Financial News: Thai GDP Expands Most In 2 Years

Thai GDP Expands Most In 2 Years

11/18/2024 - 05:44:00 (RTTNews)

(RTTNews) - The Thai economy grew at the fastest pace in two years in the third quarter on strong investment, exports and government spending, data from the Office of the National Economic and Social Development Council showed Monday.

Gross domestic product climbed 3.0 percent on a yearly basis after rising by revised 2.2 percent in the second quarter. This was the fastest growth since the third quarter of 2022 and also surpassed economists' forecast of 2.6 percent.

On a quarterly basis, GDP was up 1.2 percent in the third quarter, faster than the 0.8 percent expansion a quarter ago. The growth rate was seen unchanged at 0.8 percent.

The government forecasts the Thai economy to expand 2.6 percent this year. For next year, GDP growth is seen in the range of 2.3 - 3.3 percent in 2025.

Capital Economics' economist Shivaan Tandon said the boost from loose fiscal policy will support growth in the coming quarters and help offset a slowdown in the tourism sector.

The expenditure-side of GDP showed that growth in household spending decelerated to 3.4 percent from 4.9 percent on a continued decline in durable goods expenditure. Meanwhile, government spending posted a notable 6.3 percent rise, following a 0.3 percent gain. Marking the first expansion in four quarters, investment advanced 5.2 percent, following a 6.1 percent decrease in the second quarter. Private investment slid 2.5 percent, while public investment surged 25.6 percent.

Exports of goods and services posted a double-digit growth of 10.5 percent and imports of goods and services climbed 9.6 percent.

The production-side of GDP showed that economic growth was mainly attributed to a 3.2 percent rise in non-agriculture sector, propelled by expansion in service sector. Services output advanced 4.1 percent. In contrast, the industrial sector growth decelerated to 1.2 percent, and agricultural production continued to decline, down 0.5 percent in the third quarter.

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