The Gross Domestic Product in Thailand expanded 5.30% in the first quarter of 2013 over the same quarter of the previous year. Thailand’s GDP contracted 2.20% in the first quarter of 2013 over the previous quarter. Historically, the 20-year period from 1993 – 2013 showed that Thailand’s GDP growth rate averaged less than 1%, with an all-time high of 10.90% recorded in March 2012 and a record low of -11.10% recorded in December 2011.
Thai economy grew at average of 1.1% quarter-on-quarter from 2000 to 2011. Throughout 2012 to 2013, the export sector suffered a major setback with exports dropping to record lows, caused by external economic shocks. The main source of expansion came from domestic and public consumption for the said period.