Thailand's gross domestic product shrank by 4.2% yoy in Q4 of 2020, following a 6.4% contraction in Q3, better than market expectations of a 5.4% plunge. This was the 4th straight quarter of contraction in the GDP, but the smallest decline since the Q1, as an improvement in both global demand and domestic activity. Fixed investment continued to shrink (-2.5% vs -2.6%), while net external demand contributed negatively to GDP growth. At the same time, private consumption rebounded (0.9% vs -0.6% in Q3), while government spending continued to grow (1.9% vs 2.5%). On the production side, output contracted mostly for accommodation & food service activities (-35.2%), transportation & storage (-21.1%). Considering 2020 full year, the economy shrank by 6.1%, the steepest drop since the 1998 Asian financial crisis, reversing from a 2.3% growth in 2019. For 2021, the NESDB revised its economic forecast to an expansion of 2.5%-3.5% from an increase of 3.5%-4.5% projected in November. source: Nesdb, Thailand
GDP Annual Growth Rate in Thailand averaged 3.30 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 May of 2021.
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 2.50 in 12 months time. In the long-term, the Thailand GDP Annual Growth Rate is projected to trend around 4.50 percent in 2022 and 3.00 percent in 2023, according to our econometric models.