Monday , October 3 2022

Thailand Q3 growth disappointing on soft exports and tourism, economy news & first stories


Thailand's economy grew 3.3 percent year-on-year in the third quarter, the National Council for Economic and Social Development reported on Monday (November 19), missing a forecast of 4.2 percent by economists.

The second largest economy in Southeast Asia did not show expansion in July-September compared to the previous three months on a seasonally adjusted basis, in contrast to expectations of a certain increase, despite soft exports and tourism.

The quarterly reading was the weakest since the first quarter of 2014, when the economy contracted 0.4%.

The Reuters forecast for July-September was 0.6%, down from 0.9% revised in the previous three months.

The planning agency on Monday lowered its growth forecast for 2018 to 4.2 percent, instead of the previous range of 4.2-4.7 percent, and expects exports to rise 7.2 percent this year instead of 10.0 percent.

For 2019, the agency expects growth of 3.5-4.5 percent, with exports rising 4.6 percent.

Analysts surveyed by Reuters expect growth of 4.5% this year and 4.2% in 2019.

Last year's pace was 3.9 percent, the best in five years.

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