FOREX TradingCharts.com

Financial News: Thai GDP Falls At Fastest Pace In 8

Thai GDP Falls At Fastest Pace In 8 Years; Govt Cuts Outlook

05/18/2020 - 01:56:00 (RTTNews)

(RTTNews) - Thailand's economy contracted at the fastest pace in more than eight years in the first quarter as coronavirus, or Covid-19, pandemic dampened tourism and trade, data from the National Economic and Social Development Council, or NESDC, showed on Monday.

Gross domestic product decreased by 1.8 percent year-on-year, following a rise of 1.5 percent in fourth quarter of 2019.

This was the biggest fall since the fourth quarter of 2011, when GDP was down 4 percent. This was also the first drop since early 2014. Nonetheless, the contraction was slower than the economists' forecast of -4 percent.

On a quarterly basis, the economy shrank 2.2 percent after easing 0.2 percent in the fourth quarter.

According to planning agency, the economy will shrink 5.0-6.0 percent this year compared to a growth of 1.5 percent -2.5 percent projected in February.

Although the slump in the economy was less severe than expected in the first quarter, this will provide little comfort, Gareth Leather, an economist at Capital Economics, said. The second quarter data are set be much worse.

On the expenditure side, private final consumption expenditure grew 3.0 percent annually, following a 4.1 percent growth in the fourth quarter. However, the decline in government spending deepened to 2.7 percent from 0.9 percent.

Due to a fall in private investment, gross fixed capital formation was down 6.5 percent, reversing a 0.8 percent rise seen a quarter ago.

Exports of goods and services contracted 6.7 percent after a 3.4 percent drop a quarter ago. At the same time, imports slid at a slower pace of 2.5 percent following a 7.9 percent decrease in the previous quarter.

On the production-side, agricultural output decreased 5.7 percent, compared to a fall of 2.5 percent in the fourth quarter. Non-agricultural production declined 1.4 percent, in contrast to a rise of 2 percent in the preceding period.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Czech Economic Sentiment Rebounds Modestly (02 hr(s), 34 min(s), 08 sec(s) ago)
(RTTNews) - The Czech Republic's economic sentiment improved slightly in May, after a historic ...Full Story»

Belgium Business Confidence Recovers Slightly In May (02 hr(s), 57 min(s), 08 sec(s) ago)
(RTTNews) - Belgium business confidence slightly recovered in May led by a modest improvement in s ...Full Story»

German Ifo Business Confidence Improves In May (04 hr(s), 25 min(s), 08 sec(s) ago)
(RTTNews) - Germany's business confidence improved in May driven by modest expectations of an ...Full Story»

Amended: German Ifo Business Confidence Improves More Than Expected (04 hr(s), 56 min(s), 08 sec(s) ago)
(RTTNews) - Corrects the first sentence in the third paragraph to reflect the fall in the current ...Full Story»

Spain Producer Prices Log Record Fall (05 hr(s), 03 min(s), 08 sec(s) ago)
(RTTNews) - Spain's producer prices declined at the fastest pace on record in May, driven by a ...Full Story»

Taiwan Industrial Production Output Growth Eases (05 hr(s), 42 min(s), 08 sec(s) ago)
(RTTNews) - Taiwan's industrial production growth eased notably in April, data from the Minist ...Full Story»

Hong Kong Exports Decline Slows In April (07 hr(s), 10 min(s), 08 sec(s) ago)
(RTTNews) - Hong Kong's merchandise exports decreased at a slower pace in April, as the demand ...Full Story»

German Ifo Business Confidence Improves More Than Expected (08 hr(s), 40 min(s), 08 sec(s) ago)
(RTTNews) - Germany's business confidence improved slightly more than expected in May, as Euro ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Czech Economic Sentiment Rebounds Modestly

05/25/2020 - 10:42 AM (RTTNews)
(RTTNews) - The Czech Republic's economic sentiment improved slightly in May, after a historic ...Full Story>>

Belgium Business Confidence Recovers Slightly In May

05/25/2020 - 10:19 AM (RTTNews)
(RTTNews) - Belgium business confidence slightly recovered in May led by a modest improvement in s ...Full Story>>

German Ifo Business Confidence Improves In May

05/25/2020 - 08:51 AM (RTTNews)
(RTTNews) - Germany's business confidence improved in May driven by modest expectations of an ...Full Story>>

Amended: German Ifo Business Confidence Improves More Than Expected

05/25/2020 - 08:20 AM (RTTNews)
(RTTNews) - Corrects the first sentence in the third paragraph to reflect the fall in the current ...Full Story>>

Spain Producer Prices Log Record Fall

05/25/2020 - 08:13 AM (RTTNews)
(RTTNews) - Spain's producer prices declined at the fastest pace on record in May, driven by a ...Full Story>>
Copyright © 2020. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.