Thai 3Q GDP Mitigates Contraction to 6.4%, Expecting a 4% Expansion in 2021!
Thai 3Q GDP Mitigates Contraction to 6.4%, Expecting a 4% Expansion in 2021 as Exports and Consumption Grow.
The Office of the National Economic and Social Development Council (NESDC) has announced that Thailand’s Gross Domestic Product (GDP) in 3Q20 contracted by 6.4%, improved from a contraction of 12.1% in 2Q20, resulting in a contraction of 6.7% for the nine-month period of 2020.
Thailand’s full-year GDP is forecasted to contract around 6%, improved from prior forecasts at 7.8 to 7.3% contraction. The mitigation in GDP contraction in 3Q was due to an increase in exports and services, coupled with investment and consumption in private sectors.
Thailand’s GDP in 2021 is expected to return to positive at 4% expansion.
