Q2 GDP growth lower than expected at 1.8%.

The Thai economy grew slower than expected in the second quarter, with weaker exports offset by strength in tourism.

The government has revised its GDP growth forecast for 2023 to 2.5% to 3.0% due to slower exports.

Key Takeaways

The Thai economy grew slower than expected in the second quarter, primarily due to weaker exports amid a global demand slowdown.
Despite the export decline, the strength of Thailand’s tourism sector and private consumption growth helped support the economy.
The government has revised its GDP growth forecast for 2023, citing slower exports, and expects a drop in exports in the coming years.

The economy grew 1.8% in the April-June period, below economists’ expectations. The tourism sector and private consumption have supported the economy amid weak global demand. Exports have been declining since October 2022, mainly due to a slowdown in China.