Thaïlande Croissance Du Pib

Thailand’s economy expanded by 0.7% quarter-on-quarter in Q1 of 2025, slightly above market forecasts of 0.6% and accelerating from a 0.4% rise in Q4 of 2024. This marked the fifth consecutive period of quarterly expansion, primarily driven by private consumption (0.7% v. 0.6% in Q4) and net trade. Exports rose (2.0% vs 3.0%), mainly to the US, signaling anticipated frontloading before the latest US tariffs took effect, while imports declined (-2.4% vs 2.3%) due to weakening domestic demand amid broader economic uncertainty. Meanwhile, both government spending (-1.4% vs -0.2%) and fixed investment (-2.2% vs -2.0%) declined at a faster pace. On the production side, non-agricultural output moderated (0.3% vs 0.4%) as a result of steeper declines in industrial activity (-0.6% vs -0.4%) and subdued growth in services (0.6% vs 1.4%). In contrast, agricultural output increased by 3.4%, up from 1.7% in Q4.