Thai Q3 GDP development misses forecast amid exports slowdown

Bangkok's port along Chao Phraya River in Bangkok

A view of Bangkok’s port alongside Chao Phraya River is photographed throughout sundown in Bangkok, Thailand, July 19, 2022. REUTERS/Athit Perawongmetha/File photograph

BANGKOK – Thailand’s economic system expanded at a slower-than-expected tempo within the third quarter, weighed down by weak exports and agriculture however supported by consumption and the continued restoration in tourism, the state planning company stated on Monday.

Southeast Asia’s second-largest economic system has confronted sluggish world demand whereas investor confidence in Thailand dropped regardless of the tip of a political impasse following an election in Might.

The brand new authorities, which took workplace in August, has deliberate numerous stimulus measures.

Gross home product (GDP) expanded 1.5 p.c within the July-September quarter from a 12 months earlier, the Nationwide Financial and Social Growth Council (NESDC) stated on Monday, down from the two.4 p.c development predicted by economists in a Reuters ballot.

GDP had risen 1.8 p.c year-on-year within the second quarter.

On a quarterly foundation, GDP rose a seasonally adjusted 0.8 p.c within the September quarter, versus a forecast rise of 1.2 p.c, and towards 0.2 p.c seasonally adjusted development within the earlier quarter.

The planning company anticipated the economic system to develop 2.5 p.c this 12 months, the decrease finish of a earlier forecast vary of two.5 p.c to three p.c. It predicted GDP development of between 2.7 p.c and three.7 p.c in 2024.

The economic system expanded 2.6 p.c final 12 months.

The company predicted a 2- p.c contraction in exports for this 12 months, verses a 1.8- p.c fall seen earlier. It noticed shipments rising 3.8 p.c in 2024, nonetheless.

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