According to official statistics released on Monday, Thailand’s economy grew more rapidly in the second quarter as a result of increased exports, tourism, and consumption. The government also lowered its growth projection range for the entire year.
The second-largest economy in Southeast Asia expanded by 2.3% in the April–June quarter over the same period last year, according to data from the National Economic and Social Development Council. This growth rate above analysts’ projections of 2.1% in a Reuters poll.
The GDP increased by an upwardly revised 1.6% annually in the January–March quarter of 2024.
Quarterly GDP growth was a seasonally adjusted 0.8% in the second quarter, below a polled estimate of 0.9% growth and an upwardly revised 1.2% expansion in the preceding three months.
The state planning agency NESDC stated in a statement that while public and private investments decreased in the second quarter, private consumption increased.
In a statement, the state planning agency NESDC stated that while private consumption increased in the second quarter, public and private investments decreased.
Due to high household debt, expensive borrowing, weak exports and a slowdown in China, Thailand’s largest trading partner, the country’s economy has fallen behind that of its regional counterparts.
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