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Thailand’s economy grew strongly in the second quarter as consumption, tourism and exports increased, official data showed on Monday, and the government narrowed its full-year growth forecast.
Data from the National Economic and Social Development Council showed that Southeast Asia’s second-largest economy grew at an annual rate of 2.3% in the April-June quarter, beating the 2.1% growth expected by analysts in a Reuters poll.
In the January to March quarter of 2024, gross domestic product increased by 1.6% annually.
On a quarterly basis, second-quarter GDP grew by a seasonally adjusted 0.8%, lower than the upwardly revised 1.2% growth in the previous three months and the 0.9% growth forecast by polls.
National planning agency NESDC said in a statement that private consumption continued to grow in the second quarter, but public and private investment shrank.
NESDC currently expects GDP growth this year to be between 2.3% and 2.8%, narrower than the previous forecast range of 2.0% to 3.0%. Last year’s growth rate was 1.9%.
Thailand’s economy lags behind the rest of the region as it faces high household debt and borrowing costs, as well as sluggish exports amid a slowdown in top trading partner China.
The planning agency maintained its export growth forecast for this year at 2%.
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