The National Economic and Social Development Council (NESDC) has announced that Thailand’s gross domestic product (GDP) in the fourth quarter of 2024 expanded by 3.2%, accelerating from a growth of 3.0% in the previous quarter. The Thai economy in 2024 grew by 2.5%, accelerating from 2.0% in 2023, driven primarily by the expansion in private consumption expenditure and general governmental consumption expenditure.

In 2025, the Thai economy is projected to expand in the range of 2.3 - 3.3% (with the midpoint projection of 2.8%). Key supporting factors include: (1) the increase in government spending; (2) the continued expansion of private consumption and the recovery of private investment, (3) the sustained recovery of the tourism sector and related services; and; (4) the continued growth of merchandise exports.

The next release for the first quarter 2025 GDP is scheduled for 19 May 2025.