Asia Economy

Thailand's economy grows at slowest quarterly rate in a year

Key Points
  • Thailand's trade-dependent economy grew at its slowest quarterly rate in a year in the third quarter, official data showed on Monday, leading the government to cut this year's growth estimate once again.
  • Southeast Asia's second-largest economy expanded 0.1% on a seasonally adjusted basis in the third quarter, the weakest rate since a contraction in the third quarter of 2018, the National Economic and Social Development Council said.
Stores along the Bangla road near the Patong Beach in Phuket on October 12, 2018.
Jewel Samad | AFP | Getty Images

Thailand's trade-dependent economy grew at its slowest quarterly rate in a year in the third quarter, official data showed on Monday, leading the government to cut this year's growth estimate once again.

Southeast Asia's second-largest economy expanded 0.1% on a seasonally adjusted basis, the weakest rate since a contraction in the third quarter of 2018, the National Economic and Social Development Council said.

That met the forecast 0.1% growth in a Reuters poll, and compared with the June quarter's revised 0.4% pace.

On an annual basis, gross domestic product (GDP) rose 2.4% in the third quarter, less than the forecast 2.6%. In April-June, growth was just 2.3%, the weakest pace in nearly five years.

The government lowered its 2019 GDP estimate to 2.6%, down from 2.7% to 3.2% forecast in August.