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