Thailand's economy contracted 9.7% quarter-on-quarter in the three months to June 2020, compared with market estimates of an 11.4% decline and after a revised 2.5% decrease in the prior quarter. It was the third straight quarter of contraction and the steepest on record, amid the severe impact of the coronavirus outbreak. Household consumption slumped (-7.6% vs -0.1% in Q1), with fixed investment falling for the third consecutive quarter (-2.2% vs -5.6%). In addition, net external demand contributed negatively, as exports (-22% vs -6%) dropped more than imports (-21.2% vs 3.7%). At the same time, government spending grew for the first time in three quarters (2.9% vs -0.2%). On the production side, nonagricultural output collapsed (-11% vs -2.9%), due to plunges in both the industrial sector (-11.4% vs -1.3%) and services (-10.7% vs -3.6%); while agricultural activity bounced back (5.2% vs -2.9%). source: Nesdb, Thailand

GDP Growth Rate in Thailand averaged 0.79 percent from 1993 until 2020, reaching an all time high of 9.40 percent in the first quarter of 2012 and a record low of -9.70 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 October of 2020.

GDP Growth Rate in Thailand is expected to be 1.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Thailand to stand at 1.30 in 12 months time. In the long-term, the Thailand GDP Growth Rate is projected to trend around 1.50 percent in 2021, according to our econometric models.

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Thailand GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-9.70 -2.50 9.40 -9.70 1993 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2019-11-18 02:30 AM Q3 0.1% 0.4% 0.1% 0.5%
2020-02-17 02:30 AM Q4 0.2% 0.2% 0.4% 0.3%
2020-05-18 02:30 AM Q1 -2.2% -0.2% -4.5% -4.2%
2020-08-17 02:30 AM Q2 -9.7% -2.5% -11.4% -12%
2020-11-16 02:30 AM Q3 -9.7% 1.5%


News Stream
Thailand Quarterly GDP Shrinks at Record Pace in Q2
Thailand's economy contracted 9.7% quarter-on-quarter in the three months to June 2020, compared with market estimates of an 11.4% decline and after a revised 2.5% decrease in the prior quarter. It was the third straight quarter of contraction and the steepest on record, amid the severe impact of the coronavirus outbreak. Household consumption slumped (-7.6% vs -0.1% in Q1), with fixed investment falling for the third consecutive quarter (-2.2% vs -5.6%). In addition, net external demand contributed negatively, as exports (-22% vs -6%) dropped more than imports (-21.2% vs 3.7%). At the same time, government spending grew for the first time in three quarters (2.9% vs -0.2%). On the production side, nonagricultural output collapsed (-11% vs -2.9%), due to plunges in both the industrial sector (-11.4% vs -1.3%) and services (-10.7% vs -3.6%); while agricultural activity bounced back (5.2% vs -2.9%).
2020-08-17
Thailand Economy Slips into Recession
Thailand's economy contracted 2.2% quarter-on-quarter in the three months to March 2020, compared to market estimates of a 4.5% decline and after a revised 0.2% fall in Q4. It was the second consecutive quarter of economic contraction, thus pushing the economy into the deepest recession since the last quarter of 2011, amid the severe impact from the coronavirus outbreak. Government spending (-0.6% vs -1.5% in Q4) and fixed investment (-6.1 vs -1%) fell further while household consumption rose slightly less (0.2% vs 0.6%). In addition, net external demand contributed negatively, as exports dropped at a quicker pace (-5.3% vs -1.9%) while imports rebounded (3.7% vs -3.4%). On the production side, nonagricultural output contracted (-3.1% vs 1.2%), due to declines in both the industrial sector (-1% vs -0.4%) and services (-4% vs 1.8%); while agricultural activity bounced back (0.4% vs -5.8% in Q4).
2020-05-18
Thailand Economy Expands 0.2% QoQ in Q4
Thailand's economy grew by 0.2 percent quarter-on-quarter in the three months to December 2019, the same as an upwardly revised figure in the previous quarter but missing market consensus of a 0.4 percent expansion.
2020-02-17
Thai Quarterly GDP Growth Weakest in a Year
Thailand's economy grew 0.1 percent quarter-on-quarter in the three months to September 2019, after a downwardly revised 0.4 percent expansion in the previous period, in line with market expectations. That was the weakest growth rate in a year, led by a contraction in industrial and agriculture sectors.
2019-11-18

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.