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.

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Thailand GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-12.20 -2.00 15.50 -12.50 1994 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-02-17 02:30 AM YoY Q4 1.6% 2.6% 2.1% 2.0%
2020-02-17 02:30 AM Full Year GDP Growth 2019 2.4% 4.2% 2.4%
2020-05-18 02:30 AM YoY Q1 -1.8% 1.5% -4% -3.6%
2020-08-17 02:30 AM YoY Q2 -12.2% -2% -13.3% -14.5%
2020-11-16 02:30 AM YoY Q3 -12.2% -1.5%
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News Stream
Thai Economy Shrinks the Most Since 1998
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.
2020-08-17
Thailand Economy Shrinks The Most since 2011
Thailand's gross domestic product shrank by 1.8 percent year-on-year in the first quarter of 2020, following a downwardly revised 1.5 percent expansion in the previous period and better than market consensus of a 4 percent contraction. This was the worst economic downturn since the fourth quarter 2011, as both supply and demand took a hit from the pandemic crisis. Both government spending (-2.7% vs - 0.9% in Q4) and fixed investment (-6.5% vs 0.8%) fell, and net external demand contributed negatively to GDP growth while private consumption growth eased (3.0% vs 4.1%). On the production side, output contracted for agriculture (-5.7%), manufacturing (-2.7%), construction (-9.9%), transportation and storage (-6%), accommodation and food service activities (-24.1%), administrative and support services activities (-6.7%). For 2020, the NESDB revised its economic forecast to a contraction of 5.0-6.0% from growth of 1.5%-2.5% projected in February.
2020-05-18
Thailand Q4 GDP Annual Growth Weakest in Over 5 Years
Thailand's gross domestic product grew by 1.6 percent year-on-year in the fourth quarter of 2019, following an upwardly revised 2.6 percent expansion in the previous period and below market consensus of 2.1 percent. This was the slowest growth since the third quarter 2014, as exports fell 4.9 percent while government spending tumbled 5.6 percent. For 2019 full year, the economy grew 2.4 percent, compared to an upwardly revised 4.2 percent growth in 2018, the weakest since 2014, and missing the government’s 2.7 – 3.2 percent target range. For 2020, the NESDB revised its economic forecast to 1.5-2.5 percent from 2.7-3.7 percent in November, with exports seen expanding 1.4 percent (from 2.3 percent growth).
2020-02-17
Thai Q3 GDP Annual Growth Below Forecasts
Thailand's gross domestic product grew by 2.4 percent year-on-year in the third quarter of 2019, following a 2.3 percent expansion in the previous period but below market consensus of 2.6 percent. Government spending and fixed investment rose faster, and net external contributed positively to GDP growth. Meanwhile, private consumption growth eased for the third consecutive time. In the first three quarters of the year, the economy advanced 2.5 percent, below 4.3 percent in the same period of 2018. The government lowered its 2019 GDP estimate to 2.6 percent, down from 2.7-3.2 percent forecast in August.
2019-11-18

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.