The FINANCIAL — Thai gross domestic product rose 2.8% in the second quarter from a year earlier, the National Economic and Social Development Board said on AUgust 17, according to Nasdaq.
In the first quarter of 2015, GDP grew 3% from a year earlier. Analysts polled by The Wall Street Journal expected growth of 2.8% in the second quarter.
When compared with the previous quarter, Thailand’s economy grew 0.4% in seasonally adjusted terms in the second quarter. Thailand’s quarterly GDP isn’t annualized as the country’s fluctuating quarterly growth rates can result in an inaccurate annual growth rate, according to officials. Analysts expected 0.2% growth.
During the first half, Thailand’s gross domestic product grew 2.9% from a year earlier.
Despite an expected increase in government spending and tourist arrivals, Thailand’s economic growth will be hampered by sluggish exports, which account for two-thirds of GDP.
The Thai government’s economic planning agency now expects exports to contract 3.5% in 2015, compared with a previous forecast for 0.2% growth.
It also cut this year’s GDP growth estimate to 2.7% to 3.2% from 3.0% to 4.0%.