Thailand's gross domestic product grew by 3.3 percent year-on-year in the third quarter of 2018, following a 4.6 percent expansion in the previous period and far below market consensus of 4.2 percent. It was the weakest growth rate since the fourth quarter 2016, as net external contributed negatively to growth while government spending, investment, and private consumption continued to rise at a solid pace. GDP Annual Growth Rate in Thailand averaged 3.72 percent from 1994 until 2018, reaching an all time high of 15.50 percent in the fourth quarter of 2012 and a record low of -12.50 percent in the second quarter of 1998.

GDP Annual Growth Rate in Thailand is expected to be 4.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Thailand to stand at 3.90 in 12 months time. In the long-term, the Thailand GDP Annual Growth Rate is projected to trend around 3.00 percent in 2020, according to our econometric models.

Thailand GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-02-19 02:30 AM GDP Growth Rate YoY 4% 4.3% 4.4% 4.4%
2018-05-21 02:30 AM GDP Growth Rate YoY 4.8% 4% 4% 4.1%
2018-08-20 02:30 AM GDP Growth Rate YoY 4.6% 4.9% 4.5% 4.7%
2018-11-19 02:30 AM GDP Growth Rate YoY 3.3% 4.6% 4.2% 4.3%
2019-02-19 02:30 AM Full Year GDP Growth
2019-02-19 02:30 AM GDP Growth Rate YoY 4.10%
2019-05-21 02:30 AM GDP Growth Rate YoY 3.80%



Thailand Q3 GDP Annual Growth Weakest in 7 Quarters


Thailand's gross domestic product grew by 3.3 percent year-on-year in the third quarter of 2018, following a 4.6 percent expansion in the previous period and far below market consensus of 4.2 percent. It was the weakest growth rate since the fourth quarter 2016, as net external demand contributed negatively to growth while government spending, investment, and private consumption continued to rise at a solid pace.

On the expenditure side, government spending went up 2.1 percent, compared with 2 percent in Q2, as purchases of goods and services increased 4.5 percent, consumption of fixed capital and social transfers of kind rose 2.3 percent and 14.5 percent, respectively while compensations of employees fell 0.4 percent.

Gross fixed capital formation advanced 3.9 percent, faster than 3.7 percent in Q2. Public investment rose 4.2 percent, as a result of state enterprise investment (9.9 percent) and private investment grew 3.9 percent, mainly due to a 3.4 percent expansion of investment on machinery. In addition, spending on private construction expanded 5.4 percent.
 
Also, private consumption increased 5 percent, compared to a 4.5 percent expansion in the prior quarter, mainly due to higher farm income. Durable spending, in particular spending on personal vehicles as well as semi-durable goods. Meantime, non-durable goods spending slowed down namely alcoholic beverages, tobacco and consumption on electricity by household.

Meanwhile, net external contributed negatively to GDP growth, as exports of goods and services edged down 0.1 percent (vs 6.8 percent in Q2) while imports of goods and services went up 10.7 percent (vs 8.3 percent in Q2).

On the production side, agriculture increased.4.3 percent, slowing from a 10.2 percent growth in the June quarter, due to a rise in agriculture, hunting and forestry (5 percent vs 11.4 percent in Q2) while fishing continued to drop (-3 percent vs -2.8 percent). Meanwhile, the non-agricultural sector expanded 3.3 percent, easing from 4.1 percent expansion in the previous three-month period. Output grew mainly for: manufacturing (1.6. percent vs 3.2 percent in Q2); wholesale and retail trade (7.2 percent vs 7.3 percent); transport, storage and communication (6.2 percent vs 6.8 percent); real estate, renting and business activities (4.8 percent vs 3.5 percent); financial intermediation (3 percent vs 4.6 percent); hotels and restaurants (6.5 percent vs 9.4 percent in Q2); electricity, gas and water supply (1.5 percent vs 1.8 percent); construction (4.7 percent vs 2.0 percent); health and social work (1.6 percent vs 4.3 percent); and other community, social and personal services (7.5 percent vs 4.3 percent).
 
On the other hand, a contraction was seen in mining and quarrying (-2.7 percent vs 0.9 percent); public administration and defence (-1.0 percent vs -0.9 percent), and education (-1 percent after showing no growth in Q2).
 
On a quarterly basis, the GDP stalled in the three months to September, following a downwardly revised 0.9 percent growth in the previous period and missing market consensus of a 0.6 percent expansion, It was the weakest quarterly reading since a contraction in the first quarter 2014.
 
Considering the first three quarters of the year, the economy expanded by 4.3 percent year-on-year, compared to a 4.0 percent expansion in the same period of 2017

For 2018, the NESDB revises its economic growth forecast to 4.2 percent from 4.2-4.7 percent, with exports seen up 7.2 percent, 4.7 percent of private consumption and 3.6 percent of total investment.  
 




Nesdb, Thailand l Chusnul Ch Manan | chusnul@tradingeconomics.com
11/19/2018 5:50:28 AM



Thailand GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.00 0.90 9.40 -6.30 percent [+]
GDP Annual Growth Rate 3.30 4.60 15.50 -12.50 percent [+]
GDP 455.22 411.76 455.22 2.76 USD Billion [+]
GDP Constant Prices 2658895.00 2659346.00 2659346.00 1043930.00 THB Million [+]
Gross National Product 2584939.00 2623744.00 2785822.00 1055611.00 THB Billion [+]
Gross Fixed Capital Formation 631535.00 628096.00 724143.00 258609.00 THB Million [+]
GDP per capita 6125.70 5910.50 6125.70 570.90 USD [+]
GDP per capita PPP 16277.70 15705.80 16277.70 6650.40 USD [+]
GDP From Agriculture 135132.00 148739.00 148739.00 66643.00 THB Million [+]
GDP From Construction 73948.00 71977.00 103692.00 36619.00 THB Million [+]
GDP From Manufacturing 726029.00 721715.00 726029.00 269359.00 THB Million [+]
GDP From Mining 56321.00 58667.00 63349.00 20064.00 THB Million [+]
GDP From Public Administration 125425.00 126485.00 128439.00 41767.00 THB Million [+]
GDP From Transport 281644.00 278938.00 281644.00 64995.00 THB Million [+]
GDP From Utilities 85020.00 83624.00 85020.00 22202.00 THB Million [+]


Thailand GDP Annual 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 Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Thailand GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on December of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
3.30 4.60 15.50 -12.50 1994 - 2018 percent Quarterly




Country Last Previous
India 7.10 Sep/18
China 6.50 Sep/18
Indonesia 5.17 Sep/18
United States 3.00 Sep/18
Australia 2.80 Sep/18
Mexico 2.50 Sep/18
Spain 2.50 Sep/18
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Switzerland 2.40 Sep/18
Singapore 2.20 Sep/18
South Korea 2.00 Sep/18
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Euro Area 1.60 Sep/18
Turkey 1.60 Sep/18
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France 1.40 Sep/18
Brazil 1.30 Sep/18
Russia 1.30 Sep/18
Germany 1.10 Sep/18
South Africa 1.10 Sep/18
Italy 0.70 Sep/18
Japan 0.00 Sep/18
Argentina -4.20 Jun/18


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