Thailand's gross domestic product shrank by 12.2% year-on-year in the second quarter of 2020, following a revised 2.0% contraction in Q1 and compared with market consensus of a 13.3% plunge. This was the worst economic downturn since the second quarter 1998, as both supply and demand took a hit from the pandemic crisis. Both private consumption (-6.6% vs 2.7% in Q1) and fixed investment (-8.0% vs -6.5%) declined, and net external demand contributed negatively to GDP growth. Meanwhile, government spending rebounded (1.4% vs -2.8%). On the production side, output contracted mostly for agriculture (-3.2%), manufacturing (-14.4%), transportation and storage (-38.9%), accommodation and food service activities (-50.2%), administrative and support services activities (-25%). Considering the first half of the year, the economy shrank by 6.9%. For 2020, the NESDB revised its economic forecast to a contraction of 7.3-7.8% from growth of 5%-6% projected in May.
GDP Annual Growth Rate in Thailand averaged 3.63 percent from 1994 until 2020, 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. This page provides - Thailand GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Thailand GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020. source: Nesdb, Thailand
GDP Annual 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 Annual Growth Rate in Thailand to stand at 5.90 in 12 months time. In the long-term, the Thailand GDP Annual Growth Rate is projected to trend around 5.50 percent in 2021 and 3.40 percent in 2022, according to our econometric models.