Thailand's gross domestic product shrank by 6.4% yoy in the third quarter of 2020, following a downwardly revised 12.1% contraction in Q2. Figures came better than market expectations of an 8.6% plunge, as the government implemented a series of stimulus measures and coronavirus restrictions were eased. Both private consumption (-0.6% vs -6.8% in Q2) and fixed investment (-2.4% vs -8%) declined much less, while net external demand contributed negatively to GDP growth. Meanwhile, government spending expanded faster (3.4% vs 1.3%). On the production side, output contracted mostly for accommodation & food service activities (-39.6%), transportation & storage (-23.6%), administrative & support services activities (-20.6%) and manufacturing (-5.3%). Considering the first three quarters of the year, the economy shrank by 6.7%. For 2020, the NESDB revised its economic forecast to a contraction of 6% from a decline of 7.3%-7.8% projected in August. source: Nesdb, Thailand
GDP Annual Growth Rate in Thailand averaged 3.39 percent from 1994 until 2020, 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 December of 2020.
GDP Annual Growth Rate in Thailand is expected to be -3.50 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 5.50 in 12 months time. In the long-term, the Thailand GDP Annual Growth Rate is projected to trend around 5.50 percent in 2021 and 3.80 percent in 2022, according to our econometric models.