Thailand GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

Units In

2.3

Frequency

Quarterly

Next Release

Feb 19, 2025

Time to Release

2 Months 30 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 expanded 3.0% yoy in Q3 of 2024, faster than a downwardly revised 2.2% in Q2 and above market forecasts of 2.6%. It was the strongest yearly growth since Q3 of 2022, driven by a pick-up in government spending (6.3% vs 0.3% in Q2) and a rebound in fixed investment (5.2% vs -6.1%) on the back of the disbursement of the annual budget. On the trade front, exports (10.5% vs 4.7%) rose more than imports (9.6% vs 1.3%), adding positively to the GDP. However, private consumption eased (3.4% vs 4.9%), on high household debt and tight lending rules. On the production side, the non-agriculture sector gained traction (3.2% vs 2.6%), with services output posting a steeper growth (4.1% vs 3.0%), led by construction (15.5%) and transport & storage (9.0%). Meantime, industrial output growth sustained (1.2% vs 1.9%) while a fall in agriculture output slowed (-0.5% vs -1.9%). The economy grew by 2.3% in the first three quarters of 2024, with GDP projected to rise by 2.6% for full year.