Connect with us

Economics

Thai economy posted strong growth in Q4 but falls short of estimates

The Thai economy grew by 4 per cent year-on-year (yoy) in the last quarter of 2017, while full-year growth was 3.9 per cent, up from 3.3 per cent in 2016

Olivier Languepin

Published

on

The Thai economy grew by 4 per cent year-on-year (yoy) in the last quarter of 2017, while full-year growth was 3.9 per cent, up from 3.3 per cent in 2016, said Porametee Vimolsiri, Secretary General of the National Economic and Social Development Board.

Thailand’s gross domestic product grew 4 per cent year on year in the fourth quarter,  below a Reuters poll of economists forecasting 4.4 per cent growth and slower than the 4.3 per cent growth in the previous period.

Annual economic growth last year stood at 3.9%, compared with 3.3% in 2016.

Investment in the private sector continued to grow for the third quarter in the last quarter of 2017. It grew by 2.4% year on year, compared with 2.5% growth in the third quarter last year.

Exports rose well for rice, natural rubber, tapioca, rubber products, telecommunication equipment, automotive parts, vehicles, machinery and petroleum products.

The government raised its 2018 export growth outlook to 6.8 percent from 5 percent. Thailand’s exports, worth about two-thirds of the economy, jumped nearly 10 percent in 2017.

Growth of Thai exports in 2018 may be slower than in 2017. This is in line with growth outlook of Asian exports (excluding Japan) in 2018 which is expected to expand by 5.1%, a slower rate than 7.1% of 2017, according to survey of Asia Pacific Consensus as of December 2017

According to a statement published by the Bank of Thailand last week

The Thai economy as a whole continued to gain further traction on account of continued improvements in exports of goods and services that were driven by stronger global economic growth.

Private consumption continued to expand, especially spending on durable goods, and would be underpinned by government measures. Nevertheless, improvement in overall household purchasing power remained gradual partly due to structural issues in the labor market together with elevated household debt.

Private investment picked up further with the improved economic outlook, and was projected to continue expanding with additional support from government projects. Meanwhile, public expenditure remained an important growth driver despite recent delays in disbursement for investment spending.

Nevertheless, Thailand’s growth outlook was still subject to risks that warranted close monitoring, namely uncertainties pertaining to US economic and foreign trade policies as well as geopolitical risks.

Continue Reading
Advertisement Load WordPress Sites in as fast as 37ms!
Comments

Banking

SCB cuts GDP growth forecast to 3.1%

The EIC has revised downwards its Thai economic expectations in 2019 to 3.1 percent from 3.3 percent, largely as a result of the trade war between the United States and China

National News Bureau of Thailand

Published

on

SCB cuts GDP growth forecast to 3.1%

Bangkok, (NNT) – Government investment remains the main factor in steering the economy as the trade war between the United States and China has affected exports, tourism and investment.

(more…)
Continue Reading

Banking

Political uncertainty takes toll on Thai growth

The country’s growth rate is projected to fall from 4.1 percent in 2018 to 3.5 percent in 2019, according to the World Bank’s Thailand Economic Monitor, released today.

Olivier Languepin

Published

on

According to the World Bank’s Thailand Economic Monitor (July edition), risk to the economic outlook in Thailand are primarily domestic.

(more…)
Continue Reading

Economics

Low prices of farm goods raise concern

Government and opposition MPs debated the low prices of rice, rubber, oil palm, longan, maize, coconut, sugarcane, onion and garlic as well as marine products.

National News Bureau of Thailand

Published

on

BANGKOK, 06 July 2019 (NNT) -The House of Representatives has considered urgent motions on the low prices of farm goods and resolved to set up a 39-member extraordinary House committee to look into the the matter.

(more…)
Continue Reading

Most Read

Upcoming Events

Nov 27

The Future Energy Show Thailand

November 27 @ 10:00 am - November 28 @ 5:30 pm BMT

Press Release

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 10,894 other subscribers

Trending