Thai GDP Grows 2.4%, NESDC Expects Tourism to Boost 4Q to Reach 2.6% in 2019

The National Economic and Social Development Council (NESDC) has announced that Thailand’s economy accelerated slightly in the third quarter of 2019, boosted by government spending and private capital expenditure, though exports continued to shrink as the tension between the U.S.-China trade war still remains.

In the third quarter, the gross domestic product expanded 2.4%, compared with a 2.3% growth in the previous three months, but slightly missing the forecast of a 2.5% expansion by economists polled by The Wall Street Journal.

For 2019, the government now expects the economy to expand 2.6%, compared with an earlier forecast of growth between 2.7% and 3.2%, while the economy expanded 4.1% in 2018. Growth should improve in 4Q and in 2020, aided by local demand and driven by sectors including tourism, said NESDC on Monday.