NESDC cuts 2023 Thai GDP to 2.5-3%

The National Economic and Social Development Council (NESDC) has revised downwards Thailand’s gross domestic product (GDP) for this year to between 2.5% and 3%, following a second-quarter expansion of just 1.8%.

The decrease in growth is attributed to a 5.6% decline in exports in the last quarter, following a 4.5% decline in the previous three months. Export volume decreased by 5.8%, compared to a 6.4% decline in the January-March quarter.

The agricultural price index, meanwhile, decreased by 5.4% in the second quarter, similar to the continuous decline of the industrial production index of 4.1%.

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The Nation Reporter