Thailand Economic Growth Stable at 1.3% QoQ
The Thailand economy grew by 1.3 percent quarter-on-quarter in the second quarter of 2017, the same as in the prior quarter and above market estimates of a 1 percent growth. Quarterly growth remained at its fastest since the December quarter 2012, mainly supported by the agricultural and major service sectors and a recovery in manufacturing.
In the June quarter, private consumption expanded 1.1 percent, slower than a 1.3 percent increase in the March quarter. Meanwhile, government spending contracted further (-0.9 percent from -0.4 percent in Q1). Gross fixed capital formation moved into contraction (-2.8 percent from 0.3 percent). Exports of goods and services moderated (1.2 percent from 3.8 percent) and imports of goods and services went up more (2.6 percent from 1.1 percent).
On the production side, all sectors rose: the agriculture sector grew the most at 9.5 percent (from 3.5 percent in Q1), while manufacturing (+0.7 percent from -0.7 percent) and financial intermediation (1.9 percent from -0.5 percent) rebounded while wholesale and retail trade moderated (1.1 percent from 1.4 percent).
Year-on-year, the country's GDP expanded 3.7 percent from a year earlier in the June quarter 2017, compared to a 3.3 percent growth in the first quarter 2017 and above market expectations of a 3.2 percent expansion. It was the strongest expansion in 4 years.
8/21/2017 9:20:12 AM