Thailand GDP Annual Growth Rate
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Thailand’s gross domestic product advanced 1.5% year-on-year in Q3 of 2023, below market expectations of 2.4%, and easing from a 1.8% gain in the previous period.It was the eighth consecutive period of economic growth, but the lowest pace of expansion since the fourth quarter of 2022, due to faster rises in both private consumption (8.1% vs 7.8% in Q2) and fixed investments (1.5%vs 0.4%) partially offset by the steeper contraction in government spending (-4.9% vs -4.3%).Net trade also contributed positively to the GDP, as exports grew (0.2% vs 0.6%), while imports fell (-10.2% vs -2.3%).On the production side, growth slowed for agriculture (0.9% vs 1.2%), and non-agriculture (1.5% vs 1.8%), as the services sector slowed (3.9% vs 4.0%), while the industrial sector shrank faster (-2.8% vs -2.0%).The NESDB revised its GDP outlook for this year at 2.5% from a previous projection of 2.5%-3.0%.
source: Nesdb, Thailand
The Gross Domestic Product (GDP) in Thailand expanded 1.50 percent in the third quarter of 2023 over the same quarter of the previous year.
GDP Annual Growth Rate in Thailand averaged 3.21 percent from 1994 until 2023, 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 November of 2023.
The Gross Domestic Product (GDP) in Thailand expanded 1.50 percent in the third quarter of 2023 over the same quarter of the previous year.
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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Calendar
GMT
Reference
Actual
Previous
Consensus
TEForecast
2023-08-21
02:30 AM
GDP Growth Rate YoY
Q2
1.8%
2.6%
3.1%
2.6%
2023-11-20
02:30 AM
GDP Growth Rate YoY
Q3
1.5%
1.8%
2.4%
2.2%
Related
Last
Previous
Unit
Reference
GDP Growth Rate
0.80
0.20
percent
Sep 2023
GDP Annual Growth Rate
1.50
1.80
percent
Sep 2023
GDP Constant Prices
2720013.00
2715054.00
THB Million
Jun 2023
Gross National Product
2704556.00
2915166.00
THB Billion
Jun 2023
Gross Fixed Capital Formation
650595.00
669511.00
THB Million
Jun 2023
Full Year GDP Growth
2.60
1.50
percent
Dec 2022
GDP from Utilities
92637.00
86202.00
THB Million
Jun 2023
GDP from Transport
156765.00
157779.00
THB Million
Jun 2023
GDP from Public Administration
134754.00
133483.00
THB Million
Jun 2023
GDP from Mining
40438.00
40817.00
THB Million
Jun 2023
GDP from Manufacturing
700037.00
705014.00
THB Million
Jun 2023
GDP from Construction
73799.00
75821.00
THB Million
Jun 2023
GDP from Agriculture
172462.00
177461.00
THB Million
Jun 2023
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.
1.50
1.80
15.50
-12.50
1994 – 2023
percent
Quarterly
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News Stream
Thailand Q3 GDP Annual Growth Below Forecasts
Thailand’s gross domestic product advanced 1.5% year-on-year in Q3 of 2023, below market expectations of 2.4%, and easing from a 1.8% gain in the previous period.
It was the eighth consecutive period of economic growth, but the lowest pace of expansion since the fourth quarter of 2022, due to faster rises in both private consumption (8.1% vs 7.8% in Q2) and fixed investments (1.5%vs 0.4%) partially offset by the steeper contraction in government spending (-4.9% vs -4.3%).Net trade also contributed positively to the GDP, as exports grew (0.2% vs 0.6%), while imports fell (-10.2% vs -2.3%).
On the production side, growth slowed for agriculture (0.9% vs 1.2%), and non-agriculture (1.5% vs 1.8%), as the services sector slowed (3.9% vs 4.0%), while the industrial sector shrank faster (-2.8% vs -2.0%).The NESDB revised its GDP outlook for this year at 2.5% from a previous projection of 2.5%-3.0%.
.
2023-11-20
Thailand GDP Growth Below Forecasts
Thailand’s gross domestic product expanded 1.8% year-on-year in the Q2 of 2023, coming below market expectations of 3.1% and easing from a downwardly revised 2.6% rise in the previous period.It was the seventh consecutive period of economic growth, driven by the further increase in private consumption (7.8% vs 5.8% in Q1), but was partially offset by the slowdown in fixed investments (0.4%vs 3.1%), and the contraction in government spending (-4.3% vs 6.3%).
Net trade also contributed positively to the GDP, as exports rose (0.7% vs 2.1%), while imports dropped (-2.4% vs -0.9%).On the production side, growth slowed for agriculture (0.5% vs 1.9%), and non-agriculture (6.2% vs 2.2%), as the services sector slowed (4.1% vs 5.2%), while the industrial sector continued to shrink (-2.1% vs -3.2%).The NESDB revised its GDP outlook for this year at 2.5%-3.0% from a previous projection of 2.7%-3.7%.
2023-08-21
Thailand Q1 GDP Growth Rate Beats Estimates
Thailand’s gross domestic product advanced by 2.7% yoy in Q1 of 2023, topping market consensus of 2.3% and accelerating from a 1.4% growth in Q4 of 2022.This was the 6th consecutive period of expansion, boosted by private consumption (5.4% vs 5.6% in Q4) and fixed investment (3.1% vs 3.9%).
Also, net trade contributed positively to the GDP, as exports grew (3.0% vs -0.7%) while imports fell (-1.0% vs -4.8%).Meanwhile, government spending fell less (-6.2% vs -7.1%), due to a drop in social transfers in kind.On the production side, the output of agriculture (7.2% vs 3.4%) and non-agriculture (2.3% vs 1.2%) grew faster, with the service sector rising at a faster pace (5.2% vs 4.3%).Among services, output advanced more for transport (12.4% vs 9.8% in Q4), accommodation & food (34.3% vs 30.6%), and wholesale & retail trade (3.3% vs 3.1%).The NESDB maintained its GDP outlook for this year at 2.7%-3.7%.In 2022, the GDP grew 2.6%, compared to a 1.5% expansion in 2021.
2023-05-15
Related
Thailand Economy Grows 0.8% QoQ in Q3
Thailand Q3 GDP Annual Growth Below Forecasts
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Thailand Business Morale Weakens in October
Thailand Manufacturing PMI Drops to Near 3-Year Low
Thailand Current Account Swings to Surplus
Thailand Retail Sales Shrink in August
Thailand Private Investment Drops 1.2% MoM
Thailand Personal Spending Falls in September
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