Thailand's economy contracted 9.7% quarter-on-quarter in the three months to June 2020, compared with market estimates of an 11.4% decline and after a revised 2.5% decrease in the prior quarter. It was the third straight quarter of contraction and the steepest on record, amid the severe impact of the coronavirus outbreak. Household consumption slumped (-7.6% vs -0.1% in Q1), with fixed investment falling for the third consecutive quarter (-2.2% vs -5.6%). In addition, net external demand contributed negatively, as exports (-22% vs -6%) dropped more than imports (-21.2% vs 3.7%). At the same time, government spending grew for the first time in three quarters (2.9% vs -0.2%). On the production side, nonagricultural output collapsed (-11% vs -2.9%), due to plunges in both the industrial sector (-11.4% vs -1.3%) and services (-10.7% vs -3.6%); while agricultural activity bounced back (5.2% vs -2.9%).
GDP Growth Rate in Thailand averaged 0.79 percent from 1993 until 2020, reaching an all time high of 9.40 percent in the first quarter of 2012 and a record low of -9.70 percent in the second quarter of 2020. This page provides - Thailand GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Thailand GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2020. source: Nesdb, Thailand
GDP Growth Rate in Thailand is expected to be 1.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Thailand to stand at 1.30 in 12 months time. In the long-term, the Thailand GDP Growth Rate is projected to trend around 1.50 percent in 2021, according to our econometric models.