Thailand's economy expanded 0.8 percent quarter-on-quarter in the three months to December 2018, beating market estimates of a 0.6 percent growth and reversing from a downwardly revised 0.3 percent contraction in the previous quarter. Private consumption and fixed investment growth accelerated while government spending rebounded. Also, net external demand contributed positively to the GDP growth. GDP Growth Rate in Thailand averaged 0.94 percent from 1993 until 2018, reaching an all time high of 9.40 percent in the first quarter of 2012 and a record low of -6.30 percent in the fourth quarter of 2011.

GDP Growth Rate in Thailand is expected to be 1.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Thailand to stand at 1.10 in 12 months time. In the long-term, the Thailand GDP Growth Rate is projected to trend around 0.80 percent in 2020, according to our econometric models.

Thailand GDP Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-05-21 02:30 AM GDP Growth Rate QoQ 2.0% 0.5% 1.05% 1%
2018-08-20 02:30 AM GDP Growth Rate QoQ 1.0% 2.1% 1% 1.3%
2018-11-19 02:30 AM GDP Growth Rate QoQ 0.0% 0.9% 0.6% 0.8%
2019-02-18 02:30 AM GDP Growth Rate QoQ 0.80% -0.3% 0.6% 0.8%
2019-05-20 02:30 AM GDP Growth Rate QoQ 0.8% 1.3%
2019-08-19 02:30 AM GDP Growth Rate QoQ 1%
2019-11-18 02:30 AM GDP Growth Rate QoQ 0.9%



Thailand Quarterly GDP Growth Rebounds Strongly in Q4

Thailand's economy expanded 0.8 percent quarter-on-quarter in the three months to December 2018, beating market estimates of a 0.6 percent growth and reversing from a downwardly revised 0.3 percent contraction in the previous quarter. Private consumption and fixed investment growth accelerated while government spending rebounded. Also, net external demand contributed positively to the GDP growth.

On the expenditure side, private consumption increased by 10.2 percent, compared to a 1.6 percent advance in the previous quarter and government spending went up 1.4 percent, recovering modestly from a 0.6 percent drop in the September quarter and marking the first quarterly rise in three quarters. In addition, gross fixed capital formation rose by 1.4 percent, twice faster than a 0.7 percent rise in the third quarter. Meantime, net external demand contributed positively to growth, as exports of goods and services expanded 1.9 percent, swinging strongly from a 5.6 percent fall in the preceding quarter, while imports shrank 1.6 percent, after a 2.8 percent growth in the third quarter.

On the production side, output grew at a faster rate mainly for manufacturing (1.7 percent vs 0.6 percent in Q3); wholesale and retail trade; repair of motor (2.7 percent vs 2.2 percent); utilities (4 percent vs 2.2 percent) and transport, storage & communication (2.5 percent vs 0.4 percent). In addition, activity rebounded in mining & quarrying (3.1 percent vs -1.5 percent); hotels & restaurants (3.6 percent vs -1 percent); education (1.8 percent vs -1.6 percent) and health & social work (1.8 percent vs -1.2 percent). Meanwhile, the agriculture sector contracted 8 percent, softer than a 10.6 percent fall in the prior three month-period. Also, financial intermediation (-0.5 percent vs -0.8 percent) and construction (-0.7 percent vs 3 percent) shrank.

Year-on-year, the economy grew an annual 3.7 percent in the December quarter, slightly above consensus of  a 3.6 percent expansion and following a downwardly revised 3.2 percent growth in the third quarter, which was the weakest yearly growth rate in three years.

In 2018, the Thai economy advanced 4.1 percent, compared to an upwardly revised 4.0 percent growth in a year earlier and market consensus of 4.2 percent. It marked the strongest pace of expansion since 2012.

For this year, the government expects the economy to grow between 3.5 to 4.5 percent, unchanged from an earlier projection, supported by private consumption, investment and tourism. Meanwhile, export growth outlook for the year was lowered to 4.1 percent from 4.6 percent previously estimated, amid a slowdown in global demand and uncertainty coming from Sino-US trade tension.


NESDB l Rida Husna | rida@tradingeconomics.com
2/18/2019 11:06:30 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 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 Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Thailand GDP Growth Rate - actual data, historical chart and calendar of releases - was last updated on March of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.80 -0.30 9.40 -6.30 1993 - 2018 percent Quarterly




Country Last Previous
United States 2.60 Dec/18
Saudi Arabia 1.60 Sep/18
China 1.50 Dec/18
India 1.50 Sep/18
Singapore 1.40 Dec/18
South Africa 1.40 Dec/18
South Korea 1.00 Dec/18
Spain 0.70 Dec/18
Japan 0.50 Dec/18
Netherlands 0.50 Dec/18
France 0.30 Dec/18
Russia 0.30 Sep/18
Australia 0.20 Dec/18
Euro Area 0.20 Dec/18
Mexico 0.20 Dec/18
Switzerland 0.20 Dec/18
United Kingdom 0.20 Dec/18
Brazil 0.10 Dec/18
Canada 0.10 Dec/18
Germany 0.00 Dec/18
Italy -0.10 Dec/18
Argentina -1.20 Dec/18
Indonesia -1.69 Dec/18
Turkey -2.40 Dec/18


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