BANGKOK: Thailand’s gross domestic product (GDP) expanded by three per cent in the third quarter (3Q) of 2024, up from 2.2 per cent in the previous quarter, the National Economic and Social Development Council (NESDC) reported on Monday.
On a seasonally adjusted basis, the GDP grew by 1.2 per cent compared to the second quarter.
“In the first nine months of 2024, the Thai economy grew by 2.3 per cent,” the NESDC said in a statement.
The agency highlighted key contributors to growth, particularly public investment, which expanded for the first time in six quarters.
Additionally, the export of goods and services and government consumption expenditure showed favourable growth.
However, private consumption slowed, and private investment contracted during the period.
The NESDC revised its full-year GDP growth forecast to 2.6 per cent, up from its earlier projection of 1.9 per cent.
“Headline inflation is estimated at 0.5 per cent, and the current account is expected to record a surplus of 2.5 per cent of GDP,” the agency added.
Looking ahead to 2025, the NESDC projected GDP growth in the range of 2.3 per cent to 3.3 per cent, with a midpoint estimate of 2.8 per cent. Key drivers include increased government consumption and investment, stronger domestic private demand, continued recovery in the tourism sector, and steady export expansion.
“Private consumption and investment are expected to rise by 3.0 per cent and 2.8 per cent, respectively,” the NESDC noted.
The tourism and export sectors are expected to remain pivotal, with their continued momentum underpinning economic recovery in the coming year, it added. – BERNAMA
