In the three months to September, private consumption grew by 3.5 percent, compared to a 3.8 percent increase in the preceding quarter. While expenditure on durable and non-durable goods, particularly for vehicles and furniture purchased by households eased, spending on semi-durable goods declined.
Gross fixed capital formation advanced by 1.4 percent (from +3.2 percent in the June quarter). Public investment rose 6.3 percent (from +11.9 percent).
Exports grew by 3.4 percent, following a 2 percent increase in the June quarter. Imports fell 1.3 percent (from -1.6 percent).
In contrast, government spending shrank 5.8 percent (from +1.5 percent).
On the production side, the non-agricultural sector expanded by 3.2 percent, slowing from a 3.8 percent increase in the June quarter, Agriculture sector also grew by 0.9 percent, following a 1.2 percent fall in the previous quarter. Growth in non-agriculture sector was seen for: mining and quarrying (+2.9 percent from +1.5 percent in the previous quarter); manufacturing (+0.9 percent from +2.1 percent); electricity, gas and water supply (+6.1 percent from +7.2 percent), construction (+5.0 percent from +7.8 percent); wholesale and retail trade; repair of motor (+5.5 percent from +5.5 percent); hotels and restaurants (+15.9 percent from +12.7 percent); transport, storage and communication (+6.4 percent from +4.4 percent), financial intermediation (+4.4 percent from +4.6 percent); real estate services (+1.8 percent from +2.8 percent); health and social work (+1.9 percent from +5.2 percent), other community, social and personal service (+10.3 percent from +10.5 percent) and private households with employed persons (+2.4 percent from +1.4 percent). In contrast, a decline was seen for: public administration and defence (-3.4 percent from +0.1 percent), education (-2.4 percent from -1.6 percent).
For 2016, the Thailand's economic planning agency (NESDB) projected the economy to advance 3.2 percent, compared to a previous forecast range of 3.0 to 3.5 percent. Exports in the year are expected to be flat, following earlier projections of a 1.9 percent drop.
On a quarter-over-quarter seasonally adjusted basis, the GDP grew by 0.6 percent, compared to a downwardly revised 0.7 percent expansion in the previous three months. It was the weakest growth since the June quarter 2015 and slightly below market consensus of a 0.7 percent expansion.
For 2017, GDP is projected to expand between 3.0 to 4.0 percent while exports rose 2.4 percent.
In 2015, the economy grew by 2.8 percent.