Exports to major markets, namely the United States, China, the European Union and Japan will continue to grow from last year as the demand from these economies steadily recovers from the pandemic. The website will not function properly without these cookies being collected. Thailand Economic Monitor June 2022: Building Back 03925319, Komatsu Ltd. - Digital Transformation Strategies, Caterpillar Inc. - Digital Transformation Strategies, South Korea Construction Market Size, Trend Analysis by Sector (Commercial,, Commercial Construction, Industrial Construction, Infrastructure Construction, Energy and Utilities Construction, Institutional Construction, and Residential Construction, Italian-Thai Development PCL, CH. Krungsri Research expects the MPC to raise policy interest rate gradually to 1.75% by end-1Q23 and keep it there for most of the year, Economic activity is projected to exceed pre-pandemic level in 2023. Thailand Economic Growth (GDP, ann. Currency Conversion is for Indicative purpose only. The ideal entry-level account for individual users. Purpose of cookies for any like, share, or subscribe functions on website that connect with a social media platform. Growth in the sector will be supported by the governments one million housing scheme and rising residential demand amid rising urbanization between 2024 and 2027. Why are OPEC+ supply cuts failing to boost oil prices? This helps us to improve the way our website works, for example, by ensuring that users are finding what they are looking for easily and to help us understand what interests our users, and measure how effective our advertising is; Thailand's economy is expected to grow 3.0% to 3.5% this year, the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) said on Wednesday, Bond/Debenture Holders Representative Service. These cookies may be placed by the bank or third-party service providers. Energy and utilities construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. Tourism, on the other hand, will take another two to three years to recover to its pre-Covid level. Then you can access your favorite statistics via the star in the header. This statistic is not included in your account. Tourism sector has shown visible recovery since reopening. Thai Economic Performance in Q2 of 2022 and the Outlook for Thai economy to see uptick in 2022 - TDRI: Thailand In the first quarter of 2022, the value of gross domestic product (GDP) in Thailand amounted to around 4.3 trillion Thai baht, which was an increase from the Mays figure marked the weakest inflation rate since August 2021. The leading consultants in the Thailand construction market are MHPM Co Ltd, Epsilon Co Ltd, MAA Group Consulting Engineers, Chotichinda Mouchel Consultants Ltd, Asian Engineering Consultants Corp, Ltd (AEC), National Economic and Social Development Board (NESDB), WSP Global Inc, Southeast Asia Technology Co Ltd, AECOM, and Team Consulting Engineering and Management Public Co Ltd. MHPM Co Ltd led the market. Please get in touch with your specific requirements and we can send you a quote. The Thailand construction market size was $24.2 billion in 2022. Request your free sample report now. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2023, Quarterly smartphone market share worldwide by vendor 2009-2023, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. As a Premium user you get access to the detailed source references and background information about this statistic. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. The economy is expected to expand by 2.9% in 2022, one percent slower than expected in December 2021, but the recovery will strengthen in the medium term. Currently, you are using a shared account. Domestic tourism, while recovering faster than international tourism, is forecast to return to its pre-Covid level next year as fears of outbreaks and uncertainty in terms of peoples income delay travel decisions. 2021 Bank of Ayudhya Public Company Limited. White label accounts can distribute our data. Thai economy posts fastest growth in a year, global risks Q1s reading marked the best result since Q4 2021. Values are presented in current market prices as of May 2022. On the domestic front, private consumption growth fell to 5.4% in Q1, marking the weakest expansion since Q1 2022 (Q4 2022: +5.6% yoy) but remaining robust nonetheless. Economy The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. Interested in economic reports, analysis and data? See here for a complete list of exchanges and delays. API users can feed a custom application. Nominal GDP sector composition (2005 constant prices), World Development Indicators: Contribution of natural resources to gross domestic product, "The World Factbook - Central Intelligence Agency", "Nigerian Gross Domestic Product Report Q2 2015", "The World Factbook - GDP (purchasing power parity)", "The World Factbook - GDP - composition, by sector of origin", "A closer look at Nigeria's GDP rebasing". For example, keep tracking of what page you are on, browsing web pages, from what account you are accessing our website or giving visitors / website users a login and access to parts of the website that are reserved for members only. economy Last year, fewer than 300,000 international tourists entered the country. WebTHAILAND The Thai economy continued to expand in 2022 due to robust private consumption and tourism recovery. While many businesses, especially those related to tourism, are yet to recover to their pre-Covid levels, several industries will continue to grow. 02-718-5461-2, Except where otherwise noted, content on this site is licensed under a Creative Commons Published: January 27, 2023 This growth rate, however, still does not put the Thai economy back to its value in 2019. The sectors output over the forecast period will be supported by ongoing investment and developments in the healthcare and education sectors. BANGKOK, December 14, 2022 Thailands economy is projected to recover to its pre-pandemic level in 2022, but the pace of growth will be slower-than-expected in These include exports and digital business and their supply chains. FocusEconomics reports cover more than 130 economies and over 30 key commodities. Evaluate competitive risk and success factors. On a seasonally adjusted quarter-on-quarter basis, GDP rebounded, growing 1.9% in Q1, contrasting the previous quarters 1.1% fall. statistic alerts) please log in with your personal account. Karnchang Pcl, China Railway Construction Corp Ltd, China Railway Engineering Group Company Ltd, Charoen Pokphand Group Co Ltd, PCL Construction, Sino-Thai Engineering & Construction Public Co Ltd, Unique Engineering and Construction Public Co Ltd, BTS Group Holdings Public Co Ltd, and Nawarat Patanakarn Public Co Ltd. Italian-Thai Development PCL led the market. Advanced users can use our Python/R/Matlab packages. Web2022 Recap: Thailands economy has been recovering since mid-2022 full reopening but high inflation is a concern These necessary trackers do not require your consent because they do not store identifiable personal information. FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Every customers requirement is unique. You need at least a Starter Account to use this feature. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). The number of foreign tourists is expected at 9 to 10 million this year, according to the group, which has representatives drawn from industry, banking and commerce. WebGDP from Agriculture in Thailand decreased to 184991 THB Million in the first quarter of 2023 from 214033 THB Million in the fourth quarter of 2022. 2022 ESG Report: A year of impact | McKinsey BANGKOK, June 27 (Reuters) - Thailand's customs-based exports in May contracted 4.6% from a year earlier, the commerce ministry said on Tuesday. First Published: Bangkok Post on 12 JAN 2022, Thailand Development Research Institute (TDRI) While a small current account deficit is expected for 2022, the resolution of supply bottlenecks, a recovery in tourism arrivals, and a decline in the global oil price is expected to see the current account return to positive territory in 2023 and 2024. Thai business group revises 2022 GDP growth outlook to 3.0-3.5% Interest rates in Thailand should remain unchanged this year, while the baht will be weaker than its average level last year. BANGKOK, Nov 2 (Reuters) - Thailand's central bank expects the country's economy to grow 3.3% this year, its deputy central bank governor said on While poverty and unemployment are estimated to have declined over the past year, labor incomes have fallen and household debt has increased to meet expenditure needs. WebIn this ESG report, we look at some of the key highlights that McKinsey completed in 2022 to create a more sustainable, inclusive, and growing future for all. Business Solutions including all features. WebThe Thai Economy in Q2/2022 The Thai Economy in the second quarter of 2022 expanded by 2.5 percent (%YoY), accelerating from a 2.3-percent growth in the previous quarter. Economic The Thai baht will continue to be weak this year as the greenback strengthens with the discontinuation of quantitative easing (QE) measures. Standard users can export data in a easy to use web interface or using an excel add-in. (May 18, 2022). Thailand Full Year GDP Growth - 2023 Data - 2024 Forecast WebOne study (Jiang and Xie, 2022) showed when the cost increased to its upper limit, the ICER was higher than one-time GDP but lower than three-time GDP. As a Premium user you get access to background information and details about the release of this statistic. %), Thailand: Merchandise exports slide in May, Thailand: Manufacturing activity grows at fastest pace since December 2021 in May, Thailand: Inflation falls to over one-year low in May, Thailand: Merchandise exports fall at a quicker rate in April, Thailand: Manufacturing production records largest contracts in six months in April, Thailand: Central Bank hikes rates further in May, Thailand: Activity gathers momentum in Q1 amid a recovering tourism industry, Thailand: Inflation falls to over one-year low in April. Thailand Industrial construction: The project types in this sector include chemical and pharmaceutical plants, manufacturing plants, metal and material production and processing plants, and waste processing plants. BANGKOK, Oct 5 (Reuters) - Thailand's economy is expected to grow 3.0% to 3.5% this year, a slight improvement from a previous forecast of 2.75% to 3.5%, helped by a pickup in the vital tourism sector, a leading joint business group said on Wednesday. To enable the maximize performance of this website, we may store information from your browser as a cookie which does not identify your personal information. We will likely see 32 baht to the dollar by the end of 2022, making it the weakest currency in the region. If you continue to navigate this website beyond this page, cookies will be placed on your browser. to incorporate the statistic into your presentation at any time. International Monetary Fund, World Economic Outlook Database, April 2012: Nominal GDP list of countries. WebThis article needs to be updated. Exclusive news, data and analytics for financial market professionals, Reporting by Satawasin Staporncharnchai ", NESDC, Value of gross domestic product in Thailand from the 1st quarter of 2019 to the 1st quarter of 2022 (in trillion Thai baht) Statista, https://www.statista.com/statistics/1309091/thailand-value-of-gross-domestic-product/ (last visited July 05, 2023), Value of gross domestic product in Thailand from the 1st quarter of 2019 to the 1st quarter of 2022 (in trillion Thai baht) [Graph], NESDC, May 18, 2022. Thai May exports drop 4.6% y/y, beat forecast | Reuters WebThe Office of the National Economic and Social Development Council (NESDC) announced the Thai Gross Domestic Product (GDP) in the fourth quarter of 2022 and the economic projection for 2023 as follows: The Thai Economy in Q4/2022 Figures have been rounded. Thai May exports drop 4.6% y/y, beat forecast | Reuters If you do not allow us collecting of these cookies, we will not be able to know when you have visited our website and will not be able to monitor the performance of our website. Exports were the main driver of Thailands growth last year, increasing by almost 15%, and they are expected to grow again this year albeit at a slower rate, perhaps 10% at best. The following are several actions that can be taken by the government: This site uses cookies to optimize functionality and give you the best possible experience. Economy To learn more about cookies, click here. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers., COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. The World Bank Group works in every major area of development. Indonesia received 4.12 million international arrivals in the first five months of 2023, four times higher compared to the same period last year, data from the countrys statistics bureau has revealed. * Preliminary without annual figures. In 2022, economic growth is expected to be 3.0-3.5%, against 0.8% last year and -6.1% in 2020. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. If you are an admin, please authenticate by logging in again. Please create an employee account to be able to mark statistics as favorites. The Siam Commercial Bank (SCB)s Economic Intelligence Centre (EIC) has readjusted up its projection for Thailands GDP growth at 3% this year and 3.7% in 2023, thanks to the recovery of tourism and private consumption. The 26th meeting of the So Paulo Forum on July 4 declared Cuba a Universal Heritage of Dignity for maintaining its heroic resistance against blockades over the past six decades. Nevertheless, there are several risks that could derail the nations recovery this year. The Trading Economics Application Programming Interface (API) provides direct access to our data. We also use your market data in our Strategic Business Process to support our business decisions. The United Nations trade body on Wednesday called for support for developing countries in attracting investments in renewable energy to ensure their transition to cleaner energy sources. One study ( Zheng et al., 2022 ) showed that the monthly cost of empagliflozin would need to drop from $326.69 to $153.56 to meet a WTP threshold of $180 000 per quality-adjusted life-year (QALY). Addressing Flood, Drought Risk Key to Sustaining Robust Growth. Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We have a plan for your needs. Thai export growth is projected to decelerate along with slower global economy and trade. Private investment will benefit from improving domestic economic activity, infrastructure investment, foreign direction investment (FDI), and EEC promotion measures. Residential construction: The project types in this sector include single-family housing and multi-family housing. Writing by Orathai Sriring; Editing by Martin Petty, Focus: South African food producers warn of higher prices as infrastructure crumbles, Why a $1.5 trillion source of corporate financing is choking on higher rates. This is a list of countries by gross domestic product (GDP) sector composition. The construction market in Thailand is projected to achieve an AAGR of more than 4% during 2024-2027. Thailand Overview: Development news, research, data Data for the year 2012. Gross domestic product (GDP) growth rate in China 2012-2028, To download this statistic in XLS format you need a Statista Account, To download this statistic in PNG format you need a Statista Account, To download this statistic in PDF format you need a Statista Account. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Artificial Intelligence: Leading technology companies, Cybersecurity: Leading technology companies, Electric Vehicles: Leading technology companies, Transportation, Infrastructure and Logistics. Select the reports most relevant to your business. var. Current job openings: Download historical data for 20 million indicators using your browser. VNA Friday, September 16, 2022 18:49 (Photo: GDP growth accelerated to 2.7% year on year in the first quarter, from 1.4% in the fourth quarter of last year. This field is for validation purposes and should be left unchanged. a regional office, Can be shared globally by unlimited users within the purchasing corporation e.g. Thailand Access essential information in the shortest possible time. List of countries by GDP sector composition. The pandemic will also continue to discourage international tourists from other countries. Export sector was a major driver of the economy in 2022 buoyed by the easing Covid-19 pandemic and resulting surge in demand. All orders are processed in US Dollars only. Chinese tourists, who accounted for a third of all international tourists before the pandemic, are expected to be permitted to travel overseas at the end of this year, as Beijing strictly adheres to its Zero-Covid policy. (May 2017) This is a list of countries by gross domestic product (GDP) sector composition . BANGKOK, June 27 (Reuters) - Thailand's customs-based exports in May contracted 4.6% from a year earlier, the commerce ministry said on Tuesday. Blue economy has big potential to become a new engine for the development of the Association of Southeast Asia Nations (ASEAN), an Indonesias senior official has said. Thailand Construction Market Analysis by Sectors, 2022 (%), For more Thailand construction market sector insights, download a free report sample. Moreover, Thailand has an abundant and diverse supply of agricultural raw materials to produce bio-products. In our view, the Q1 GDP data is encouraging on two counts: 1) the ability of economy to hold up even with a diminished fiscal impulse; and 2) improving tourism activity which is also feeding positively through household consumption. Identify and evaluate market opportunities using GlobalDatas standardized valuation and forecasting methodologies. WebGDP from Construction in Thailand increased to 77407 THB Million in the first quarter of 2023 from 61357 THB Million in the fourth quarter of 2022. Fixing fiscal laws to have fair elections, Creative Commons Risks remain skewed to the downside, highlighting the importance of rebuilding fiscal buffers, monitoring financial sector vulnerabilities, and exploring more environmentally sustainable and efficient approaches to economic production. 2023 Data - 2024 Forecast - 1993-2022 Historical, Thailand Inflation Rate Lowest in Near 2 Years, Thailand Manufacturing PMI Falls to 3-Month Low, Thailand Private Investment Rebounds in May, Thailand Personal Spending Rises the Most in Over a Year, Thailand Industrial Output Drops Less than Expected, Thailand Imports Drop Less than Estimated, South Africa 10-Year Bond Yield Hovers Around 7-Week Low, Ireland Unemployment Stays at All-Time Low, US Logistics Sector Contracts for 2nd Month, Ghana Private Sector Growth Slows in June, Eurozone Producer Prices Fall for 4th Month, Eurozone Producer Prices Fall for 1st Time in 2 Years.
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