The Thai Economy in the second quarter of 2022 expanded by 2.5 percent (%YoY), accelerating from a 2.3- percent growth in the previous quarter. After seasonally adjusted, the economy increased by 0.7 percent from the first quarter of 2021 (%QoQ sa). In the first half of 2022, the economy grew by 2.4 percent. On expenditure side: private consumption expenditure and export of services accelerated. Export of goods, government consumption expenditure, and private investment slowed down, while public investment declined.
On the production side: accommodation and food service activities sector, wholesale and retail trades sector, and transportation and storage sector accelerated. On the contrary, agricultural sector and the electricity, gas, stream, and air conditioning supply sector decelerated while the manufacturing sector and the construction sector decreased.
The Thai economy in 2022 is projected to expand in the range of2.7 – 3.2 percent, mainly supported by; (i) the improvement in private consumption; (ii) the recovery of tourism sector; and (iii) the continual expansion of export of goods. Export value of goods in US dollar terms is anticipated to expand by 7.9 percent. Meanwhile, private consumption expenditure and private investment are expected to increase by 4.4 percent and 3.1 percent, respectively. Headline inflation is estimated to be in the range of 6.3 – 6.8 percent and the current account is projected to record a deficit of 1.6 percent of GDP.
Source:Office of the National Economic and Social Development Council (NESDC)
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