Economy contracts 4.2% y/y in Q4, less than expected
published : 15 Feb 2021 at 10:18
Thailand's economy shrank less than expected in the final quarter of the year as domestic activity and exports recovered after coronavirus curbs were eased, but a travel ban imposed since April has kept most foreign visitors away.
The economy contracted 4.2% in the December quarter from a year earlier, data from the National Economic and Social Development Council showed on Monday, versus a forecast 5.4% drop in a Reuters poll.
On a quarterly basis, gross domestic product (GDP) expanded a seasonally adjusted 1.3% in the December quarter, better than the 0.8% growth forecast by economists.
In July-September, GDP declined 6.4% from a year earlier but grew a revised 6.2% against the prior quarter.
In 2020, the economy contracted 6.1%, the sharpest fall since 1998, and compared with analysts' forecast of a 6.4% drop.
The agency now predicts GDP will expand 2.5-3.5% this year, having previously forecast growth of 3.5-4.5%, after a fresh Covid-19 outbreak hit the economy in December.