Thai GDP Shrank by 2.2% QoQ in Q1 2013

In the first quarter of 2013, Thai GDP contracted a seasonally adjusted 2.2 percent on the quarter-on-quarter basis, compared to an expansion of 2.8 percent in the previous quarter, mainly hurt by lower domestic demand and exports.

On the expenditure side, government consumption recorded the highest contraction (-4.8 percent), followed by gross fixed capital formation (-1.8 percent). Private consumption dropped by 1.2 percent, after expanding by 3.0 percent in the last three months of 2012.

Exports declined by 0.1 percent quarter-on-quarter, while imports expanded by 1 percent. 

On the production side, construction, services and agriculture expanded by 0.6 percent, 0.3 percent and 0.1 percent, respectively, while manufacturing shrank by 5.9 percent. 

On a year-on-year basis, the GDP expanded by 5.3 percent, down from 19.1 percent recorded in the previous quarter. Domestic demand, although moderated, continued to be the main driver of the expansion.

Thai GDP Shrank by 2.2% QoQ in Q1 2013

Joana Taborda |
5/20/2013 10:13:10 AM