Thailand GDP Annual Growth Rate1994-2021 Data | 2022-2023 Forecast | Calendar

Thailand's gross domestic product advanced by 7.5% yoy in Q2 of 2021, rebounding sharply from a 2.6% contraction in Q1, higher than market expectations of a 6.4% expansion. This was the first expansion in the economy in six quarters, and the strongest growth since Q4 2012, due to a low base effect last year when the pandemic first hit. Private consumption rebounded sharply (4.6% vs -0.3% in Q1), while net external demand contributed positively to GDP growth as both exports and imports grew 27.5% and 31.4%, respectively. Also, fixed investment expanded faster (8.1% vs 7.3%). Meanwhile, government spending continued to grow (1.1% vs 2.1%). On the production side, output expanded mostly for accommodation & food service activities (13.2% vs -35.5%), transportation & storage (11.6 vs -17.7%), manufacturing (16.8% vs 1.0%).For 2021, the NESDB revised its economic forecast to an expansion of 0.7%-1.2% from an increase of 1.5% - 2.5% projected in May.

Thailand's gross domestic product shrank by 2.6% yoy in Q1 of 2021, following a 4.2% contraction in Q4, better than market expectations of a 3.3% fall. This was the 5th straight quarter of contraction in the GDP, but the smallest decline since the Q1, as an improvement in both global demand and domestic activity. Private consumption dropped (-0.5% vs 0.9% in Q4 2020), while net external demand contributed negatively to GDP growth as exports fell 10.5%, while imports rose 1.7%. At the same time, fixed investment rebounded sharply (7.3% vs -2.5%), while government spending continued to grow (2.1% vs 2.2%). On the production side, output contracted mostly for accommodation & food service activities (-35.0% vs -35.2%), transportation & storage (-17.7 vs -21.1%). For 2021, the NESDB revised its economic forecast to an expansion of 1.5%-2.5% from an increase of 2.5%-3.5% projected in February.

Thailand's gross domestic product shrank by 4.2% yoy in Q4 of 2020, following a 6.4% contraction in Q3, better than market expectations of a 5.4% plunge. This was the 4th straight quarter of contraction in the GDP, but the smallest decline since the Q1, as an improvement in both global demand and domestic activity. Fixed investment continued to shrink (-2.5% vs -2.6%), while net external demand contributed negatively to GDP growth. At the same time, private consumption rebounded (0.9% vs -0.6% in Q3), while government spending continued to grow (1.9% vs 2.5%). On the production side, output contracted mostly for accommodation & food service activities (-35.2%), transportation & storage (-21.1%). Considering 2020 full year, the economy shrank by 6.1%, the steepest drop since the 1998 Asian financial crisis, reversing from a 2.3% growth in 2019. For 2021, the NESDB revised its economic forecast to an expansion of 2.5%-3.5% from an increase of 3.5%-4.5% projected in November.

Thailand's gross domestic product shrank by 6.4% yoy in the third quarter of 2020, following a downwardly revised 12.1% contraction in Q2. Figures came better than market expectations of an 8.6% plunge, as the government implemented a series of stimulus measures and coronavirus restrictions were eased. Both private consumption (-0.6% vs -6.8% in Q2) and fixed investment (-2.4% vs -8%) declined much less, while net external demand contributed negatively to GDP growth. Meanwhile, government spending expanded faster (3.4% vs 1.3%). On the production side, output contracted mostly for accommodation & food service activities (-39.6%), transportation & storage (-23.6%), administrative & support services activities (-20.6%) and manufacturing (-5.3%). Considering the first three quarters of the year, the economy shrank by 6.7%. For 2020, the NESDB revised its economic forecast to a contraction of 6% from a decline of 7.3%-7.8% projected in August.