Thailand GDP Annual Growth Rate

Thailand’s GDP grew by 2.3% yoy in Q2 of 2024, faster than a marginally revised 1.6% in Q1 and above forecasts of 2.1%. It was the highest GDP figure since Q1 of 2023, boosted by a positive contribution from net trade as exports (4.8% vs 2.5% in Q1) rose much faster than imports (0.5% vs 5.3%). Also, government spending grew after falling in the prior 8 periods (0.3% vs -2.1%). Meanwhile, private consumption eased amid elevated cost pressure (4.0% vs 6.9%). At the same time, fixed investments stayed weak (-6.2% vs -4.2%). On the production side, the non-agriculture sector accelerated (2.6% vs 2.1%), with industrial output rebounding (1.8% vs -1.0%), boosted by mining and quarrying (13.2%); and services activity grew further (3.1% vs 3.6%). Simultaneously, agriculture output fell at a slower rate (-1.1% vs -2.7%). During H1, the economy grew 1.9%. For the whole year, the GDP is projected to expand between 2.3 to 2.8%, helped by a recovery in tourism and resilient private consumption.