Thailand GDP Annual Growth Rate

Last Release

Dec 31, 2024

Actual

3.2

Units In

Frequency

Quarterly

Next Release

May 19, 2025

Time to Release

2 Months 28 Days 2 Hours

Highest	Lowest	Average	Date Range	Source
15.5 Dec 2012	-12.5 Jun 1998	3.17 %	1994-2024	N/A

Thailand is an export oriented emerging economy. As a result, manufacturing is the most important sector and accounts for 34 percent of GDP. Services constitute around 44 percent of GDP. Within services, the most important are wholesale and retail trade (13 percent of GDP); transport, storage and communication (7 percent of GDP); hotels and restaurants (5 percent of GDP) and public administration, defense and social security (4.5 percent of GDP). Agriculture also makes a significant contribution - around 13 percent of GDP.

Latest Updates

Thailand’s GDP advanced 3.2% yoy in Q4 of 2024, accelerating from a 3.0% growth in Q3 while marking the strongest yearly rise since Q3 of 2022. However, the latest result was below forecasts of 3.9%. Private consumption rose slightly faster (3.4% vs 3.3% in Q3) amid government stimulus. Also, fixed investment kept its growth momentum (5.1% vs 5.0%) due to the state budget's disbursements. On the trade front, exports (11.5% vs 9.9%) grew faster than imports (8.2% vs 10.3%), adding positively to the GDP. Government spending continued to rise despite its pace slowing (5.4% vs 6.1% in Q3). Production-wise, the non-agriculture gained traction (3.5% vs 3.2%), with faster growth in the service sector (4.7% vs 4.1%), led by construction (18.3%). Further, agriculture output rebounded (1.2% vs -1.0%). For the full year, the economy grew by 2.5%, after an upwardly revised 2.0% rise in 2023, a bit less than the official target of 2.7%. GDP is projected to expand between 2.3% to 3.3% this year.