Thailand's gross domestic product expanded by 1.4% yoy in Q4 of 2022, below the market consensus of 3.5% and easing from an upwardly revised 4.6% growth in Q3. This was the 5th consecutive period of rise, but the weakest pace in the sequence, due to a slowdown in both private consumption (5.7% vs 9.1% in Q3) and fixed investment (3.9% vs 5.5%). Also, government spending deteriorated further (-8.0% vs -1.5%), dragged down by healthcare services and social security funds related to Covid-19. Meanwhile, exports (-0.7% vs 9.5%) and imports (-4.6% vs 9.5%) turned negative. On the production side, output increased slower for transport (9.8% vs 10.1% in Q3), accommodation & food (30.6% vs 53.6%), and wholesale & retail trade (3.1% vs 3.5%); and declined for manufacturing (-4.9% vs 6.0%). For the 2022 full year, the GDP added 2.6%, compared to a downwardly revised 1.5% gain in 2021. The NESDB cut its GDP outlook for 2023 to 2.7%-3.7% from 3%-4% projected in November 2022. source: Nesdb, Thailand

GDP Annual Growth Rate in Thailand averaged 3.24 percent from 1994 until 2022, 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 March of 2023.

GDP Annual Growth Rate in Thailand is expected to be 2.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Thailand GDP Annual Growth Rate is projected to trend around 3.30 percent in 2024 and 2.90 percent in 2025, according to our econometric models.

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Thailand GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-11-21 02:30 AM Q3 4.5% 2.5% 4.5% 4.2%
2023-02-17 02:30 AM Q4 1.4% 4.6% 3.5% 3.4%
2023-05-17 02:30 AM Q1 1.4% 2.8%


Related Last Previous Unit Reference
GDP Growth Rate -1.50 1.10 percent Dec 2022
GDP Annual Growth Rate 1.40 4.60 percent Dec 2022
GDP Constant Prices 2772100.00 2548406.00 THB Million Dec 2022
Gross National Product 2842128.00 2628579.00 THB Billion Dec 2022
Gross Fixed Capital Formation 660740.00 664320.00 THB Million Dec 2022
Full Year GDP Growth 2.60 1.50 percent Dec 2022
GDP from Utilities 61832.00 71666.00 THB Million Dec 2022
GDP from Transport 167116.00 146103.00 THB Million Dec 2022
GDP from Public Administration 130834.00 139958.00 THB Million Dec 2022
GDP from Mining 43193.00 39783.00 THB Million Dec 2022
GDP from Manufacturing 717510.00 690208.00 THB Million Dec 2022
GDP from Construction 61357.00 77152.00 THB Million Dec 2022
GDP from Agriculture 214643.00 127497.00 THB Million Dec 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
1.40 4.60 15.50 -12.50 1994 - 2022 percent Quarterly

News Stream
Thailand Q4 GDP Growth Below Forecasts
Thailand's gross domestic product expanded by 1.4% yoy in Q4 of 2022, below the market consensus of 3.5% and easing from an upwardly revised 4.6% growth in Q3. This was the 5th consecutive period of rise, but the weakest pace in the sequence, due to a slowdown in both private consumption (5.7% vs 9.1% in Q3) and fixed investment (3.9% vs 5.5%). Also, government spending deteriorated further (-8.0% vs -1.5%), dragged down by healthcare services and social security funds related to Covid-19. Meanwhile, exports (-0.7% vs 9.5%) and imports (-4.6% vs 9.5%) turned negative. On the production side, output increased slower for transport (9.8% vs 10.1% in Q3), accommodation & food (30.6% vs 53.6%), and wholesale & retail trade (3.1% vs 3.5%); and declined for manufacturing (-4.9% vs 6.0%). For the 2022 full year, the GDP added 2.6%, compared to a downwardly revised 1.5% gain in 2021. The NESDB cut its GDP outlook for 2023 to 2.7%-3.7% from 3%-4% projected in November 2022.
2023-02-17
Thailand Q3 GDP Growth Strongest in 5 Quarters
Thailand's gross domestic product advanced 4.5% yoy in Q3 of 2022, the most in 5 quarters, matching market consensus and picking up from a 2.5% growth in Q2. This was the fourth straight quarter of expansion supported by robust private spending following a further easing in COVID curbs and a recovery in labor market (9.0% vs 7.1% in Q2). Also, fixed investment rebounded strongly (5.2% vs -1.0%), on a sharp pickup in private investment. In addition, net trade contributed positively as exports (9.5% vs 8.5%) grew steeper than imports (8.2% vs 9.5%). Government spending, however, shrank for the first time since Q4 2019 (-0.6% vs 2.8%), with social transfers rising the least in 6 quarters. On the production side, output grew robustly for transport (9.9% vs 5.2%), accommodation & food (53.6% vs 44.9%), utilities (5.8% vs 1.4%), and manufacturing (6.3% vs -0.5%). For 2022, the NESDB revised higher its GDP growth forecast to 3.2% from the 2.7-3.2% rise projected in August.
2022-11-21
Thailand Q2 GDP Annual Growth Strongest in a Year
Thailand's gross domestic product expanded 2.5% yoy in Q2 of 2022, compared with market expectations of a 3.1% gain and after an upwardly revised 2.3% growth in Q1. It was the third straight quarter of expansion in the GDP and the fastest pace in a year, with private spending picking up (6.9% vs 3.5% in Q1), due to loosening COVID-19 curbs. Meantime, government spending eased (2.4% vs 7.2%), amid the lower growth rate of the expense of healthcare services related to the pandemic. Net external demand contributed negatively as exports rose 8.5%, while imports grew by 9.1%. By contrast, fixed investment shrank (-1.0% vs 0.8%). On the production side, output expanded more for transportation (5.3% vs 4.2%), accommodation & food service (44.9% vs 33.5%), information and communication (6.2% vs 5.7%). For H1 2022, the GDP grew by 2.4% yoy. The NESDB revised its GDP outlook for this year to 2.7% - 3.2% from 2.5%-3.5% made in August, on rising prices and the impact of the war in Ukraine.
2022-08-15