Economic Research | 21 February 2018 | |||
Thailand | ||||
Economic Update | ||||
2017 GDP Rose 3.9%, Outlook Is Rosy Thailand’s GDP moderated to +4% YoY in 4Q, undermined by a quicker decline in government expenditure and public investments. Although exports picked up, the net contribution to economic growth was offset by a faster increase in imports. Overall, the kingdom’s GDP rose 3.9% in 2017, outperforming our estimate of +3.7%. This was spurred by resilient private consumption, higher exports, and the return of private investments. Going forward, we envisage private consumption to gain momentum, while private investment growth ought to pick up – in line with the recovering global capex demand and improving ease of doing business. Public investments should also follow. The resultant improvement in domestic demand should be sufficient to offset a slowdown in exports. Hence, we maintain our forecast for GDP to grow 4.2% this year. Economist: Ng Kee Chou | +603 9280 2179 | ||||
To access our recent reports please click on the links below: 15 February: BoT Remains Optimistic On Growth, Holds Rate At 1.5% 05 February: E&E And F&B Production Drag Dec 2017 MPI 05 February: CPI Starts 2018 On a Soft Note 02 February: Credit Demand Rise On Improving Economic Sentiment 23 January: Rare Trade Deficit As December Exports Slow Down 4 January: December CPI Slows On Energy Costs | ||||
Economic Team | ||||
Arup Raha | Group Chief Economist | +65 6232 3896 | ||
Peck Boon Soon | Chief ASEAN Economics | +603 9280 2163 | ||
Vincent Loo | Malaysia, Vietnam | +603 9280 2172 | ||
Ng Kee Chou | Singapore, Thailand | +603 9280 2179 | ||
Rizki Fajar | Indonesia, Philippines | +6221 2970 7065 | ||
Aris Nazman Maslan | Malaysia, Vietnam | +603 9280 2184 | ||
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