In the first three quarters of the year, the economy advanced 2.5 percent, below 4.3 percent in the same period of 2018.
Direct access to our calendar releases and historical data. Services constitute around 44 percent of GDP. In addition, net external demand contributed negatively, as exports dropped at a quicker pace (-5.3% vs -1.9%) while imports rebounded (3.7% vs -3.4%). On the production side, nonagricultural output collapsed (-11% vs -2.9%), due to plunges in both the industrial sector (-11.4% vs -1.3%) and services (-10.7% vs -3.6%); while agricultural activity bounced back (5.2% vs -2.9%). GDP is an important indicator of a country's economic power. Thailand's gross domestic product grew by 1.6 percent year-on-year in the fourth quarter of 2019, following an upwardly revised 2.6 percent expansion in the previous period and below market consensus of 2.1 percent. On the production side, nonagricultural output contracted (-3.1% vs 1.2%), due to declines in both the industrial sector (-1% vs -0.4%) and services (-4% vs 1.8%); while agricultural activity bounced back (0.4% vs -5.8% in Q4).
This was the slowest growth since the third quarter 2014, as exports fell 4.9 percent while government spending tumbled 5.6 percent. It was the second consecutive quarter of economic contraction, thus pushing the economy into the deepest recession since the last quarter of 2011, amid the severe impact from the coronavirus outbreak.
Thailand Consumer Prices Decline for 7th Month, Thailand Manufacturing PMI Highest in 9 Months, Thailand Industrial Output Drops the Least in 6 Months, Thailand Leaves Rates Steady, Sees Weaker Recession, Thailand Imports Shrink More than Consensus, Thailand Exports Fall Less than Estimated, Thailand August Trade Surplus Beats Forecasts, Thailand Jobless Rate Surges to 1.9% in August, Thailand Consumer Sentiment Highest in 6 Months, Japan's Economy to Continue Recover from the COVID-19: BoJ's Kuroda, South Korea Current Account Surplus Widens. 1994-2020 Data | 2021-2022 Forecast | Calendar. The Trading Economics Application Programming Interface (API) provides direct access to our data. Publish your articles and forecasts in our website.
GDP Annual Growth Rate in Thailand averaged 3.63 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. Household consumption slumped (-7.6% vs -0.1% in Q1), with fixed investment falling for the third consecutive quarter (-2.2% vs -5.6%). GDP growth (annual %) - Thailand. As a result, manufacturing is the most important sector and accounts for 34 percent of GDP.
World Bank national accounts data, and OECD National Accounts data files.
Thailand is an export oriented emerging economy. This was the worst economic downturn since the second quarter 1998, as both supply and demand took a hit from the pandemic crisis. Find Out, Online tool for visualization and analysis. For 2020, the NESDB revised its economic forecast to a contraction of 5.0-6.0% from growth of 1.5%-2.5% projected in February.
This site uses cookies to optimize functionality and give you the best possible experience. GDP Growth Rate in Thailand averaged 0.79 percent from 1993 until 2020, reaching an all time high of 9.40 percent in the first quarter of 2012 and a record low of -9.70 percent in the second quarter of 2020. Thailand's gross domestic product shrank by 1.8 percent year-on-year in the first quarter of 2020, following a downwardly revised 1.5 percent expansion in the previous period and better than market consensus of a 4 percent contraction.
... Growth Crisis.
Government spending and fixed investment rose faster, and net external contributed positively to GDP growth. Meanwhile, government spending rebounded (1.4% vs -2.8%). The new estimate is more in line with the central bank, which expects gross domestic product to shrink 8.1%. 1993-2020 Data | 2021-2022 Forecast | Calendar | Historical.
Thailand's economy contracted 9.7% quarter-on-quarter in the three months to June 2020, compared with market estimates of an 11.4% decline and after a revised 2.5% decrease in the prior quarter.
Agriculture also makes a significant contribution - around 13 percent of GDP. The Trading Economics Application Programming Interface (API) provides direct access to our data. Thailand's economy contracted 2.2% quarter-on-quarter in the three months to March 2020, compared to market estimates of a 4.5% decline and after a revised 0.2% fall in Q4. For 2020, the NESDB revised its economic forecast to a contraction of 7.3-7.8% from growth of 5%-6% projected in May. Thailand's economy grew 0.1 percent quarter-on-quarter in the three months to September 2019, after a downwardly revised 0.4 percent expansion in the previous period, in line with market expectations. Download historical data for 20 million indicators using your browser. Agriculture also makes a significant contribution - around 13 percent of GDP. Thailand gdp for 2019 was $543.65B, a 7.33% increase from 2018. Services constitute around 44 percent of GDP.
Meanwhile, private consumption growth eased for the third consecutive time.
If you continue to navigate this website beyond this page, cookies will be placed on your browser. To learn more about cookies, click here. World Bank national accounts data, and OECD National Accounts data files. In addition, net external demand contributed negatively, as exports (-22% vs -6%) dropped more than imports (-21.2% vs 3.7%). Thailand’s GDP is expected to contract by 8.0% in 2020 and grow by 4.5% in 2021 – ADO 2020 Update Thailand's inflation rates forecasted at -1.6% in 2020 and 0.8% in 2021 – ADO 2020 Update GDP growth
On the production side, output contracted mostly for agriculture (-3.2%), manufacturing (-14.4%), transportation and storage (-38.9%), accommodation and food service activities (-50.2%), administrative and support services activities (-25%). Thailand's gross domestic product shrank by 12.2% year-on-year in the second quarter of 2020, following a revised 2.0% contraction in Q1 and compared with market consensus of a 13.3% plunge. Hit to Thailand's tourism, exports set to weigh on growth. Both government spending (-2.7% vs - 0.9% in Q4) and fixed investment (-6.5% vs 0.8%) fell, and net external demand contributed negatively to GDP growth while private consumption growth eased (3.0% vs 4.1%).
Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. This was the worst economic downturn since the fourth quarter 2011, as both supply and demand took a hit from the pandemic crisis.
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