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Financial News: Thai GDP Grows Less Than Forecast

Thai GDP Grows Less Than Forecast

02/18/2024 - 23:11:00 (RTTNews)

(RTTNews) - Thailand's gross domestic product grew less than expected in the fourth quarter, data released by the National Economic and Social Development Council showed Monday.

The economy expanded 1.7 percent on a yearly basis in final quarter of 2023. Although this was faster than the 1.4 percent rise seen in the third quarter, the rate missed economists' forecast of 2.5 percent growth.

Quarter-on-quarter, GDP unexpectedly declined 0.6 percent, offsetting prior quarter's 0.6 percent growth. Economists had forecast a marginal 0.1 percent expansion.

In the whole year of 2023, GDP posted an expansion of 1.9 percent compared to 2.5 percent rise in 2022.

The government forecast the economy to grow in the range of 2.2 - 3.2 percent in 2024.

Headline inflation for this year was estimated in the range of 0.9 - 1.9 percent and the current account was projected to record a surplus of 1.4 percent of GDP.

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