Thailand GDP Annual Growth Rate

The Gross Domestic Product (GDP) in Thailand contracted 0.60 percent in the first quarter of 2014 over the same quarter of the previous year. GDP Annual Growth Rate in Thailand averaged 3.72 Percent from 1994 until 2014, reaching an all time high of 19.10 Percent in the fourth quarter of 2012 and a record low of -13.90 Percent in the second quarter of 1998. GDP Annual Growth Rate in Thailand is reported by the Nesdb, Thailand.


Thailand GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-0.60 0.60 19.10 -13.90 1994 - 2014 Percent Quarterly
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, defence and social security (4.5 percent of GDP). Agriculture also makes a significant contribution - around 13 percent of GDP. This page provides - Thailand GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Thai Economy Shrinks in Q1

Thailand’s GDP contracted 0.6 percent from a year earlier in the first three months of 2014, down from a 0.6 percent expansion in the previous quarter. A rise in government expenditure on higher public salaries and wages was not enough to offset a drop in private consumption and investment.

Private consumption contracted 3.0 percent year-on-year, due to a fall in expenditure on durable goods, especially on domestic car sales which declined rapidly due to a high base in the first quarter of 2013 when large amounts of car were delivered under the first-car-buyer scheme. 

Total investment declined 9.8 percent. Private investment contracted by 7.3 percent, mainly due to declines in machinery and equipment and construction investment. Similarly, public investment contracted by 19.3 percent following a reduced disbursement in government investment budget.

Government consumption expenditure increased by 2.9 percent owing to a rise in expenditure on salaries and wages. However, expenditure on public utilities declined, hurt by a temporary closure of some government agencies in Bangkok area amid the political turmoil.  

Exports fell 0.4 percent while imports shrank at a faster 8.5 percent. 

On a quarter-over-quarter basis, the GDP fell 2.1 percent following a 0.1 percent rise in the fourth quarter of 2013. The Q1 data showed that prolonged political uncertainties continue to hurt domestic demand, investment, business confidence and tourism. The state planning agency cut its 2014 GDP growth forecast to 1.5 percent to 2.5 percent from 3 percent to 4 percent.

NESDB | Joana Taborda |
5/19/2014 9:07:20 AM

Recent Releases

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. Published on 2014-02-17

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. Published on 2013-11-18

Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2013-08-19 03:30 AM Thailand
GDP Growth Rate YoY
Q2 2013 2.8% 5.4% (R) 3.3% 9.52%
2013-11-18 02:30 AM Thailand
GDP Growth Rate YoY
Q3 2013 2.7% 2.9% (R) 2.9% 4.51%
2014-02-17 02:30 AM Thailand
GDP Growth Rate YoY
Q4 2013 0.6% 2.7% 0.4% 1.38%
2014-05-19 03:30 AM Thailand
GDP Growth Rate YoY
Q1 2014 -0.6% 0.6% 0.1% 0.19%
2014-08-18 03:30 AM Thailand
GDP Growth Rate YoY
Q2 2014 -0.6% -0.46%

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 [+]

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