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Economy in Brief

 Thailand's Fourth Quarter GDP Shows Moderate Deceleration in Growth and Acceleration in Inflation During 2004
by Louise Curley March 7, 2005

Thailand's seasonally unadjusted Real Gross Domestic Product rose 5.05% in the fourth quarter of 2005 over the fourth quarter of 2004. The year over year rate of growth has decelerated during the year from the first quarter rate of 6,70%. For the year as a whole, GDP was up 6.05% in 2004, compared with 6.89% in 2003, 5.33% in 2002 and 2.17% in 2001.

A fall off in the year to year increase in private consumption and a much larger increase in imports than in exports largely offset increases in government consumption, inventories and gross fixed investment. The year to year changes in private consumption are compared with gross fixed investment in the first chart while the second chart compares the year to year changes in exports with those in imports.

While real GDP growth, for the year as a whole, decelerated slightly in comparison with 2003, inflation as measured by the deflator more than doubled from 1.90% in 2003 to 4.55% in 2004.
Thailand: GDP
Year/Year % Changes 		 Q4 05 Q3 05 Q2 05 Q1 05 2004  2003    2002   2001
GDP (1988 Bahts) 5.05 6.09 6.44 6.70 6.05 6.89 5.33 2.17
 Private Consumption 5.14 5.63 5.68 6.17 5.65 6.44 5.28 4.12
 Government Consumption 5.18 0.27 4.94 7.03 4.13 2.00 1.78 2.49
 Gross Fixed Investment 16.16 12.01 12.86 16.65 14.35 11.88 6.54 1.13
 Inventories* 17.58 18.59 10.76 -27.31 19.63 9.04 6.15 10.14
 Exports 5.10 8.37 11.84 6.22 7.78 7.03 11.99 -4.21
 Imports 3.58 12.46 20.09 13.54 12.14 7.65 13.69 -5.50
Deflator 6.07 5.10 4.81 2.20 4.55 1.90 0.69 2.11
GDP (nominal) 11.42 11.51 11.55 9.05 10.89 6.09 6.09 4.28
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