Global| Sep 15 2003Thailand's Gross Domestic Product Shows Growth in the Second Quarter
Summary
In contrast to many of the countries in the Pacific Rim, Thailand reported a rise in its seasonally adjusted real GDP of 0.87% in the second quarter. Hong Kong earlier reported a 3.39% decline in its second quarter GDP, Taiwan, a [...]
In contrast to many of the countries in the Pacific Rim, Thailand reported a rise in its seasonally adjusted real GDP of 0.87% in the second quarter. Hong Kong earlier reported a 3.39% decline in its second quarter GDP, Taiwan, a 2.99% decline and Singapore, a 3.29% decline. These last mentioned countries were more seriously affected by the spread of SARS (Severe acute respiratory syndrome) than Thailand.
Thailand was not unaffected by SARS. It suffered a sharp decline in the arrival of foreign tourists and a decline in exports to the affected countries. However, sharp rises in business and government spending more than offset these declines.
The Thai government has raised its forecast of growth for this year from 5.5% to 6.2% and expects growth next year to be between 6.5% and 8.5%.
| Percent Change | 2Q 03 (Q/Q) | 1Q 03 (Q/Q) | 2Q 03(Y/Y) | 2002 | 2001 | 2000 |
|---|---|---|---|---|---|---|
| Thailand GDP | 0.87 | 1.31 | 5.70 | 5.28 | 1.87 | 4.68 |
| Gross Capital Formation | 5.14 | 3.60 | 8.47 | 6.24 | 0.69 | 5.53 |
| Government Consumption Expenditures | 4.32 | 5.71 | 4.51 | 0.64 | 2.85 | 2.60 |
| Consumer Expenditures | 0.75 | 1.89 | 6.05 | 4.74 | 3.73 | 4.86 |
| Net Exports of Goods and Services | -1.15 | 4.29 | 6.73 | 9.98 | 1.08 | -6.82 |
| Singapore GDP | -3.29 | 0.79 | -4.19 | 2.21 | -2.32 | 9.41 |
| Hong Kong GDP | -3.39 | 0.07 | 0.31 | 2.12 | 0.95 | 10.17 |
| Taiwan GDP | -2.99 | 1.72 | 1.10 | 4.13 | -1.65 | 6.37 |
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