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. source: Nesdb, Thailand

GDP Annual Growth Rate in Thailand averaged 3.26 percent from 1994 until 2021, 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. This page provides - Thailand GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Thailand GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2021.

GDP Annual Growth Rate in Thailand is expected to be 2.50 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 3.00 in 12 months time. In the long-term, the Thailand GDP Annual Growth Rate is projected to trend around 4.50 percent in 2022 and 3.00 percent in 2023, according to our econometric models.

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Thailand GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-2.60 -4.20 15.50 -12.50 1994 - 2021 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-11-16 02:30 AM YoY Q3 -6.4% -12.1% -8.6% -8.5%
2021-02-15 02:30 AM YoY Q4 -4.2% -6.4% -5.4% -5.5%
2021-02-15 02:30 AM Full Year GDP Growth 2020 -6.1% 2.4% -6.0%
2021-05-17 02:30 AM YoY Q1 -2.6% -4.2% -3.3% -3.1%
2021-08-17 02:30 AM YoY Q2 -2.6% 2.5%
2021-11-16 02:30 AM YoY Q3


News Stream
Thailand Economy Shrinks 2.6% in Q1
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.
2021-05-17
Thailand Q4 Economy Shrinks Less than Expected
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.
2021-02-15
Thailand Q3 Economy Shrinks Less than Expected
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.
2020-11-16
Thai Economy Shrinks the Most Since 1998
Thailand's gross domestic product shrank by 12.2% year-on-year in the second quarter of 2020, following a revised 2.0% contraction in Q1 and compared with market consensus of a 13.3% plunge. This was the worst economic downturn since the second quarter 1998, as both supply and demand took a hit from the pandemic crisis. Both private consumption (-6.6% vs 2.7% in Q1) and fixed investment (-8.0% vs -6.5%) declined, and net external demand contributed negatively to GDP growth. Meanwhile, government spending rebounded (1.4% vs -2.8%). On the production side, output contracted mostly for agriculture (-3.2%), manufacturing (-14.4%), transportation and storage (-38.9%), accommodation and food service activities (-50.2%), administrative and support services activities (-25%). Considering the first half of the year, the economy shrank by 6.9%. For 2020, the NESDB revised its economic forecast to a contraction of 7.3-7.8% from growth of 5%-6% projected in May.
2020-08-17

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.