Thailand's GDP dipped to 2.8% in Q2

Blame it on weaker domestic demand.

According to BBVA Research, Thailand's economic growth decelerated in Q2 to 2.8% y/y (consensus: 3.3%) from 5.4% y/y in Q1 on softer domestic demand.

Here's more:

On a quarterly basis, the economy contracted for a second consecutive quarter, by -0.3% q/q after the previous -1.7% q/q in Q1. The main drags come from a slowdown in household consumption and investment as well as a still sluggish external demand.

The outturn caused the National Economic and Social Development Board today to cut its forecast of 2013 full-year growth to 3.8-4.3% from a previous 4.2-5.2%, in line with the central bank's projection of 4.2% in July (revised down from 5.1%).

While the weaker Q2 GDP outturn puts more pressure on the Bank of Thailand to cut interest rates at its next policy meeting on August 21 (after a 25bp cut in May to 2.50%), we expect the central bank to stay on hold given its aversion to exacerbating rising household debt and downward currency pressures.

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