Thailand's economy expanded 0.6 percent quarter-on-quarter in the three months to June 2019, slowing from a 1 percent growth in the previous period and missing market expectations of a 0.7 percent advance. This marked the lowest quarterly growth rate since a 0.2 percent contraction in the September quarter 2018, as private consumption growth was nearly steady, while there was a decline in both government spending and gross fixed capital formation. GDP Growth Rate in Thailand averaged 0.94 percent from 1993 until 2019, reaching an all time high of 9.40 percent in the first quarter of 2012 and a record low of -6.30 percent in the fourth quarter of 2011.

GDP Growth Rate in Thailand is expected to be 0.90 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 0.70 in 12 months time. In the long-term, the Thailand GDP Growth Rate is projected to trend around 0.80 percent in 2020, according to our econometric models.

Thailand GDP Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-11-19 02:30 AM GDP Growth Rate QoQ Q3 0.0% 0.9% 0.6% 0.8%
2019-02-18 02:30 AM GDP Growth Rate QoQ Q4 0.80% -0.3% 0.6% 0.8%
2019-05-21 02:30 AM GDP Growth Rate QoQ Q1 1.0% 0.9% 1.4% 0.9%
2019-08-19 02:30 AM GDP Growth Rate QoQ Q2 0.6% 1.0% 0.7% 1%
2019-11-18 02:30 AM GDP Growth Rate QoQ Q3 0.6% 0.9%



Thailand Quarterly GDP Growth Weakest in 3 Quarters

Thailand's economy expanded 0.6 percent quarter-on-quarter in the three months to June 2019, slowing from a 1 percent growth in the previous period and missing market expectations of a 0.7 percent advance. This marked the lowest quarterly growth rate since a 0.2 percent contraction in the September quarter 2018, as private consumption growth was nearly steady, while there was a decline in both government spending and gross fixed capital formation.

On the expenditure side, private consumption rose by 0.9 percent in the second quarter, little-changed from a 1 percent increase in the prior quarter. At the same time, government spending  declined by 1.3 percent, the first quarterly decrease in three quarters, following a 1.7 percent growth in Q1. Also, gross fixed capital formation dropped 0.7 percent, the first quarterly fall in two years, after a 0.7 percent gain in Q1. Meanwhile, net external demand contributed positively to growth, as exports of goods and services rose 1.5 percent (from -4.1 percent in Q1), while imports contracted further -1.0 percent (from -2.3 percent in Q1).

On the production side, growth in the agriculture sector eased sharply (4.4 percent vs 11.9 percent in Q1), while non-agriculture rebounded (0.3 percent vs -0.2 percent). Within non-agriculture, there was an upturn  in both industrial sub-sector (0.4 percent vs -1.7 percent in Q1) and mining and quarrying (7.2 percent vs -2 percent), and a faster rise in electricity, gas, steam and airconditioning supply (2.1 percent vs 0.8 percent), while both manufacturing (-0.5 percent vs -1.7 percent) and water supply, sewerage, waste management and remediation activities (-0.1 percent vs -2.5 percent) decining less. At the same time, the service sector grew at a softer pace (0.2 percent vs 0.8 percent), mainly led by construction (0.4 percent vs 1.4 percent); health and social work (0.5 percent vs 1 percent); arts, entertainment and recreation (0.9 percent vs 1 percent), while output fell for transport & storage (-0.1 percent vs 0.1 percent); accommodation & food services (-0.6 percent vs 1.6 percent); real estate (-0.7 percent vs 1 percent); public administration and defence (-0.4 percent vs 1.4 percent), and education (-0.5 percent vs 1.8 percent).

Meantime, amid weakening global demand and ongoing trade conflict between US and China, the government revised down 2019 GDP growth forecast to a range of 2.7 to 3.2 percent from an earlier projections of 3.3 to 3.8 percent. It also saw 2019 exports to contract 1.2 percent, instead of 2.2 percent growth previously estimated.


NESDB l Rida Husna | rida@tradingeconomics.com
8/19/2019 9:12:23 AM



Thailand GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.60 1.00 9.40 -6.30 percent [+]
GDP Annual Growth Rate 2.30 2.80 15.50 -12.50 percent [+]
GDP 504.99 455.28 504.99 2.76 USD Billion [+]
GDP Constant Prices 2731179.00 2715195.00 2731179.00 1043939.00 THB Million [+]
Gross National Product 2729568.00 2862899.00 2862899.00 1042725.00 THB Billion [+]
Gross Fixed Capital Formation 648147.00 652516.00 713853.00 258609.00 THB Million [+]
GDP per capita 6361.60 6128.70 6361.60 570.90 USD [+]
GDP per capita PPP 16904.70 16285.60 16904.70 6653.30 USD [+]
GDP From Agriculture 178581.00 170985.00 178581.00 68261.00 THB Million [+]
GDP From Construction 74313.00 74038.00 103693.00 36619.00 THB Million [+]
GDP From Manufacturing 718654.00 722066.00 734841.00 267937.00 THB Million [+]
GDP From Mining 61887.00 57705.00 63806.00 20063.00 THB Million [+]
GDP From Public Administration 130268.00 130818.00 130818.00 41767.00 THB Million [+]
GDP From Transport 182985.00 183201.00 183201.00 57373.00 THB Million [+]
GDP From Utilities 92108.00 90500.00 92108.00 22477.00 THB Million [+]


Thailand GDP Growth Rate

Thailand is an export oriented emerging economy. As a result, manufacturing is the most important sector and accounts for 34 percent of GDP. Services constitute around 44 percent of GDP. Within services, the most important are wholesale and retail trade (13 percent of GDP); transport, storage and communication (7 percent of GDP); hotels and restaurants (5 percent of GDP) and public administration, defense and social security (4.5 percent of GDP). Agriculture also makes a significant contribution - around 13 percent of GDP. This page provides - Thailand GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Thailand GDP Growth Rate - actual data, historical chart and calendar of releases - was last updated on October of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.60 1.00 9.40 -6.30 1993 - 2019 percent Quarterly




Country Last Previous
Indonesia 4.20 Jun/19
South Africa 3.10 Jun/19
United States 2.00 Jun/19
China 1.50 Sep/19
Turkey 1.20 Jun/19
India 1.00 Jun/19
South Korea 1.00 Jun/19
Canada 0.90 Jun/19
Singapore 0.60 Sep/19
Australia 0.50 Jun/19
Brazil 0.40 Jun/19
Netherlands 0.40 Jun/19
Spain 0.40 Jun/19
France 0.30 Jun/19
Japan 0.30 Jun/19
Switzerland 0.30 Jun/19
Euro Area 0.20 Jun/19
Russia 0.20 Jun/19
Italy 0.00 Jun/19
Mexico 0.00 Jun/19
Germany -0.10 Jun/19
United Kingdom -0.20 Jun/19
Argentina -0.30 Jun/19
Saudi Arabia -1.30 Mar/19


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