Thailand's economy expanded 1.0 percent quarter-on-quarter in the three months to March 2019, little-changed from an upwardly revised 0.9 percent growth in the previous period and missing market estimates of a 1.4 percent advance. Private consumption growth was steady while fixed investment slowed markedly despite a faster rise in government spending. Meantime, net exports contributed negatively to the GDP growth. GDP Growth Rate in Thailand averaged 0.94 percent from 1993 until 2019, 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.

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. 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 2020, according to our econometric models.

Thailand GDP Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-08-20 02:30 AM GDP Growth Rate QoQ 1.0% 2.1% 1% 1.3%
2018-11-19 02:30 AM GDP Growth Rate QoQ 0.0% 0.9% 0.6% 0.8%
2019-02-18 02:30 AM GDP Growth Rate QoQ 0.80% -0.3% 0.6% 0.8%
2019-05-21 02:30 AM GDP Growth Rate QoQ 1.0% 0.9% 1.4% 0.9%
2019-08-19 02:30 AM GDP Growth Rate QoQ 1.0% 1%
2019-11-18 02:30 AM GDP Growth Rate QoQ 0.9%



Thailand Quarterly GDP Growth Below Forecasts in Q1

Thailand's economy expanded 1.0 percent quarter-on-quarter in the three months to March 2019, little-changed from an upwardly revised 0.9 percent growth in the previous period and missing market estimates of a 1.4 percent advance. Private consumption growth was steady while fixed investment slowed markedly despite a faster rise in government spending. Meantime, net exports contributed negatively to the GDP growth.

On the expenditure side, private consumption rose by 0.8 percent in the first quarter, the same as in the preceding quarter and government spending advanced faster (1.8 percent vs 1.5 percent), while gross fixed capital formation softened (0.8 percent vs 1.4 percent in Q4). Meantime, net external demand contributed negatively to growth, as exports of goods and services tumbled (-3.3 percent vs 2.3 percent in Q4), and imports contracted further (-2.5 percent vs -1.9 percent).

On the production side, the agriculture sector rebounded sharply (10.1 percent vs -7.8 percent in Q4). At the same time, non-agriculture fell for the first time since the second quarter 2011, with the industrial sub-sector shrinking (-1.7 percent vs 2.2 percent in Q4), in particular mining and quarrying (-1.9 percent vs 2 percent in Q4); manufacturing (-1.9 percent vs 2 percent) and water supply, sewerage, waste management and remediation activities (-2.4 percent vs 2.1 percent). Meanwhile, the service sector continued to grow (0.9 percent vs 2.5 percent), namely construction (1.7 percent vs 0.1 percent); accommodation & food services (1.9 percent vs 4 percent); education (1.9 percent vs 2 percent); and health & social work (1.5 percent vs 2.1 percent).   

Year-on-year, the economy grew an annual 2.8 percent in the first quarter, also missing consensus of  a 3 percent expansion and following 3.7 percent growth in the fourth quarter.

For 2019, the government revised down GDP growth forecast to a range of 3.3 to 3.8 percent from an earlier projections of 3.5 to 4.5 percent. It also lowered the export outlook for the year to 2.2 percent from 4.1 percent previously estimated, amid a slowdown in global demand and uncertainty coming from Sino-US trade tension.

In 2018, the Thai economy advanced 4.1 percent,  the strongest pace of annual expansion since 2012.


NESDB l Rida Husna | rida@tradingeconomics.com
5/21/2019 11:31:27 AM



Thailand GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.00 0.90 9.40 -6.30 percent [+]
GDP Annual Growth Rate 2.80 3.60 15.50 -12.50 percent [+]
GDP 455.22 411.76 455.22 2.76 USD Billion [+]
GDP Constant Prices 2713945.00 2686981.00 2713945.00 1043939.00 THB Million [+]
Gross National Product 2862899.00 2758637.00 2862899.00 1042725.00 THB Billion [+]
Gross Fixed Capital Formation 653075.00 647739.00 713853.00 258609.00 THB Million [+]
GDP per capita 6125.70 5910.50 6125.70 570.90 USD [+]
GDP per capita PPP 16277.70 15705.80 16277.70 6650.40 USD [+]
GDP From Agriculture 168442.00 119237.00 168442.00 68261.00 THB Million [+]
GDP From Construction 74116.00 72869.00 103693.00 36619.00 THB Million [+]
GDP From Manufacturing 722461.00 736392.00 736392.00 267937.00 THB Million [+]
GDP From Mining 57520.00 58841.00 63813.00 20063.00 THB Million [+]
GDP From Public Administration 130939.00 128955.00 130939.00 41767.00 THB Million [+]
GDP From Transport 284022.00 277151.00 284022.00 64995.00 THB Million [+]
GDP From Utilities 88158.00 84733.00 88158.00 22202.00 THB Million [+]


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. This page provides - Thailand GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Thailand GDP Growth Rate - actual data, historical chart and calendar of releases - was last updated on May of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
1.00 0.90 9.40 -6.30 1993 - 2019 percent Quarterly




Country Last Previous
Singapore 3.80 Mar/19
United States 3.20 Mar/19
India 1.60 Dec/18
China 1.40 Mar/19
South Africa 1.40 Dec/18
Saudi Arabia 1.07 Dec/18
Russia 0.80 Dec/18
Spain 0.70 Mar/19
Japan 0.50 Mar/19
Netherlands 0.50 Mar/19
United Kingdom 0.50 Mar/19
Euro Area 0.40 Mar/19
Germany 0.40 Mar/19
France 0.30 Mar/19
Australia 0.20 Dec/18
Italy 0.20 Mar/19
Switzerland 0.20 Dec/18
Brazil 0.10 Dec/18
Canada 0.10 Dec/18
Mexico -0.20 Mar/19
South Korea -0.30 Mar/19
Indonesia -0.52 Mar/19
Argentina -1.20 Dec/18
Turkey -2.40 Dec/18


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