Thailand’s economy grows 3% in Q3

Thailand’s economy expanded by 3 per cent year-on-year in the third quarter of 2024, marking an acceleration from the previous quarter’s revised 2.2 per cent growth. This surge is the fastest pace since the third quarter of 2022.

The uptick in economic activity was primarily driven by a 25.9 per cent surge in public investment, the first expansion in six quarters. This offsets the slowdown in private consumption and the contraction in private investment.

On a quarterly basis, the Thai economy grew by a seasonally adjusted 1.2 per cent in the third quarter, surpassing the previous quarter’s 0.8 per cent growth.

The National Economic and Social Development Council (NESDC) has revised its 2024 economic growth forecast to 2.6 per cent, up from the earlier projection of 2.3-2.8 per cent.

For 2025, the agency expects growth to range between 2.3 per cent and 3.3 per cent, supported by government spending, domestic demand, tourism recovery, and export growth.

Attribution: Xinhua

Subediting: Y.Yasser