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Economy in Brief

More Good News From Asia: Thailand's Q2 GDP Increases 2.32%
by Louise Curley August 24, 2009

Asian economies appear to be emerging from recession. Thailand is the latest Far Eastern country to report growth in its second quarter GDP.The second quarter was 2.32% above the first quarter. Contrary to the experience of other Asian economies, the source of growth in Thailand has not been exports, but the business sector.Gross fixed capital formation increased 5% after declining almost 13% in the first quarter and the rate of inventory liquidation declined sharply from a liquidation of 75,380 million baht in the first quarter to one of 4,394 million baht in the second quarter. Private consumption barely increased while government consumption was up by 1.6%. Exports actually declined by over 3% in the second quarter while imports increased by almost 9%. Perhaps part of the increase in exports was due to the increase in fixed capital formation that often entails some foreign know how.

Earlier, Singapore, South Korea, Indonesia and Greater China--China, Hong Kong and Taiwan--all reported growth in the second quarter. (China does not report quarter to quarter growth rates, but the increase in the second quarter year over year growth implies an increase in the first quarter.) The two charts show the growth that has taken place in these countries in the second quarter.

Q/Q Percent Changes ex where noted Q2 09 Q1 09 Q4  08 Q3 08  Q2 08 Q1 08  GDP,Mil US$ 2008
China (Y/Y Percent Change) 7.9 6.1 6.8 9.0 10.1 10.6 4,415,884
Hong Kong 3.82 -4.44 -2.50 -1.71 -0.74 1.21 215
Taiwan 4.51 -2.46 -6.14 -2.79 0.13 0.33 392
Singapore 4.82 -3.21 4.38 -0.52 -198 2.92 182
South Korea 2.33 0.12 -5.07 -0.52 -1.98 2.92 947
Indonesia 1.37 0.88 0.20 1.49 1.82 1.65 510
Thailand 2.32 -1.85 -5.89 0.55 0.07 1.15 273
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