Thailand's gross domestic product grew by 2.3 percent year-on-year in the second quarter of 2019, following a 2.8 percent expansion in the previous period and below market consensus of 2.4 percent. It was the weakest GDP growth rate since the third quarter 2014, as private consumption, government spending, and investment rose softer, while net external contributed negatively to GDP growth. Considering the first half of the year, the economy advanced 2.6 percent compared with the same period of 2018. For 2019, the NESDB revised its economic forecast to 2.7-3.2 percent from 3.3-3.8 percent in May, with exports seen up 1.2 percent (from 2.2 percent). GDP Annual Growth Rate in Thailand averaged 3.73 percent from 1994 until 2019, reaching an all time high of 15.50 percent in the fourth quarter of 2012 and a record low of -12.50 percent in the second quarter of 1998.

GDP Annual Growth Rate in Thailand is expected to be 3.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Thailand to stand at 3.30 in 12 months time. In the long-term, the Thailand GDP Annual Growth Rate is projected to trend around 3.00 percent in 2020, according to our econometric models.

Thailand GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-02-18 02:30 AM GDP Growth Rate YoY Q4 3.7% 3.2% 3.6% 3.8%
2019-02-18 02:30 AM Full Year GDP Growth 2018 4.1% 4.0% 4.2% 4.2%
2019-05-21 02:30 AM GDP Growth Rate YoY Q1 2.8% 3.6% 3% 3.7%
2019-08-19 02:30 AM GDP Growth Rate YoY Q2 2.3% 2.8% 2.4% 2.5%
2019-11-18 02:30 AM GDP Growth Rate YoY Q3 2.3% 3.2%



Thailand Q2 GDP Growth Weakest in Near 5 Years

Thailand's GDP grew by 2.3 percent year-on-year in the second quarter of 2019, following a 2.8 percent expansion in the previous period and below market consensus of 2.4 percent. It was the weakest GDP growth rate since the third quarter 2014 mostly due to decline in exports and as private consumption, government spending, and investment rose at a softer pace.

On the expenditure side, private consumption increased 4.4 percent, compared to a 4.9 percent expansion in the prior quarter, mainly due to a rise spending in non-durable goods and semi-durable goods, linked to the government's welfare card program for low income earners. By contrast, durable spending fell, namely purchasing vehicles and net services.

Gross fixed capital formation advanced 2.0 percent, softer than 3.2 percent in Q1. Private investment grew 2.2 percent, easing from a 4.4 percent rise in Q1, mainly due to a 2.5 percent expansion of investment on machinery (from 5.1 percent in Q1) and spending on private construction which grew 0.9 percent, easing from 1.8 percent in Q1. Meanwhile, public investment expanded 1.4 percent (vs -0.1 percent Q1), largely due to an increase in construction (5.8 percent vs 4.1 percent).

Also, government spending went up 1.1 percent, decelerating sharply from 3.4 percent in Q1, driven by an increase of 1.0 percent in compensation of employees, lower than 1.7 percent previously along with a 5.0 percent rise of social transfers in kind, the same pace as in Q1. However, purchases from enterprises and abroad dropped 1.1 percent. The net external demand contributed negatively to GDP growth, as exports of goods and services slipped 6.1 percent (the same pace as in Q1) while imports of goods and services fell at a softer 2.7 percent (vs -0.1 percent in Q1).

On the production side, the non-agricultural sector expanded 2.6 percent, slowing from a 2.9 percent expansion in the previous three-month period. Output grew at a softer pace for: wholesale & retail trade (5.9 percent vs 6.8 percent in Q1); transportation & storage (2.5 percent vs 3.5 percent), accommodation & food service activities (3.7 percent vs 4.9 percent); health & social work (3.1 percent vs 3.5 percent), arts, entertainment & recreation (10.4 percent vs 11.6 percent), real estate, renting & business activities (3.1 percent vs 4.7 percent); finance & insurance activities (1.8 percent vs 2.0 percent); public administration & defence (0.4 percent vs 0.9 percent); water supply, sewerage, waste management & remediation activities (2.0 percent vs 4.9 percent), and other service activities (2.3 percent vs 2.5 percent). 

Conversely, manufacturing fell (-0.2 percent vs 0.6 percent in Q1), amid decreases in export-oriented industries such as computer, rubber and plastic product. Also, agriculture shrank 1.1 percent, reversing a 1.7 percent growth in the March quarter, as drought dented output of major crops, namely paddy, pineapple, sugarcane together with a deceleration in production of fruits and maize yields. Meantime, yields of vegetables and rubbers rose similar to production of livestock, namely chicken, hen's egg and swine.

On the other hand, faster growth was seen in electricity, gas & water supply (7.3 percent vs 5.4 percent); information & communication (9.3 percent vs 6.5 percent); construction (3.4 percent vs 3.0 percent). Gains were also registered in and education (1.6 percent vs 1.2 percent in Q1); professional, scientific & technical activities (2.3 percent vs 1.3 percent). In addition, output of mining and quarrying rebounded (6.8 percent vs -0.8 percent). 

In the first half of the year, the economy advanced 2.6 percent compared with the same period of 2018. For 2019, the NESDB revised its economic forecast to 2.7-3.2 percent from 3.3-3.8 percent in May, with exports seen contracting 1.2 percent (from 2.2 percent growth).



Nesdb, Thailand l Chusnul Ch Manan | chusnul@tradingeconomics.com
8/19/2019 9:43:03 AM



Thailand GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.60 1.00 9.40 -6.30 percent [+]
GDP Annual Growth Rate 2.30 2.80 15.50 -12.50 percent [+]
GDP 504.99 455.28 504.99 2.76 USD Billion [+]
GDP Constant Prices 2731179.00 2715195.00 2731179.00 1043939.00 THB Million [+]
Gross National Product 2729568.00 2862899.00 2862899.00 1042725.00 THB Billion [+]
Gross Fixed Capital Formation 648147.00 652516.00 713853.00 258609.00 THB Million [+]
GDP per capita 6361.60 6128.70 6361.60 570.90 USD [+]
GDP per capita PPP 16904.70 16285.60 16904.70 6653.30 USD [+]
GDP From Agriculture 178581.00 170985.00 178581.00 68261.00 THB Million [+]
GDP From Construction 74313.00 74038.00 103693.00 36619.00 THB Million [+]
GDP From Manufacturing 718654.00 722066.00 734841.00 267937.00 THB Million [+]
GDP From Mining 61887.00 57705.00 63806.00 20063.00 THB Million [+]
GDP From Public Administration 130268.00 130818.00 130818.00 41767.00 THB Million [+]
GDP From Transport 182985.00 183201.00 183201.00 57373.00 THB Million [+]
GDP From Utilities 92108.00 90500.00 92108.00 22477.00 THB Million [+]


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

Actual Previous Highest Lowest Dates Unit Frequency
2.30 2.80 15.50 -12.50 1994 - 2019 percent Quarterly




Country Last Previous
China 6.20 Jun/19
Indonesia 5.05 Jun/19
India 5.00 Jun/19
United States 2.30 Jun/19
Spain 2.10 Jun/19
Netherlands 2.00 Jun/19
South Korea 2.00 Jun/19
Saudi Arabia 1.70 Mar/19
Canada 1.60 Jun/19
Australia 1.40 Jun/19
France 1.40 Jun/19
Euro Area 1.20 Jun/19
United Kingdom 1.20 Jun/19
Brazil 1.00 Jun/19
Japan 1.00 Jun/19
Russia 0.90 Jun/19
South Africa 0.90 Jun/19
Germany 0.40 Jun/19
Switzerland 0.20 Jun/19
Singapore 0.10 Jun/19
Italy -0.10 Jun/19
Mexico -0.80 Jun/19
Turkey -1.50 Jun/19
Argentina -5.80 Mar/19


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