Thaïlande Croissance Du Pib

Thailand’s economy shrank 0.6% qoq in Q3 2025, missing market consensus of a 0.3% fall and reversing a downwardly revised 0.5% growth in Q2. It marked the first quarterly drop in near three years and the steepest pace since Q3 2021, due to internal and external headwinds, as well as the transition to new leadership under PM Anutin Charnvirakul, with government support measures having limited impact. Private consumption grew the least in seven quarters (0.5% vs 0.6% in Q2), as high household debt persisted. Government spending fell (-2.4% vs 0.1%), weighed by a plunge in social transfers. However, fixed investment rose for the first time in four quarters (5.4% vs -1.1%). Net trade added positively, with exports continuing to rise (0.4% vs 1.2%) while imports shrank (-0.5% vs 5.1%). By sector, agriculture shrank for the first time since Q2 2024 (-3.1% vs 0.2%). Non-agriculture output also shrank (-0.3% vs 0.5%), rattled by weaker industrial activity, though services growth accelerated.