Thai GDP Falls Less Than Expected In Q3
November 15 2021 - 12:07AM
RTTF2
Thailand's economy slipped back into contraction in the third
quarter on tight government restrictions, but the pace of downturn
was slower than expected.
Gross domestic product fell 0.3 percent sequentially, in
contrast to an increase of 7.6 percent in the second quarter, the
Office of the National Economic and Social Development Council said
Monday. Nonetheless, this was slower than the expected decline of
0.8 percent.
On a quarterly basis, GDP was down 1.1 percent, reversing the
0.1 percent rise in the preceding period. Economists had forecast
the economy to shrink 2.5 percent.
The government reportedly lifted its growth projection for the
current year to 1.2 percent from 0.7-1.2 percent. The economy is
forecast to expand 3.5-4.5 percent next year.
In terms of production, the industrial sector dropped 2.0
percent year-on-year in the third quarter. By contrast, the service
sector grew 0.2 percent, lower than the previous quarter. At the
same time, the agriculture sector expanded 4.3 percent, driven by
crop yields, namely paddy, rubber and cassava.
On the expenditure side, private consumption and gross fixed
capital formation dropped 3.2 percent and 0.4 percent,
respectively. Meanwhile, the government final consumption
expenditure advanced 2.5 percent. Besides, exports and imports grew
12.3 percent and 27.8 percent in the third quarter. While the
economy should bounce back strongly in the fourth quarter, the
speed of the recovery beyond the end of the year will depend on how
quickly foreign tourists return to the country, Gareth Leather, an
economist at Capital Economics, said.
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