Skip to content
View in the app

A better way to browse. Learn more.

Thailand News and Discussion Forum | ASEANNOW

A full-screen app on your home screen with push notifications, badges and more.

To install this app on iOS and iPadOS
  1. Tap the Share icon in Safari
  2. Scroll the menu and tap Add to Home Screen.
  3. Tap Add in the top-right corner.
To install this app on Android
  1. Tap the 3-dot menu (⋮) in the top-right corner of the browser.
  2. Tap Add to Home screen or Install app.
  3. Confirm by tapping Install.

Thai Q2 GDP Growth Below Forecast at 1.8%

Featured Replies

3c4724027f9ec3be8534c45f24784d7a_small.PNG

 

BANGKOK (NNT) - The Thai economy expanded slower than expected in the second quarter, according to data released on Monday (21 Aug), with strength in tourism helping to counter weaker exports amid a slowdown in global demand.

 

The government cut its 2023 gross domestic product growth forecast to 2.5% to 3.0% from a range of 2.7% to 3.7%, citing slower exports.

 

The National Economic and Social Development Council (NESDC) said Southeast Asia’s second-largest economy grew 1.8% in the April-June period from a year earlier, below the 3.1% expansion expected by economists in a Reuters poll.

 

Gross domestic product (GDP) had risen 2.7% year-on-year in the first quarter.

 

On a quarterly basis, GDP rose a seasonally adjusted 0.2% in the June quarter, versus a forecast rise of 1.2%.

 

First-quarter GDP was revised to 1.7% from an earlier 1.9% increase.

 

As weak global demand crimps exports, Thailand’s economy has been supported by its vital tourism sector and private consumption growth.

 

The agency maintained a forecast of 28 million foreign tourist arrivals this year. It projected exports to drop 1.8% in 2023 versus an earlier forecast for a 1.6% fall.

 

Exports, a key driver of growth, have contracted since October 2022, due to soft global demand, especially due to a slowdown in China, Thailand’s major trading partner.

 

By Paul Rujopakarn

 

Source: https://thainews.prd.go.th/en/news/detail/TCATG230821125835517

 

-- NNT 2023-08-21

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

Get our Daily Newsletter - Click HERE to subscribe

Who would have guessed that the optimistic predictions wouldn't be met... And yes, relying on China in regards to exports and tourism income doesn't bode well in the foreseeable future.

Edited by StayinThailand2much

Create an account or sign in to comment

Recently Browsing 0

  • No registered users viewing this page.

Account

Navigation

Search

Search

Configure browser push notifications

Chrome (Android)
  1. Tap the lock icon next to the address bar.
  2. Tap Permissions → Notifications.
  3. Adjust your preference.
Chrome (Desktop)
  1. Click the padlock icon in the address bar.
  2. Select Site settings.
  3. Find Notifications and adjust your preference.