Thailand’s GDP grew by 1.2% in the third quarter compared to the same period a year earlier, less than the 2.8% recorded in the second quarter. The result was the weakest since the third quarter of 2021, affected by the pandemic, according to official data issued today, Monday, by the National Council for Economic and Social Development.
The industrial sector, which fell by 1.6%, compared to a rise of 1.7% in the second quarter, was mainly responsible for the negative result, recording the first decline in six quarters. Commodities such as cars, machinery and rubber products recorded declines, according to the statement.
Growth in exports of goods and services slowed to 6.9% in the third quarter from 11.2% in the second quarter, reflecting lower shipments of computers and other manufactured products, as well as a decline in the tourism sector.
“Production in the manufacturing sector declined due to the slowdown in exports caused by US tariffs,” Onva Vejajiva, Secretary-General of the Council, said in a press conference.
The council now expects annual GDP to grow by 2.0% this year, down from 2.5% in 2024. The economy is expected to grow between 1.2% and 2.2% in 2026. Exports may fall by 0.3% in 2026 due to the impact of tariffs, reflecting an expected 11.2% expansion for this year.
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