Thailand BIP Veränderung zum Vorjahr

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.