Thailand Economy Expands 1% QoQ in Q3
The Thailand economy grew by 1 percent quarter-on-quarter in the third quarter of 2017, slower than an upwardly revised 1.4 percent expansion in the prior quarter but beating markets expectations of 0.75 percent growth. It was the weakest expansion in three quarters, as private consumption growth slowed markedly and government spending and investment continued to fall.
In the September quarter, private consumption expanded only 0.3 percent, much slower than a 1 percent increase in the June quarter. Also, government spending (-4.1 percent from -1.3 percent) and fixed capital formation (-0.8 percent from -2.7 percent) continued to decline. On the positive note, exports of goods and services went up 2 percent (from 1.3 percent) while imports of goods and services rose less (0.2 percent from 2.2 percent).
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On the production side, financial intermediation grew only 0.8 percent (1.9 percent in Q2) and agriculture shrank by 4.7 percent (from 10.4 percent in Q2). Meanwhile, faset expansion was recorded for manufacturing (3 percent from 1 percent) and wholesale and retail trade (1.7 percent from 1.2 percent).
Year-on-year, the country's GDP expanded 4.3 percent from a year earlier in the September quarter 2017, compared to an upwardly revised 3.8 percent growth in the second quarter 2017 and matching market expectations. It was the strongest expansion since the first quarter 2013.