You are here

Thailand reports no q-o-q growth in Q3, y-o-y below forecast at 3.3%

AK_THSkyline_1911.jpg
Thailand's economy failed to grow in July-September from the previous quarter, contrary to expectations of some growth in spite of softer exports and tourism.

[BANGKOK] Thailand's economy failed to grow in July-September from the previous quarter, contrary to expectations of some growth in spite of softer exports and tourism. Southeast Asia's second-largest economy showed no expansion in July-September from the previous three months on a seasonally adjusted basis, data showed on Monday.

The quarterly reading was the weakest since the first quarter of 2014, when the economy shrank 0.4 per  cent.

The forecast in a Reuters poll for July-September was 0.6 per cent, compared with a revised 0.9 percent in the previous three months.

All of the poll's predictions were for some growth in the latest quarter.

On an annual basis, growth was 3.3 per cent in July-September, the National Economic and Social Development Board (NESDB) said. Economists had forecast 4.2 per cent.

Your feedback is important to us

Tell us what you think. Email us at btuserfeedback@sph.com.sg

The planning agency on Monday downgraded its 2018 GDP growth forecast to 4.2 per cent instead of the previous 4.2-4.7 per cent range. It now expects exports to rise 7.2 per cent this year, rather than 10.0 per cent.

For 2019, the agency predicts growth of 3.5-4.5 per cent, with exports rising 4.6 per cent.

Analysts polled by Reuters predict GDP growth of 4.5 per cent this year and 4.2 per cent in 2019.

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

REUTERS

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes