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).
GDP Growth Rate in Thailand averaged 0.89 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 -6.30 percent in the fourth quarter of 2011. 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 May of 2020. source: Nesdb, Thailand
GDP Growth Rate in Thailand is expected to be 0.70 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 0.80 in 12 months time. In the long-term, the Thailand GDP Growth Rate is projected to trend around 0.80 percent in 2021, according to our econometric models.