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Financial News: Thai GDP Falls In Q3

Thai GDP Falls In Q3

11/15/2021 - 00:51:00 (RTTNews)

(RTTNews) - Thailand's economy contracted in the third quarter, the Office of the National Economic and Social Development Council said Monday.

Gross domestic product fell 0.3 percent sequentially, in contrast to an increase of 7.6 percent in the second quarter. Nonetheless, this was slower than the expected decline of 0.8 percent.

In terms of production, the industrial sector dropped 2.0 percent. By contrast, the service sector grew 0.2 percent, lower than the previous quarter. At the same time, the agriculture sector expanded 4.3 percent, driven by crop yields, namely paddy, rubber and cassava.

On a quarterly basis, GDP was down 1.1 percent, reversing the 0.1 percent rise in the preceding period. Economists had forecast the economy to shrink 2.5 percent.

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