Financial News: Thai GDP Growth Accelerates In Q3

Thai GDP Growth Accelerates In Q3

11/17/2024 - 23:45:00 (RTTNews)

(RTTNews) - Thailand's economic growth accelerated in the third quarter, 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 2.2 percent in the second quarter. This was also faster than 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 expenditure-side of GDP showed that growth in household spending decelerated to 3.4 percent from 4.9 percent, while government spending posted a notable 6.3 percent rise, following a 0.3 percent gain.

Investment advanced 5.2 percent, in contrast to the 6.1 percent decrease in the second quarter. Exports of goods and services moved up 10.5 percent and imports of goods and services climbed 9.6 percent.

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

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