Thailand: Q3 GDP figures surprised to the upside – UOB

Enrico Tanuwidjaja, Economist at UOB Group, comments on the latest GDP figures in Thailand.

Key Takeaways

“The Thai economy rebounded by 4.5% y/y in 3Q22, accelerating from an average of 2.4% in 1H22. The economy accelerated by 1.2% q/q sa.”

“Growth in the last quarter was primarily driven by higher private consumption expenditures, investment, and most notably the export of services (tourism revenue). However, export of goods slowed down, while government expenditure, including its public investment decreased.”

“We keep our forecast for the Thai economy to grow by 3.2% for 2022, double the growth rate seen in 2021. For next year, we continue to remain sanguine and expect the Thai economy to grow circa 3.7% on expectations of higher and steadier tourism income that will continue to boost domestic trade activities coupled with stronger exports performance.”