Thailand GDP Growth Rate

The Gross Domestic Product (GDP) in Thailand contracted 2.10 percent in the first quarter of 2014 over the previous quarter. GDP Growth Rate in Thailand averaged 0.93 Percent from 1993 until 2014, reaching an all time high of 11.40 Percent in the first quarter of 2012 and a record low of -11.10 Percent in the fourth quarter of 2011. GDP Growth Rate in Thailand is reported by the Nesdb, Thailand.


Thailand GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-2.10 0.10 11.40 -11.10 1993 - 2014 Percent Quarterly
From 2000 to 2011, Thai economy grew at an average of 1.1 percent quarter-on-quarter, boosted by industrial and agricultural exports and to lesser extend by domestic consumption. Yet, as exports have been weakening throughout 2012 and 2013 due to several external economic shocks, domestic and public consumption has become the main source of expansion. This page provides - Thailand GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Thai GDP Contracts 2.1% QoQ in Q1

Thailand's economy shrank a bigger-than-expected 2.1 percent in the first quarter of 2014, down from a revised 0.1 percent expansion in the previous three months. It is the first on-quarter contraction in a year, as exports remained weak and domestic consumption was hurt by months of political turmoil.

Large-scale anti-government protests had gripped Bangkok for more than six months since November last year and spread the spillover effects, hurting investment, tourism and consumption. Manufacturing production contracted in March for the twelfth consecutive month by 10.4 percent year-on-year and consumer confidence fell in April to its lowest level in almost thirteen years. 

Year-on-year, the economy shrank 0.6 percent in the first three months of 2014, the weakest rate since the end of 2011. 

The state planning agency cut its 2014 GDP growth forecasts, saying the economy is likely to grow at a slow pace as a result of the economic contraction in the first quarter while the expansion for the rest of the year tends to be constrained by the political uncertainty which has caused a further delay in the new government formation than earlier expected. The lingering political unrest and the delay in the government formation will obstruct the budget disbursement, the implementation of key economic measures, the preparation of the FY2015 budgeting process, and continue to dampen consumer and business confidence and thus private consumption and investment. Moreover, export sector seems to pick up more slowly than previously anticipated due to a slow recovery of the global economy particularly Chinese and other Asian economies. Hence, contributions from exports are likely to be lower than previously estimated.  

NESDB | Joana Taborda |
5/19/2014 9:49:43 AM

Recent Releases

Thai Economy Expands 0.6% QoQ in Q4
In the fourth quarter of 2013, the Thai economy advanced 0.6 percent over the previous quarter, far below the 2.7 percent growth rate recorded in the previous three-month period, confirming the impact of the protests on the economy. Published on 2014-02-17

Thai GDP Expands 1.3% QoQ in Q3
In the third quarter of 2013, Thailand’s GDP recorded the first expansion in three quarters and advanced 1.3 percent over the previous three-month period, as a surge in the manufacturing sector was enough to offset a drop in agriculture and construction. Published on 2013-11-18

Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2013-08-19 03:30 AM Thailand
GDP Growth Rate QoQ
Q2 2013 -0.3% -1.7% (R) 0.4% 0.37%
2013-11-18 02:30 AM Thailand
GDP Growth Rate QoQ
Q3 2013 1.3% 0.0% (R) 1.7% 1.32%
2014-02-17 02:30 AM Thailand
GDP Growth Rate QoQ
Q4 2013 0.6% 1.3% 0.6% 0.21%
2014-05-19 03:30 AM Thailand
GDP Growth Rate QoQ
Q1 2014 -2.1% 0.1% (R) -1.35% -0.87%
2014-08-18 03:30 AM Thailand
GDP Growth Rate QoQ
Q2 2014 -2.1% -0.56%

GDP Last Previous Highest Lowest Unit
GDP 387.25 365.97 387.25 2.76 USD Billion [+]
GDP Growth Rate -2.10 0.10 11.40 -11.10 Percent [+]
GDP Annual Growth Rate -0.60 0.60 19.10 -13.90 Percent [+]
GDP Constant Prices 1243748.00 1270626.00 1270626.00 590508.00 THB Million [+]
Gross National Product 4693.46 4718.93 4718.93 910.68 THB Billion [+]
GDP per capita 3437.84 3389.58 3437.84 358.92 USD [+]
Gross Fixed Capital Formation 251669.00 258938.00 346459.00 18375.42 THB Million [+]
GDP per capita PPP 8458.94 7972.44 8458.94 2225.92 USD [+]

Overview    |     Worldbank    |     Calendar    |     Countries    |     Indicators    |     News