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Thailand’s GDP grew by 2.3% in the second quarter of 2024
The NESDC forecasts a narrower GDP growth range of 2.3% to 2.8% for the full year 2024, supported by anticipated recovery in the tourism sector, domestic consumption growth, and increased government spending and investment.
The National Economic and Social Development Council (NESDC) released a report on Thailand’s economic condition, stating that the gross domestic product grew by 2.3% in the second quarter of 2024.
- Thailand’s GDP grew by 2.3% in the second quarter of 2024, driven by increased private consumption and exports of goods and services.
- Despite overall growth, certain sectors such as total investment, agriculture, and construction experienced declines, posing challenges to economic stability.
- The NESDC forecasts a narrower GDP growth range of 2.3% to 2.8% for the full year 2024, supported by anticipated recovery in the tourism sector, domestic consumption growth, and increased government spending and investment.
The growth is attributed to improvements in private consumption, government consumption, and exports. However, total investment, private investment, and public investment declined.
The unemployment rate and inflation increased slightly, while the current-account surplus remained positive. The NESDC forecasts GDP growth between 2.3% and 2.8% for the full year, supported by recovery in the tourism sector, domestic consumption growth, government spending, and increased exports. Private consumption and investment are expected to rise, and inflation is projected to be between 0.4% and 0.9%.
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