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

Economics

Finance Ministry cuts economic growth outlook to 2.8%

The Ministry of Finance has now cut the country’s economic growth outlook to 2.8%, from the previous 3%.

National News Bureau of Thailand

Published

on

BANGKOK (NNT) – After three quarters, the global economic slowdown and the ongoing trade war between China and the United States, are still having an adverse impact on the Thai economy.

(more…)

Continue Reading

Asean

We’ve entered the Asian Century and there is no turning back

In the nineteenth century, the world was Europeanized. In the twentieth century, it was Americanized. Now, it is being Asianized – and much faster than you may think.

Avatar

Published

on

Asia’s rise has been swift. Home to more than half of the world’s population, the region has climbed from low- to middle-income status within a single generation. By 2040, it is likely to generate more than 50% of world GDP, and could account for nearly 40% of global consumption.

(more…)

Continue Reading

Economics

EIC Export growth forecast for 2019 is maintained at -2.5%

Without a clear signal of export recovery, EIC views that during the 4th quarter of 2019 the export contraction momentum will continue

Avatar

Published

on

iStock-1144933955.jpg

Although China and the US reached a preliminary trade agreement on October 10-11, 2019, the ongoing trade war should still drag on, pressuring export growth throughout the remainder of the year. Hence, EIC maintains its -2.5% export growth forecast for 2019.

(more…)

Continue Reading

Most Read

Upcoming Events

Wed 13

Digital Marketing Summit Asia 2019

November 11 - November 15
Fri 15

TCSD Cybersecurity Conference 2019

November 15 @ 9:30 am - 5:00 pm BMT
Wed 27

The Future Energy Show Thailand

November 27 @ 10:00 am - November 28 @ 5:30 pm BMT
Dec 02

Top Food science conference 2019

December 2 @ 9:00 am - December 3 @ 5:00 pm BMT

Press Release

Subscribe via Email

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

Join 11,770 other subscribers

Trending