, Thailand

Thailand's Q3 GDP rose 2.4% despite slowing consumption

Private consumption slipped 4.2% in the same quarter.

Thailand’s GDP climbed 2.4% YoY in Q3 on the back of government expenditure and investments posting higher growth rates compared to Q2, reported OCBC.

Expenditure rose to 2% in Q3 from only 1% in the previous quarter, whilst investments expanded close to 4% in Q3 from Q2’s 2%. 

On the other hand, private consumption slid 4.2% YoY in Q3, marking the fourth consecutive quarter of falling growth.

The slowdown in household consumption fell to a five-quarter low, which shows that the stresses of poor trade are starting to hurt domestic private expenditure, noted OCBC.

OCBC added that a turnaround in exports will be sorely needed to engineer a rebound in household consumption. However, although exports might have bottomed out, a sharp rebound still looks unlikely.

Whilst still a contraction, the pace of export movements in Q3 at -1.0% YoY has markedly improved, compared to -6.1% in Q1 and -7.9% in Q2. A pickup in the external demand for manufactured goods, especially electronics and automobiles, are needed to stem the three consecutive contractions in the exports.

OCBC sights that Thailand’s GDP will grow to 2.7%, slightly lower than a previous estimate of 2.8%, whilst 2020 GDP growth rate is expected at 2.9%.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


How investor stewardship puts companies in a win-win state
Stewardship Asia Centre CEO says a company’s failure to take care of society is a failure to take care of its stakeholders.
Creating harmony in a heterogonous workforce 
An HR expert said tests like DISC can help identify which employees can work best together.