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).
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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.