GDP grew by 1.6% in 2021, helping it recover from a 6.2% contraction in 2020. The economy began to recover in the fourth quarter on strong merchandise exports, relaxed mobility restrictions, and fiscal stimulus. Despite weak overall growth, exports of goods and services did well in 2021, with the US dollar value of merchandise exports rising by 14.9%. Export growth was aided by improved economic conditions in major trading partners, especially in semiconductors. Services exports, however, contracted by 22.8% on the continued decline in international tourist arrivals. The economy is expected to recover gradually in the second half of 2022—a forecast that heavily depends on any new COVID-19 infections and accompanying mobility restrictions. GDP is forecast to grow by 3.0% this year and 4.5% in 2023.
Source: Asian Development Outlook 2022.
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 1.0 (Oct23)1.0 1.0
Broad Money Growth 2 1.8 (Sep23)1.8 1.3
Headline Inflation Rate 3 -0.3 (Oct23)0.3 6.0
Industrial/ Manufacturing Production Growth Rate 3 -6.1 (Sep23)-7.8 3.0
Merchandise Export Growth 3 2.1 (Sep23)2.1 2.6
Exchange Rate Index 4 92.3 (Oct23)90.7 96.0
1 Monthly average, local index.
2 %.
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
Source: Bloomberg LP; CEIC database; Bank of Thailand; Customs Department.

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