Thai GDP within the third quarter shrinks 6.4% yoy, lower than anticipated

BANGKOK (Reuters) – Thailand’s economy contracted less than expected in the third quarter, a sharp rebound from the previous quarter as domestic activity rebounded after the coronavirus restrictions were eased, prompting the government to raise growth estimates for this year.

Southeast Asia’s second largest economy contracted 6.4% year over year from July to September, official data from the state planning agency showed on Monday, down from an 8.6% decline in a Reuters poll.

On a quarterly basis, the economy expanded by 6.5% seasonally adjusted in the September quarter, according to the National Economic and Social Development Council, better than the 3.8% forecast by economists.

In the June quarter, GDP contracted 12.1% yoy and 9.9% yoy.

The agency is now forecasting a 6.0% decline in gross domestic product (GDP) this year, after previously forecasting a 7.3% to 7.8% decline.

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