Thailand’s GDP for Q3 contracts 0.3%, forecast to increase by 1.2% for whole year – NESDC

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Photo by CHRISTOPHE ARCHAMBAULT / AFP

 

Thailand’s economic gross domestic product (GDP) shrank 0.3% during the third quarter, compared to an increase of 0.1% during the second quarter and 7.6% during the same quarter of last year, mainly due to belt-tightening by consumers in the wake of a surge in COVID-19 infections, said Secretary-General of the National Economic and Social Development Council (NESDC) Danucha Pichayanan Monday.

 

For the third quarter of this year, consumption by the private sector contracted 3.2%, compared to a 2.5% increase in the public sector. Investment in the private sector increased 2.6%,while public sector investment shrank 6%.

 

Exports increased by 15.7% in value, while imports increased 31.8%.  The current account deficit was registered at 3.6% of GDP. The inflation rate was at 0.7%.

 

Full story: https://www.thaipbsworld.com/thailands-gdp-for-q3-contracts-0-3-forecast-to-increase-by-1-2-for-whole-year-nesdc/

 

-- © Copyright Thai PBS 2021-11-16

 

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[RichardColeman]

 

 

From Link : For next year, the NESDC forecasts Thailand’s growth rate to increase to 3.5-4.5%, or an average of 4%, due to the slow recovery in the tourism sector, export expansion, disbursement of budgets and a recovery in domestic demand.

 

If they do not get rid of the farce pass quickly they'll be lucky to get above 1% again if that's based on the predicted 10-14 million tourists next year.