The Thai economy shrank in the third quarter from a year earlier, as consumption fell sharply due to pandemic mitigation measures in response to the recent domestic rise in cases.
GDP decreased by 0.3% compared to the previous year, compared to the increase of 7.6% in the previous quarter and 6.4% in the third quarter of 2020, according to the statistical service.
The results were better than the average estimates for a 1% drop.
GDP for the third quarter fell 1.1% compared to the previous quarter on a seasonally adjusted basis, better than economists’ estimates for a 4% drop.
The government stressed that the economy is expected to grow 1.2% in 2021 and further 3.5% -4.5% in 2022.
The government previously forecast growth of 0.7% -1.2% per year.
The economy is expected to recover in the coming quarters thanks to the easing of restrictions on the pandemic and an expected increase in tourist arrivals.
Private consumption, which accounts for half of Thailand’s economy, fell 3.2% in the third quarter from a year earlier, while public capital investment fell 6%.
Meanwhile, exports of goods increased by 12.3%, exports of services increased by 11.8% and imports of goods and services increased by 27.8%.
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Source From: Capital
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