November 22, 2022
BANGKOK – Thailand’s gross domestic product (GDP) expanded by 4.5 per cent in the third quarter, pointing to a continuous economic revival, the Office of the National Economic and Social Development Council (NESDC) said on Monday.
NESDC secretary-general Danucha Pichayanan said several economic indicators improved in the third quarter, pushing GDP growth to be higher than the second quarter when GDP expansion was 2.5%.
“The Thai economy has been expanding since the fourth quarter of 2021 until the third quarter this year,” Danucha said.
“Almost all indicators increased, including consumption and spending by the private sector, exports, and investments as well as tourism that expanded after the country fully reopened.”
The growth of GDP in the third quarter prompted the NESDC to revise up its GDP forecast for the 2022 from 2.7-3.2% to at least 3.2%, Danucha said.
He said the NESDC forecasts Thailand’s economic growth in 2023 at 3.5%, in the range of 3% to 4%.