BANGKOK, Aug. 17 (Xinhua) -- Thailand's economic growth weakened in the second quarter of 2026, as a slowdown in private consumption and government spending offset surging private investment and sustained export gains, official data showed on Monday.
The country's gross domestic product (GDP) in the April-June period grew 1.9 percent from a year earlier, decelerating from a 2.8 percent rise in the previous quarter, according to the Office of the National Economic and Social Development Council (NESDC).
On a quarterly basis, GDP declined a seasonally adjusted 0.2 percent in the second quarter, reversing from a revised 0.6 percent increase in the earlier three months and marking the first contraction in three quarters, the NESDC said in a statement.
Private consumption rose 1.9 percent year on year, down from 3.3 percent in the previous quarter, in line with the deceleration in spending across most categories. Government expenditure expanded 0.2 percent, down from 3.4 percent, the state planning agency said.
Meanwhile, public investment fell 1.6 percent, marking the first contraction in three quarters, compared to a 9.4 percent expansion in the first quarter.
Despite that, private investment soared 13.4 percent, quickening from 10.1 percent in the previous quarter and registering the highest growth in 54 quarters.
Export value increased 17.6 percent to 99.08 billion U.S. dollars, matching the previous quarter's rate, driven by a spike in manufacturing exports, particularly electronics, while agricultural shipments rebounded in response to higher global agricultural commodity prices.
For the first half of 2026, the Thai economy grew 2.4 percent annually.
Looking ahead, the economy is expected to gain momentum in the third quarter following a period of volatility in the second quarter linked to the Middle East conflict, said NESDC secretary-general Danucha Pichayanan.
The Southeast Asian nation's economy is projected to grow between 2 percent and 2.5 percent this year, compared with 1.5 percent to 2.5 percent in the previous estimate, Danucha told a news conference.
Exports, a key driver of Thai economic growth, are anticipated to expand 15.1 percent this year, up from a 9.6 percent gain in the previous forecast, reflecting ongoing demand for advanced technology products, he said.
The agency also flagged strong private investment expansion, continued rising household consumption, and support from government expenditure to address the impacts of the energy crisis as key factors driving the economy going forward. ■
