Thailand's gross domestic product shrank by 2.6% yoy in Q1 of 2021, following a 4.2% contraction in Q4, better than market expectations of a 3.3% fall. This was the 5th straight quarter of contraction in the GDP, but the smallest decline since the Q1, as an improvement in both global demand and domestic activity. Private consumption dropped (-0.5% vs 0.9% in Q4 2020), while net external demand contributed negatively to GDP growth as exports fell 10.5%, while imports rose 1.7%. At the same time, fixed investment rebounded sharply (7.3% vs -2.5%), while government spending continued to grow (2.1% vs 2.2%). On the production side, output contracted mostly for accommodation & food service activities (-35.0% vs -35.2%), transportation & storage (-17.7 vs -21.1%). For 2021, the NESDB revised its economic forecast to an expansion of 1.5%-2.5% from an increase of 2.5%-3.5% projected in February. source: Nesdb, Thailand
GDP Annual Growth Rate in Thailand averaged 3.26 percent from 1994 until 2021, 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 July of 2021.
GDP Annual Growth Rate in Thailand is expected to be 2.50 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 3.00 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 4.00 percent in 2023, according to our econometric models.