Thailand's economy expanded 1.9% qoq in Q1 of 2023, exceeding market consensus of 1.7% and shifting from a downwardly revised 1.1% fall in Q4. A pick-up in private consumption (2.0% vs 0.1% in Q4) supported the upturn, with fixed investment also bouncing back (1.6% vs -0.3%). At the same time, net trade contributed positively, as exports (4.5% vs -3.6%) rose faster than imports (2.6% vs -11.2%). Meantime, government spending was weak, down for the fifth straight quarter (-1.2% vs -0.5%). On the production side, non-agricultural sector rebounded (1.7% vs -1.3%), buoyed by rising output in both industrials and services. In addition, activity in agriculture accelerated (4.6% vs 3.7%). The economy last year grew 2.6%, above a 1.5% growth in 2021, lifted by firm domestic demand. Thailand last year beat its tourism target with 11.15 million foreign visitors, compared to pre-pandemic 2019 with a record of almost 40 million. This year, the economy is projected to grow between 2.7-3.7%. source: Nesdb, Thailand

GDP Growth Rate in Thailand averaged 0.82 percent from 1993 until 2023, reaching an all time high of 9.40 percent in the first quarter of 2012 and a record low of -9.20 percent in the second quarter of 2020. This page provides - Thailand GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Thailand GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.

GDP Growth Rate in Thailand is expected to be 1.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Thailand GDP Growth Rate is projected to trend around 0.70 percent in 2024 and 0.60 percent in 2025, according to our econometric models.

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Thailand GDP Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2023-02-17 02:30 AM Q4 -1.5% 1.1% 0.5% 0.6%
2023-05-15 02:30 AM Q1 1.9% -1.1% 1.7% 1.4%
2023-08-15 02:30 AM Q2 1.9% 1.4%


Related Last Previous Unit Reference
GDP Growth Rate 1.90 -1.50 percent Mar 2023
GDP Annual Growth Rate 2.70 1.40 percent Mar 2023
GDP Constant Prices 2917794.00 2842532.00 THB Million Mar 2023
Gross National Product 2917794.00 2842128.00 THB Billion Mar 2023
Gross Fixed Capital Formation 672031.00 660740.00 THB Million Mar 2023
Full Year GDP Growth 2.60 1.50 percent Dec 2022
GDP from Utilities 75138.00 61831.00 THB Million Mar 2023
GDP from Transport 170930.00 167116.00 THB Million Mar 2023
GDP from Public Administration 132177.00 130834.00 THB Million Mar 2023
GDP from Mining 43639.00 43193.00 THB Million Mar 2023
GDP from Manufacturing 736654.00 716957.00 THB Million Mar 2023
GDP from Construction 77407.00 61357.00 THB Million Mar 2023
GDP from Agriculture 184991.00 214033.00 THB Million Mar 2023

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.
Actual Previous Highest Lowest Dates Unit Frequency
1.90 -1.50 9.40 -9.20 1993 - 2023 percent Quarterly

News Stream
Thailand Economy Grows 1.9% QoQ in Q1
Thailand's economy expanded 1.9% qoq in Q1 of 2023, exceeding market consensus of 1.7% and shifting from a downwardly revised 1.1% fall in Q4. A pick-up in private consumption (2.0% vs 0.1% in Q4) supported the upturn, with fixed investment also bouncing back (1.6% vs -0.3%). At the same time, net trade contributed positively, as exports (4.5% vs -3.6%) rose faster than imports (2.6% vs -11.2%). Meantime, government spending was weak, down for the fifth straight quarter (-1.2% vs -0.5%). On the production side, non-agricultural sector rebounded (1.7% vs -1.3%), buoyed by rising output in both industrials and services. In addition, activity in agriculture accelerated (4.6% vs 3.7%). The economy last year grew 2.6%, above a 1.5% growth in 2021, lifted by firm domestic demand. Thailand last year beat its tourism target with 11.15 million foreign visitors, compared to pre-pandemic 2019 with a record of almost 40 million. This year, the economy is projected to grow between 2.7-3.7%.
2023-05-15
Thailand Economy Unexpectedly Shrinks 1.5% QoQ in Q4
Thailand's economy unexpectedly contracted 1.5% qoq in Q4 of 2022, missing the market consensus of a 0.5% growth and shifting from a marginally revised 1.1% rise in the previous period. This was the first decline since Q3 of 2021, as private consumption fell after increasing for four quarters (-0.2% vs 1.1% in Q3) amid elevated cost of living and high interest rates. Also, government spending dropped for the fourth consecutive period (-1.4% vs -1.7%), and fixed investment turned weak (-0.2% vs 2.8%). Exports declined faster(-4.1% vs -1.7%), and imports changed to negative (-10.8% vs 2.6%). On the production side, non-agricultural shrank(-1.5% vs 1.1%), with output decreasing for both industrial and services. In contrast, agricultural output rebounded (3.1% vs -2.8%). For the whole year, the economy expanded by 2.6%, above a 1.5% growth in 2021, lifted by an upturn in tourism and sustained domestic demand. This year, it is projected to add between 2.7-3.7%.
2023-02-17
Thailand Economy Grows 1.2% QoQ in Q3, Tops Forecasts
Thailand's economy expanded 1.2% qoq in Q3 of 2022, beating market consensus of a 0.9% rise and following a 0.7% growth in Q2. The latest print was the fourth straight quarter of quarterly increase, amid resilient private consumption and robust fixed investment. Household consumption grew for the fourth quarter in a row (1.3% vs 1.7% in Q2) despite growing cost pressures, while fixed investment bounced back strongly (2.9% vs -1.9%). At the same time, government spending fell less (-1.4% vs -2.6%) amid a jump in social transfer. Net trade contributed negatively, however, with exports down for the first time in a year (-0.1% vs 4.6%) while imports rose for the third quarter (2.9% vs 5.9%). On the production side, non-agricultural sector picked up (1.8% vs 0.6%) due to a rebound in industrial output (0.4% vs -0.8%), and the fifth consecutive quarter of growth in services activity (1.3% vs 1.7%). By contrast, agricultural output shrank for the first time since Q4 of 2021 (1.3% vs 1.7%).
2022-11-21