
China: GDP growth records slowest increase since Q1 2023 in the second quarter
GDP growth slowed to 4.7% on a year-on-year basis in the second quarter, down from 5.3% in the first quarter... -
Singapore: GDP growth loses steam in the second quarter
According to a preliminary estimate, GDP growth ticked down slightly to 2.9% year on year in the second quarter, from... -
Guatemala: GDP growth accelerates in the first quarter
The economy started the year on a stronger footing, with GDP expanding 3.3% year on year in the first quarter... -
United Kingdom: Economic activity gains steam in May
GDP increased 0.4% in month-on-month seasonally adjusted terms in May, which followed April’s flat reading and was double market expectations.... -
Kenya: GDP growth remains largely stable in Q1
In the first quarter of 2024, the economy posted a robust expansion of 5.0% year on year, largely stable from... -
Angola: GDP growth records quickest upturn in nine years in Q1
The economy surged in the first quarter, expanding 4.6% year on year, which more than doubled Q4 2023’s upwardly revised...