2019’s Thai Economy Growth Lower Than Expected

A file photo of PM Prayut Chan-o-cha

BANGKOK (Xinhua) — Thailand’s economy grew by 2.4 percent in 2019, lower than the previous estimate of 2.6 percent, said the National Economic and Social Development Council (NESDC) on Monday.

According to the NESDC, which plans Thailand’s national economic strategies, gross domestic product in the fourth quarter of 2019 expanded by 1.6 percent year on year, decelerating from 2.6 percent in the third quarter of 2019.

The deceleration is a consequence of drop in exports, government final consumption expenditure and public investment, the NESDC explained.

On the production side, the agricultural sector dropped by 1.6 percent, compared to a rise of 2.7 percent in the third quarter in 2019.

Non-agricultural sector increased by 2 percent, slowing down from 2.5 percent in the third quater of last year, as a result in the drop of the manufacturing sector by 2.3 percent.

The NESDC has also adjusted down its growth estimate for 2020 from 2.7-3.7 percent to 1.5-2.5 percent.