Thailand's gross domestic product grew by 3.7 percent year-on-year in the fourth quarter of 2018, following a downwardly revised 3.2 percent expansion in the previous period and slightly above market consensus of 3.6 percent. Both private consumption and investment rose faster, while government spending slowed and net external contributed negatively to GDP growth. For 2018 as a whole, the economy expanded 4.1 percent, compared to an upwardly revised 4.0 percent expansion in 2017, and marking the fastest advance since 2012. GDP Annual Growth Rate in Thailand averaged 3.74 percent from 1994 until 2018, 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 3.80 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 3.80 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
2018-08-20 02:30 AM GDP Growth Rate YoY 4.6% 4.9% 4.5% 4.7%
2018-11-19 02:30 AM GDP Growth Rate YoY 3.3% 4.6% 4.2% 4.3%
2019-02-18 02:30 AM GDP Growth Rate YoY 3.7% 3.2% 3.6% 3.8%
2019-02-18 02:30 AM Full Year GDP Growth 4.1% 4.0% 4.2% 4.2%
2019-05-20 02:30 AM GDP Growth Rate YoY 4.1% 3.7%
2019-08-19 02:30 AM GDP Growth Rate YoY 4.2%
2019-11-18 02:30 AM GDP Growth Rate YoY 3.9%



Thailand Q4 GDP Annual Growth Above Expectations

Thailand's gross domestic product grew by 3.7 percent year-on-year in the fourth quarter of 2018, following a downwardly revised 3.2 percent expansion in the previous period and slightly above market consensus of 3.6 percent. Both private consumption and investment rose faster, while government spending slowed and net external contributed negatively to GDP growth.

On the expenditure side, private consumption increased 5.3 percent, compared to a 5.2 percent expansion in the prior quarter, mainly due to a rise in both farm and non-farm income. Durable spending, in particular spending on personal vehicles also increased robustly. Meantime, both semi-durable and non-durable goods spending, together with net services also sturdily expanded.

Gross fixed capital formation advanced 4.2 percent, faster than 3.9 percent in Q3. Private investment grew 5.5 percent, mainly due to a 5.6 percent expansion of investment on machinery. In addition, spending on private construction expanded 5.1 percent. Meanwhile, public investment contracted 0.1 percent ( vs 4.2 percent in Q3), largely due to a decrease in government investment (-3.0 percent) and a slowdown in state enterprise investment (4.6 percent vs 9.9 percent).

Conversely, government spending went up 1.4 percent, compared with 1.9 percent in Q3, attributed mainly to a rise in purchase of goods and services (11.3 percent vs 2.1 percent) along with compensation of employees (0.1 percent vs -0.5 percent). However, social transfer in kind fell (-8.9 percent vs 26.2 percent in Q3).

Meanwhile, net external contributed negatively to GDP growth, as exports of goods and services went up only 0.6 percent (vs -0.9 percent in Q3) while imports of goods and services rose at a faster 5.6 percent (vs 11.0 percent in Q3).

On the production side, the non-agricultural sector expanded 4.0 percent, accelerating from 3.2 percent expansion in the previous three-month period. Output grew at a faster pace for: manufacturing (3.3 percent vs 1.6 percent in Q3); wholesale and retail trade (7.5 percent vs 7.3 percent); transport, storage and communication (6.1 percent vs 5.3 percent); hotels and restaurants (5.3 percent vs 4.1 percent); electricity, gas and water supply (5.7 percent vs 1.1 percent) and health and social work (4.0 percent vs 2.1 percent). 

On the other hand, slower growth was seen in real estate, renting and business activities (3.6 percent vs 4.2 percent); financial intermediation (1.8 percent vs 3.1 percent); construction (3.4 percent vs 4.5 percent); other community, social and personal services (7.0 percent vs 7.8 percent) and public administration and defence (0.1 percent vs 0.4 percent). Also, agriculture increased 1.4 percent, easing from a 2.7 percent growth in the September quarter, amid lower yields of rubber, fruits and oil palm while those of paddy, maiza and cassava went up. Also, production of livestock such as swine and chicken decreased. In addition, fishing output continued to fall on lower external demand (-2.5 percent vs -3 percent). Contractions were also registered in mining and quarrying (-0.7 percent vs -1.3 percent) and education (-0.7 percent vs -1.2 percent in Q3).

On a quarterly basis, the GDP expanded 0.8 percent in the three months to December, reversing from a downwardly revised 0.3 percent contraction in the previous period and beating market consensus of a 0.6 percent expansion.

In 2018, the Thai economy advanced 4.1 percent, compared to an upwardly revised 4.0 percent expansion in 2017, and marking the fastest growth since 2012.

For 2019, the NESDB expects Thailand to grow between 3.5-4.5 percent, with exports seen up 4.1 percent and private consumption and total investment to rise 4.2 percent and 5.1 percent, respectively.



Nesdb, Thailand l Chusnul Ch Manan| chusnul@tradingeconomics.com
2/18/2019 10:42:35 AM



Thailand GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.80 -0.30 9.40 -6.30 percent [+]
GDP Annual Growth Rate 3.70 3.20 15.50 -12.50 percent [+]
GDP 455.22 411.76 455.22 2.76 USD Billion [+]
GDP Constant Prices 2684626.00 2662721.00 2684626.00 1043930.00 THB Million [+]
Gross National Product 2775885.00 2584939.00 2785822.00 1055611.00 THB Billion [+]
Gross Fixed Capital Formation 646902.00 637949.00 724143.00 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 119237.00 129453.00 146103.00 66643.00 THB Million [+]
GDP From Construction 72559.00 73080.00 103692.00 36619.00 THB Million [+]
GDP From Manufacturing 741222.00 728606.00 741222.00 269359.00 THB Million [+]
GDP From Mining 58855.00 57086.00 63845.00 20064.00 THB Million [+]
GDP From Public Administration 128625.00 128615.00 130221.00 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 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 March of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
3.70 3.20 15.50 -12.50 1994 - 2018 percent Quarterly




Country Last Previous
India 6.60 Dec/18
China 6.40 Dec/18
Indonesia 5.18 Dec/18
South Korea 3.10 Dec/18
United States 3.10 Dec/18
Saudi Arabia 2.50 Sep/18
Spain 2.40 Dec/18
Australia 2.30 Dec/18
Netherlands 2.00 Dec/18
Singapore 1.90 Dec/18
Mexico 1.70 Dec/18
Canada 1.60 Dec/18
Russia 1.50 Sep/18
Switzerland 1.40 Dec/18
United Kingdom 1.30 Dec/18
Brazil 1.10 Dec/18
Euro Area 1.10 Dec/18
South Africa 1.10 Dec/18
France 0.90 Dec/18
Germany 0.60 Dec/18
Japan 0.30 Dec/18
Italy 0.00 Dec/18
Turkey -3.00 Dec/18
Argentina -3.50 Sep/18


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