Thailand's economy expanded 1.1% qoq in Q1 of 2021, exceeding market consensus of a 0.9% growth but slowing from a 1.8% increase in Q4. The latest figure came amid an easing of COVID-19 curbs and tourism recovery as well as high inflation that dampened consumer spending. Household consumption moderated (3.2% vs 4% in Q4); while government spending fell for the first time in 5 quarters (-3% vs 4.6%), due to declines in both compensation of employees and spending of fixed capital and despite a sharp bounce back in social transfers. Meantime, there was a strong pickup in fixed investment (3.6% vs 0.1%), with net external demand contributing positively as exports grew by 3.5% (vs 3% in Q4) while imports rose at a softer 0.5% (vs -2.3%). On the production side, the non-agricultural sector eased (1% vs 2.3%), amid a sharp slowdown in industrial output (0.3% vs 5.5%) and despite an acceleration in services activity (1.5% vs 0.7%). Meantime, agricultural output rebounded (3.4% vs -2.1%). source: Nesdb, Thailand

GDP Growth Rate in Thailand averaged 0.83 percent from 1993 until 2022, reaching an all time high of 9.40 percent in the first quarter of 2012 and a record low of -9.40 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 June of 2022.

GDP Growth Rate in Thailand is expected to be 1.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Thailand GDP Growth Rate is projected to trend around 1.00 percent in 2023 and 1.20 percent in 2024, according to our econometric models.

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Thailand GDP Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-02-21 02:30 AM Q4 1.8% -0.9% 1.4% 1.3%
2022-05-17 01:30 AM Q1 1.1% 1.8% 0.9% 0.7%
2022-08-16 02:30 AM Q2 1.1%


Related Last Previous Unit Reference
GDP Growth Rate 1.10 1.80 percent Mar 2022
GDP Annual Growth Rate 2.20 1.80 percent Mar 2022
GDP Constant Prices 2776757.00 2728725.00 THB Million Mar 2022
Gross National Product 2834485.00 2793066.00 THB Billion Mar 2022
Gross Fixed Capital Formation 657514.00 624773.00 THB Million Mar 2022
Full Year GDP Growth 1.60 -6.20 percent Dec 2021
GDP From Utilities 75522.00 60175.00 THB Million Mar 2022
GDP From Transport 155817.00 149853.00 THB Million Mar 2022
GDP From Public Administration 130047.00 132741.00 THB Million Mar 2022
GDP From Mining 43499.00 45354.00 THB Million Mar 2022
GDP From Manufacturing 755348.00 756711.00 THB Million Mar 2022
GDP From Construction 74736.00 59707.00 THB Million Mar 2022
GDP From Agriculture 176435.00 201583.00 THB Million Mar 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
1.10 1.80 9.40 -9.40 1993 - 2022 percent Quarterly

News Stream
Thailand Economy Grows 1.1% QoQ in Q1
Thailand's economy expanded 1.1% qoq in Q1 of 2021, exceeding market consensus of a 0.9% growth but slowing from a 1.8% increase in Q4. The latest figure came amid an easing of COVID-19 curbs and tourism recovery as well as high inflation that dampened consumer spending. Household consumption moderated (3.2% vs 4% in Q4); while government spending fell for the first time in 5 quarters (-3% vs 4.6%), due to declines in both compensation of employees and spending of fixed capital and despite a sharp bounce back in social transfers. Meantime, there was a strong pickup in fixed investment (3.6% vs 0.1%), with net external demand contributing positively as exports grew by 3.5% (vs 3% in Q4) while imports rose at a softer 0.5% (vs -2.3%). On the production side, the non-agricultural sector eased (1% vs 2.3%), amid a sharp slowdown in industrial output (0.3% vs 5.5%) and despite an acceleration in services activity (1.5% vs 0.7%). Meantime, agricultural output rebounded (3.4% vs -2.1%).
2022-05-17
Thailand Quarterly GDP Growth Tops Forecasts
Thailand's economy expanded 1.8% qoq in Q4 2021, exceeding market consensus of a 1.4% growth and after a downwardly revised 0.9% fall in Q3. The upturn marked the steepest pace of quarterly growth since Q3 2020, as COVID-19 situations were under control. Household consumption bounced back (3.6% vs -1% in Q3), while government spending growth accelerated boosted by social transfer and expenses related to the pandemic (4.1% vs 2.8%). Also, net external demand contributed positively as exports rebounded (2.5% vs -3.9%) while imports fell (-1.6% vs 3.2%). Meanwhile, fixed investment shrank less (-1.7% vs -2.6%). On the production side, the nonagricultural sector grew for the first time in 3 quarters (2.2% vs -1.1%), with industrial rising the most in 5 quarters (5.3% vs -6%). In contrast, agricultural output fell for the first time in 3 quarters (-1.5% vs 1%). For full year, the economy grew 1.6%, a rebound from a revised 6.2% fall in 2020, amid strong exports and a recovery in tourism.
2022-02-21
Thailand Quarterly GDP Contracts Less than Expected
Thailand's economy shrank 1.1% qoq in Q3 2021, compared with market forecasts of a 2.5% drop and after a 0.1% growth in Q2. This was the first quarterly contraction since Q2 2020, due to the spread of the Delta strain, low vaccination rate, and global supply chain issues. Household consumption fell for the third straight quarter (-1.5% vs -2.4% in Q2), amid a steeper drop in fixed investment (-2.6% vs -0.7%). Also, net external demand contributed negatively as exports shrank (-5%) while imports grew (3.4%). On the other hand, government spending growth accelerated, rising for the 2nd quarter running (2.4% vs 1.3%), boosted by social transfer and rising expenses related to the pandemic. On the production side, activity in the nonagricultural sector shrank for the 2nd straight quarter and at a steeper pace (-1.3% vs -0.3%), with industrial falling for the first time in five quarters (-5.9% vs 0.4%). In contrast, agricultural output went up at a stronger rate (3.2% vs 2.8%).
2021-11-15