Thailand’s economy contracted sharply in the second quarter amid the coronavirus pandemic, data from the National Economic and Social Development Council, or NESDC, showed on Monday.
Gross domestic product fell 12.2 percent on a yearly basis in the first quarter, after easing by revised 2 percent in the first quarter. Economists had forecast an annual decline of 13.3 percent.
On a quarterly basis, GDP declined 9.7 percent versus a 2.5 percent drop a quarter ago. GDP was expected to fall 11.4 percent.
On the expenditure side, data showed that private final consumption expenditure declined by 6.6 percent, while government spending grew 1.4 percent.
Gross fixed capital formation decreased 8 percent. For external demands, exports and imports of goods and services decreased in the second quarter.
The government lowered its full-year GDP forecast for 2020 to -7.3 percent to -7.8 percent compared to an earlier estimate of a -5 percent to -6 percent.
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