Thai GDP Growth Slows Sharply in Q4

In the fourth quarter of 2013, the Thai GDP grew a meager 0.6 percent over a year earlier, down from 2.7 percent in the preceding quarter, as political unrest hurt demand, tourism and investment.

Q4 2013 figure is the lowest since the first quarter of 2012.

Exports, which account for around 65 percent of total GDP, fell in December of 2013 for the second consecutive month by 1.7 percent mom. Manufacturing production has been contracting since April last year and shrank in December by 6.2 percent over a year earlier. Consumer confidence has been on a downward trend since March of 2013 and fell in January to a two-year low. 

On a quarter-on-quarter seasonally adjusted basis, the economy advanced 0.6 percent, significantly lower than 1.3 percent in the previous quarter. 

For full 2013, the GDP expanded 2.9 percent, much lower than 6.5 percent in 2012 when Thailand was recovering from devastating floods. In January, the Bank of Thailand cut its 2014 growth forecast to around 3 percent from 4 percent.

Thai GDP Growth Slows Sharply in Q4

Joana Taborda |
2/17/2014 9:49:45 AM