Thailand GDP Growth Rate

The Gross Domestic Product (GDP) in Thailand expanded 0.60 percent in the fourth quarter of 2013 over the previous quarter. GDP Growth Rate in Thailand is reported by the Nesdb, Thailand. GDP Growth Rate in Thailand averaged 0.97 Percent from 1993 until 2013, 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. 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. 2014-04-25

Actual Previous Highest Lowest Forecast Dates Unit Frequency
0.60 1.30 11.40 -11.10 -0.87 | 2014/03 1993 - 2013 Percent Quarterly

TO

Thailand GDP Growth Rate
LIST BY COUNTRY


CALENDAR GMT Country Event Reference Actual Previous Consensus Forecast
2013-05-20 03:30 AM Thailand
GDP Growth Rate QoQ
Q1 2013 -2.2% 2.8% (R)
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 0.6% -0.87%
2014-08-18 03:30 AM Thailand
GDP GROWTH RATE QOQ
Q2 2014 -0.56%
[+]

GDP Last Previous Highest Lowest Forecast Unit
GDP Constant Prices 1276071.00 2013-11-15 1268443.00 1276071.00 590508.00 1273248.72 2014-03-31 THB Million [+]
Gross Fixed Capital Formation 259281.00 2013-11-15 268699.00 346459.00 18375.42 259734.54 2014-03-31 THB Million [+]
Gross National Product 4727.32 2013-06-30 4718.93 4727.32 910.68 4737.17 2013-12-31 THB Billion [+]
GDP per capita 3350.78 2012-12-31 3158.07 3350.78 358.92 3476.37 2014-06-30 USD [+]
GDP per capita PPP 8458.94 2012-12-31 7972.44 8458.94 2225.92 8775.98 2014-06-30 USD [+]
GDP Growth Rate 0.60 2013-12-31 1.30 11.40 -11.10 -0.87 2014-03-31 Percent [+]
GDP Annual Growth Rate 0.60 2013-12-31 2.70 19.10 -13.90 0.59 2014-03-31 Percent [+]
GDP 365.56 2012-12-31 345.65 365.56 2.76 398.07 2014-06-30 USD Billion [+]
[+]


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.

The slowdown was due to political unrest, which hurt local demand, investment and tourism.

In November of 2013, several anti-government protests began in Bangkok, forcing many ministries and state agencies to close. The election held on February 2nd was disrupted, failing to end the crisis and a caretaker administration proceeds, with only limited spending and borrowing powers.

Latest figures released by the Bank of Thailand in January 2014 showed that in the last month of 2013, the private investment index contracted 8.1 percent (yoy), given that most businesses had already accelerated their investment earlier, while others decided to postpone investment amid current economic and political uncertainties. 

Households remained cautious in the same period. While the private consumption index fell 0.2 percent (yoy), mainly due to lower spending on automobiles, delayed payments to rice farmers also weight on consumption. 

In December of 2013, the tourism sector expanded at a slower pace after the enforcement of China’s new tourism law since October of 2013 and amid domestic political unrest. 

Compared with the same quarter of 2012, the economy advanced a meager 06 percent. In January, the Bank of Thailand cut its 2014 growth forecast to around 3 percent from 4 percent.

Joana Taborda | joana.taborda@tradingeconomics.com
2/17/2014 1:28:45 PM

RECENT RELEASES

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

Thai Economy Contracts 0.3% QoQ in Q2
In the second quarter of 2013, Thai GDP shrank for the second quarter in a row by 0.3 percent from the preceding three-month period, due to weakness in exports, domestic consumption and investment. Published on 2013-08-19


GDP Growth Rate | Notes
The GDP Growth Rate shows a percentage change in the seasonally adjusted GDP value in the certain quarter, compared to the previous quarter. Because of climatic conditions and holidays, the intensity of the production varies throughout the year. This makes a direct comparison of two consecutive quarters difficult. In order to adjust for these conditions, many countries calculate the quarterly GDP using so called seasonally adjusted method. The Gross Domestic Product can be determined using three different approaches: the product, the income, and the expenditure technique, which should give the same result. In sum, the product technique sums the outputs of every class of enterprise. The expenditure technique works on the principle that every product must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying products and services. The income technique works on the principle that the incomes of the productive factors must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes.


RELATED NEWS

Bank of Thailand Leaves Interest Rate Unchanged  
At its April 23rd, 2014 meeting, the Monetary Policy Committee left the benchmark interest rate on hold at 2.0 percent. Policymakers expect 2014 growth to be lower than previous assessed due to prolonged political unrest.
Bank of Thailand Cuts Rate to 2%  
At its March 12th 2014 meeting, the Bank of Thailand decided to cut the benchmark interest rate by 25 bps to 2 percent, as months of political unrest keep hurting the economy. The policy rate stands now at its lowest level since late 2010.
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.
Thai GDP Growth Slows Sharply in Q4  
In the fourth quarter of 2013, the Thai GDP grew a meager 0.6 percent over a year earlier, down from 2.7 percent in the preceding quarter, as political unrest hurt demand, tourism and investment.
Bank of Thailand Leaves Monetary Policy Unchanged  
Bank of Thailand decided on January 22nd to leave the benchmark interest rate unchanged at 2.25 percent. Although the central bank considers monetary policy stance is already quite accommodative enough, it cut GDP growth forecasts for 2013.
Bank of Thailand Cuts Rate by 25 bps  
Bank of Thailand decided on November 27th to cut the benchmark interest rate for the second time this year to 2.25 percent, as the current political situation threatens investor confidence and the delay in government spending poses downside risks to growth.
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.
Thai GDP Growth Slows to 2.7% YoY in Q3  
In the third quarter of 2013, the Thai economy expanded 2.7 percent over a year earlier, down from a 2.9 percent growth in the previous quarter. It is the slowest expansion in six quarters, mainly due to a drop in household consumption and investment.
Thai Monetary Policy Unchanged in October  
The Monetary Policy Committee of the Bank of Thailand decided on October 16th to leave the policy rate unchanged at 2.5 percent, citing uncertain global economic recovery and the delay in fiscal disbursement for infrastructure projects as key downside risks to the economy.
Bank of Thailand Keeps Policy Rate Steady at 2.5%  
The Monetary Policy Committee of the Bank of Thailand decided on August 21st to leave the policy rate unchanged at 2.5 percent, as inflation remains subdued, while risks to financial stability and uncertainties regarding global financial conditions warrant continued monitoring.
MORE RELATED NEWS

LATEST NEWS

Tokyo Core CPI At 22- Year High in April  
Core consumer prices in Tokyo, a leading indicator of nationwide inflation, rose 2.7 percent in April from a year earlier, the fastest gain since 1992 as an increase in sales tax drove up cost of goods and services.
US Durable Goods Orders Surge in March  
New orders for manufactured durable goods in March increased $6.0 billion or 2.6 percent to $234.8 billion. This increase, up two consecutive months, followed a 2.1 percent February increase.
US Jobless Claims Rise in Latest Week  
In the week ending April 19, the advance figure for seasonally adjusted initial claims was 329,000, an increase of 24,000 from the previous week's revised level. There were no special factors impacting this week's initial claims.
Central Bank of Turkey Leaves Main Rates on Hold  
The Monetary Policy Committee decided on April 24th, 2014, to leave the one-week repo rate on hold at 10.0 percent for the third straight meeting. The Central Bank said it will maintain the current policy stance until there is a significant improvement in the outlook for inflation.
Swiss Trade Surplus Narrows Further in March  
The trade surplus decreased 10.6 percent in March of 2014 from the previous month to CHF 2.1 billion as imports rose at a higher pace than exports. Compared with a year earlier, the trade balance increased by 17.2 percent, driven by stronger sales of pharmaceuticals and chemicals products, and machinery to Europe and China.
Polish Unemployment Rate Falls in March  
Poland’s jobless rate dropped for the second straight month in March of 2014 to 13.5 percent, down from 13.9 percent in February and below market forecasts. A year earlier, unemployment was recorded at 14.3 percent.
South Korean Economy Expands at a Fastest Pace  
In the first quarter of 2014, South Korea’s GDP accelerated for the fourth straight quarter to an annual 3.9 percent growth rate, driven by exports.
South Korea GDP Growth Beats Expectations in Q1  
South Korean GDP expanded a seasonally adjusted 0.9 percent on quarter in the first three months of 2014, the same rate recorded in the previous quarter and above market expectations.
Reserve Bank of New Zealand Increases Interest Rate to 3.0%  
At its April 23rd, 2014 meeting, the Reserve Bank of New Zealand lifted the benchmark interest rate for the second straight meeting by 25 bps to 3.0 percent, as inflationary pressures were increasing and were expected to continue doing so over the next two years.
US New Home Sales Fall Sharply in March  
Sales of new single-family houses dropped 14.5 percent in March of 2014 to their lowest level in eight months. Sales were recorded at a seasonally adjusted annual rate of 384,000, below the revised February rate of 449,000.
MORE TOP NEWS

OVERVIEW    |     WORLBANK    |     [+] Calendar    |     [+] Countries    |     [+] Indicators    |     News