BANGKOK: Thailand's economy grew at its slowest pace in four years in the third quarter, official data showed on Monday, weighed down by weaker tourism and manufacturing during a period of domestic political uncertainty and a border conflict.
Gross domestic product grew 1.2% in the July-September quarter from a year earlier, National Economic and Social Development Council data showed. That was slower than annual growth of 2.8% in the June quarter, and missed the median forecast of 1.6% growth in a Reuters poll.
On a quarterly basis, the economy contracted a seasonally adjusted 0.6% in the July-September quarter, weaker than the poll forecast of a 0.3% contraction, and following revised growth of 0.5% in the previous quarter.
Southeast Asia's second-largest economy has faced multiple headwinds this year, including U.S. tariffs, high household debt, and a strong baht. Last year's growth of 2.5% lagged behind peers.
The planning agency on Monday revised its 2025 economic growth forecast to 2.0% from a range of 1.8% to 2.3% seen earlier. It also predicted growth of 1.2% to 2.2% for next year.
In an effort to stimulate growth, the government has rolled out a series of stimulus measures, including a 44 billion baht ($1.3 billion) consumer subsidy program, aimed at lifting economic growth above 2.2% this year.
Prime Minister Anutin Charnvirakul's government has a limited window to implement its measures, with the premier planning to dissolve parliament by the end of January, with a general election likely to be held in late March. - Reuters
