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Bangkok Q3 2021

Bangkok Q3 2021

The Thai property market amid the pandemic crisis and sluggish economy

• According to the National Economic and Social
Development Council (NESDC), the Thai GDP
expanded by 7.5 per cent in Q2, rebounding from a
decrease of 2.6 per cent in Q1, attributed to the Q2
2020 base effect with a contraction of 12.1 per cent
and the expansion in exports of goods in this quarter.
• Private final consumption expenditure expanded
by 4.6 per cent, improving from a decrease of 0.3
per cent in Q1. In the meantime, government final
consumption expenditure increased by 1.1 per cent
compared to 2.1 per cent in Q1. The expansion
resulted from the rise in compensation of employees
and the subsequent growth in social transfers.
• Private investment increased by 9.2 per cent,
accelerating from 3.0 per cent in Q1. The expansion
led by a 12.2 per cent rise in machinery items. Public
investment expanded by 5.6 per cent, compared to a
19.6 per cent increase in Q1. The slower growth was due
to the deceleration of the government’s investment.
• Exports of goods and services increased significantly
to 27.5 per cent, improving from a 10.5 per cent
contraction in Q1. The remarkable expansion in
exports principally originated from manufacturing
products which were mainly influenced by vehicles
and par ts demand. In addition, other major
manufacturing products such as electronic products,
electrical appliances, machinery and equipment,
chemicals, petrochemicals, and petroleum products,
also expanded significantly due to the low base effect
of Q2 2020.
• Private construction decreased by 0.2 per cent,
compared to a 0.4 per cent decrease in Q1, which
was attributed to the reduction in almost all types of
construction. Residential building construction had
a contraction of 6.3 per cent, compared to a 6.0 per
cent decrease in Q1, whereas the non-residential
buildings’ construction contracted by 5.1 per cent,
improving from a 13.5 per cent decrease in Q1.

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