Connect with us

Economy

Thai GDP drops nearly 2% in first quarter

Tanutam Thawan

Published

 on 

FILE PHOTO: The ASEAN Post

The Thai economy’s slumped by nearly 2% year-on-year during Q1, 2020. In it’s full-year forecast, the National Economic and Social Development Council forecasts that the Thai GDP would drop 5-6% for the year. As a comparison, the economy tanked 7.6% during the 1997 financial crisis.

The Gross Domestic Product in Q1 dropped by 1.8%, compared to a rise of 1.5% in the last three months of 2019, according to their report.

The report says the agricultural sector decreased by 5.7%, but mainly due to this season’s drought. The non-agricultural sector decreased by 1.4%, in contrast to a rise of 2% in Q4, 2019. They say that was a result of the manufacturing sector falling by 2.7% and a reduction of the services sector by 1.1%.

The services sector reduction was mainly because of the decreased number of tourists, which has hit related sectors, particularly affecting transportation and storage, and accommodation and food service activities.

“Meanwhile, key services sectors such as wholesale and retail trade, vehicle and motorcycle repair, information and communications, and real estate showed decelerated growth”, according to Nation Thailand.

In March this year the Bank of Thailand forecast the Thai economy to shrink by 5.3% this year, the first contraction since the 2008 global financial crisis.

Thai GDP drops nearly 2% in first quarter | News by Thaiger

SOURCE: Nation Thailand

 

Get more from The Thaiger

📱 Download our app on Android or iOS
👋 Have your say on our Thailand forums
🔔 Subscribe to our daily email newsletter
📺 Subscribe / Join YouTube for daily shows
👍 Like/Follow us on Facebook
🐦 FOLLOW us on Twitter
📷 FOLLOW us on Instagram

image

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

If you have story ideas, a restaurant to review, an event to cover or an issue to discuss, contact The Thaiger editorial staff.

Follow Thaiger by email:

Tourism7 mins ago

Thai tourism likely to hit rock bottom this year

Coronavirus (Covid-19)55 mins ago

Tuesday Covid Update: 14,150 new cases and 118 deaths

Myanmar12 hours ago

Myanmar’s economy to shrink by 18% due to military coup and Covid-19

Welcome back to Thailand!

Thaiger is getting behind local businesses for the restart of tourism in Thailand - up to 50% discounts across all advertising packages!

Singapore14 hours ago

Singapore plans to vaccinate 80%, reopen with quarantine-free travel by September

Thailand15 hours ago

Pattaya suspects arrested for live streaming breaking curfew

Thailand16 hours ago

Sinovac/AstraZeneca highly effective, according to Thai research

image
Join the conversation on the Thaiger Talk forums today!
Phuket16 hours ago

Phuket vice governor says “Sandbox” tourists aren’t scared off by Covid situation

Thailand17 hours ago

Ministry of Education seeks 21.6 billion education subsidy

Coronavirus (Covid-19)18 hours ago

The ‘infodemic’ – interview with Helen Petousis-Harris about Covid misinformation

Best of18 hours ago

Phuket’s 8 Best Rooftop Bars

Coronavirus (Covid-19)18 hours ago

Ayutthaya logs 255 new infections, hospital beds full

Thailand18 hours ago

Another “monkey war” in Lop Buri, hundreds fight in the street- VIDEO

Thailand19 hours ago

Plantations International provides Pattaya with provisions

Coronavirus (Covid-19)20 hours ago

Monday UPDATE: 15,376 new infections, Provincial report

Thailand20 hours ago

Thai baht goes from top-performing to worst-hit currency in Asia

Thailand5 months ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism5 months ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket5 months ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism5 months ago

Phuket Thai food treats you need to try | VIDEO

Thailand5 months ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism5 months ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand6 months ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand6 months ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand6 months ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand6 months ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand6 months ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand6 months ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand7 months ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand7 months ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Thailand7 months ago

Thailand News Today | Southern floods, Face mask fines, Thai Air Asia woes | January 8

Trending