Thai economy likely grew 3.1% in Q2 on higher tourist arrivals: Reuters poll
Reuters
Published Aug 17, 2023 09:07PM ET
By Devayani Sathyan
BENGALURU (Reuters) - Thailand's economy likely grew 3.1% in the April-June quarter from a year ago, up from 2.7% in the previous quarter, driven by increased foreign tourist arrivals, according to the median forecast of 21 economists polled by Reuters.
On a quarterly basis, gross domestic product (GDP) was forecast to have grown by a seasonally-adjusted 1.2%, a slowdown from the 1.9% growth in the preceding quarter, according to a smaller sample of forecasts in the Aug. 14-17 poll.
While the country's tourism-driven economy is expected to improve gradually, visitor numbers are still well below pre-pandemic levels. Thailand is predicted to receive 29 million tourists this year, down from 40 million visitors in 2019, the last full year before the COVID pandemic.
Exports, a key driver of growth, have contracted since October 2022, indicating weak global demand, especially from China, Thailand's biggest trading partner.
"The ongoing foreign tourism recovery amid returning visitors including from China, and resilient private consumption underpinned the economic expansion," wrote Chua Han Teng, economist at DBS.
"Yet, the drop in merchandise exports, while stabilising, continued to drag headline growth, and prevented a stronger growth improvement in 2Q23, given the challenging global economic environment."
Growth was forecast to average 3.7% this year, in line with the Bank of Thailand's estimate, and 3.8% in 2024, a separate Reuters poll showed.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.