2Q18 showing likely eclipsed 1Q18

  • Thailand’s 2Q18 economic growth outpaced the 4.8% rate in 1Q18, propelled by robust exports and stronger domestic investment and consumption, says a senior central bank official.
  • Thailand’s economy for the 2Q18 continued to gain traction across the board, driven by both domestic and external demand, led by exports, domestic investment and consumption, said Pornpen Sodsrichai, director of the Economic Analysis Office at the Bank of Thailand.
  • “Economic growth in 2Q18 fared better than 1Q18, with broader-based expansion,” she said. “But we will wait for the official announcement from the National Economic and Social Development Board.”
  • The NESDB, the government’s think tank, is due to release the country’s GDP reading for 2Q18 on Aug 20. The country’s economy expanded at the fastest pace in five years at 4.8% in 1Q18.
  • The central bank also predicted the country’s economic momentum would continue in 2H18, albeit at a slower clip thanks to the high base effect, Ms Pornpen said.
  • The Bank of Thailand in late Jun 18 upgraded its economic growth outlook to 4.4% for 2018 and 4.2% for 2019, up from 4.1% for both years, after stronger-than-expected GDP growth in 1Q18.
  • She said that exports, domestic investment and consumption would be the key factors driving economic expansion in 2H18, but external risks, particularly the trade rift between China and the US, will persist, putting pressure on the Thai economy.

External Link: https://www.bangkokpost.com/business/news/1513534/q2-showing-likely-eclipsed-q1