Thailand gross domestic product grows less than expected in second quarter

A tourist poses for a photo inside the Grand Palace in Bangkok on June 7, 2020, as it reopened for visitors following restrictions to halt the spread of the COVID-19 novel coronavirus. (AFP/Mladen Antonov). Sketched by the Pan Pacific Agency.

BANGKOK, Aug 21, 2023, CNBC. Thailand’s economy expanded 1.8% year-on-year in the second quarter, sharply lower than the 3.1% expected by economists polled by Reuters and the 2.6% in the first quarter, CNBC reported.

Thailand’s national economic and social development council explained that 1.8% expansion was due to “high expansion of households expenditure, increased production of the service sector, and a deceleration of the inflation rate,” although it did not give a reason as to the deceleration in growth.

On a seasonally adjusted quarter on quarter basis, GDP climbed by just 0.2% in the second quarter, lower than the 1.2% expected in the Reuters poll.

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