Thai Economy in the Third Quarter of 2018 Expanded by 3.3%

Thai Economy in the Third Quarter of 2018 Expanded by 3.3%

Na-ark Rojanasuvan

BANGKOK, 24th November 2018, (NNT) - Secretary-General of the Office of the National Economic and Social Development (NESDB) Professor Dr. Thosaporn Sirisumphand says that the Thai economy in the third quarter of 2018 expanded by 3.3%, against 4.6% in the previous quarter. 

On the expenditure side, the expansion was supported by the speeding-up of private-sector consumption and private investment, as well as the continued expansion of government consumption and public investment, while exports slowed down. 

On the production side, the construction sector accelerated and wholesale and retail trade continued to expand well. Nevertheless, agricultural, manufacturing, hotel and restaurant, transportation, and communication sectors slowed. 

The Thai economy in 2018 is expected to grow by 4.2%, with 7.2% growth of export value, 4.7% of private sector consumption, and 3.6% of total investment. Headline inflation will be 1.1% and the current account will record a surplus of 6.4% of GDP. 

The Thai economy in 2019 is projected to grow in the range of 3.5-4.5%, supported by (1) a favorable growth momentum of private consumption, (2) an improvement of total investment contributed by the acceleration of public investment and further improvement of private investment, (3) the recovery of the tourism sector, (4) a moderate pace of global economic expansion, which will continue to support Thai export growth, and (5) a clearer direction of global trade, production, and investment. 

All in all, it is expected that the export value will grow by 4.6%, and private sector consumption and total investment will grow by 4.2 and 5.1%, respectively. Headline inflation is likely to be in the range of 0.7-1.7%, and the current account will record a surplus of 5.8% of GDP.

 

-- nnt 2018-11-25