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Thai economy shrank 6.4 per cent in third quarter : National Economic and Social Development Council
EconNov 16. 2020
By The Nation
Gross Domestic Product in Q3/2020 decreased by 6.4%, recovering from a fall of 12.1% in Q2/2020, as a result of improvements in total exports of goods and services, private investment, and private final consumption expenditure. Meanwhile, government final consumption expenditure, and public investment both expanded continually, the National Economic and Social Development Council, the state-own think-tank said on Monday.
In terms of production, agricultural production fell by 0.9%, due mainly to the decline in main crops included paddy, rubber, and oil palms. The non-agricultural sector declined by 6.8%, improving from a fall of 12.9% in Q2/2020 as the government has eased the measures to prevent and control the spread of COVID-19. Furthermore, the economic stimulus measures also supported the recovery of manufacturing and service sectors, which fell by 5.3% and 7.3%, improving from falls of 14.6% and 12.2% in Q2/2020, respectively. The recovered service sector included wholesale and retail trade, accommodation and food service activities, and transportation and storage. Moreover, construction and information and communication expanded continually, the NESDC said.
In terms of expenditure, private final consumption expenditure fell by 0.6%. Moreover, gross fixed capital formation, and exports and imports of goods and services contracted by 2.4%, 23.5%, and 20.3%, respectively. However, government final consumption expenditure expanded by 3.4%. After seasonal adjustment, the Thai economy in Q3/2020 expanded by 6.5% (QoQ SA).
Private final consumption expenditure fell by 0.6%, recovering from a fall of 6.8% in Q2/2020. Non-durable and service items expanded by 2.7%, and 3.8%, respectively. However, durable and semi-durable items decreased by 19.3%, and 14.0%, respectively.
General government final consumption expenditure increased by 3.4%, continued to expand from a rise of 1.3% in Q2/2020. The expansion was mainly attributed to compensation of employees, with a 1.6% rise. Moreover, purchases of goods and services grew by 7.8%. In addition, social transfer in kind also expanded by 8.0%.
Gross fixed capital formation fell by 2.4%, compared to a fall of 8.0% in Q2/2020. Private investment decreased by 10.7%, compared to a 15.0% reduction in Q2/2020. Machinery items was a major contributing factor, with a reduction of 14.0%. Meanwhile, construction expanded slightly by 0.3%. Public investment significantly expanded by 18.5%, increasing from a rise of 12.5% in Q2/2020. The expansion was resulted from an 18.4% expansion in public machinery items as well as an 18.6% increase in public construction, driven mainly by the government construction.
Changes in inventories at current market prices in Q3/2020 decreased to the value of 120.6 billion baht. Reduction in stocks came mainly from rice, sugar, motor vehicles, preparation and spinning of textile fibers, and gold. Accumulation in stocks, meanwhile, included rubber, paddy, jewelry and related articles, computers and peripheral equipment, and refined petroleum products.
Goods and services balance at current market prices recorded a surplus of 257.2 billion baht, comprising a surplus of 397.5 billion baht in trade balance and a deficit of 140.3 billion baht in service balance.
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