Thailand Economy Contraction Slowed Slightly in Q3

Thailand gross domestic product(gdp) shrank 6.4% in the July-September period from a year earlier, compared with a yearly 12.1% contraction in the previous quarter, the Office of the National Economic and Social Development Council, the government's economic-planning arm, said Monday.

Thailand's third-quarter GDP expanded 6.5% from the previous three months on a seasonally adjusted basis, that reversed a 9.9% drop in the previous quarter.

The government said the recovery was due partly to easing of the virus containment measures. Stimulus measures also supported the recovery of manufacturing and service sectors, it said.

The data showed that the pandemic continued to weigh on consumption, the tourism industry and private capital expenditures.

Exports of goods and services fell 23.5% and imports dropped 20%, the data showed. Government spending rose 3.4%, public capital investment rose 18.5%, while private capital expenditure decreased 11% in the quarter.