Thai economic growth slows in the third quarter

People shop a supermarket in Thailand (Photo: VNA)

Bangkok (VNA) – Thailand’s gross domestic product (GDP) expanded 1.5% in the third quarter from a year earlier, the National Economic and Social Development Council (NESDC) said on November 20.

This figure is lower than the 2.4% growth that economists predicted in a Reuters poll previously released and the 1.8% growth recorded in the second quarter.

Southeast Asia’s second-largest economy has faced sluggish global demand while investor confidence in Thailand dropped despite the end of a political deadlock following an election in May. The new government, which took office in August, has planned various stimulus measures.

The slower-than-expected pace of Thailand’s economy in the third quarter is attributable to weak exports and agriculture but was supported by consumption and the continued recovery of the tourism industry.

The NESDC expected the economy to grow 2.5% this year, the lower end of a previous forecast range of 2.5% to 3.0%.

It predicted GDP growth of between 2.7% and 3.7% in 2024.

The agency predicted a 2% contraction in exports for this year, compared to a 1.8% fall seen earlier, and shipments rising 3.8% in 2024./.