By Kosaku Narioka
Thailand's economy expanded in the second quarter from a year earlier thanks to the recovery of private consumption and capital expenditure.
Gross domestic product rose 7.5% from a low base a year earlier, which compared with a 2.6% drop in the previous quarter, the Office of the National Economic and Social Development Council said Monday.
The result matched the median forecast of five economists polled by The Wall Street Journal.
Second-quarter GDP expanded 0.4% on a seasonally adjusted basis from the prior quarter, better than the economists' forecast of a 2.0% drop.
Private consumption, which generally accounts for about half of the Thai economy, rose 4.6% from a year earlier. Exports of goods increased 31%, exports of services declined 1.9% and imports of goods and services rose 31%, the data showed.
Government spending rose 1.1%, public capital investment increased 5.6%, and private capital expenditure climbed 9.2%.
The government cut its growth forecast for the year, projecting that the economy will expand between 0.7% and 2.0%, compared with its previous view of 1.5%-2.5% growth.
The Thai central bank earlier this month kept its benchmark interest rate unchanged at a record-low 0.50% as the worsening Covid-19 pandemic continues to cloud the country's economic outlook.
However, economists expect the global economic recovery and the central bank's policy easing to lend some support to the economy in the coming months. As the country makes progress in its Covid-19 vaccination rollout, domestic demand is expected to recover, they said.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
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August 16, 2021 at 10:10AM
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