Thai Q3 GDP growth disappoints, missing forecasts amid weak exports

Southeast Asia's second-largest economy has faced sluggish global demand while investor confidence in Thailand dropped despite the end of a political deadlock following an election in May.The new government, which took office in August, has planned various stimulus measures.

Gross domestic product (GDP) expanded 1.5% in the July-September quarter from a year earlier, the National Economic and Social Development Council (NESDC) said on Monday, down from the 2.4% growth predicted by economists in a Reuters poll.

GDP had risen 1.8% year-on-year in the second quarter.

On a quarterly basis, GDP rose a seasonally adjusted 0.8% in the September quarter, versus a forecast rise of 1.2%, and against 0.2% seasonally adjusted growth in the previous quarter.

The planning agency expected the economy to grow 2.5% this year, the lower end of a previous forecast range of 2.5% to 3.0%. It predicted GDP growth of between 2.7% and 3.7% in 2024.

The economy expanded 2.6% last year.The agency predicted a 2% contraction in exports for this year, verses a 1.8% fall seen earlier. It saw shipments rising 3.8% in 2024, however.