GDP in the fourth quarter of 2013 increased by 0.6%, a slowdown from a 2.7% rise in the
previous quarter. This was a result of contraction in domestic demand. Household
consumption and investment decreased by 4.5% and 11.3%, respectively. Government
consumption grew at slower rate while inventories had increased. Net exports of goods
and services grew by 25.3% as exports of goods and services expanded while imports
declined. After seasonal adjustment, GDP on the quarter-by-quarter basis increased by
0.6%, slowing down from a 1.4% growth in previous quarter. GDP for the year 2013 grew
by 2.9%.
Agricultural sector grew by 2.3% due to a 3.7% increase in agriculture, hunting and
forestry compared to a 0.9% increase in previous quarter. Fishery continued to fall by
5.2%.
Non-agricultural sector grew at slower rate by 0.4%. Manufacturing sector decreased by
2.9% as domestic demand sharply fell, causing contractions in almost all types of products.
Similarly, production of construction and electricity, water supply and gas separation
decreased. On the other hand, transport and communication, wholesale and retail trade,
hotels and restaurants and financial intermediation slowed down.
Household consumption decreased by 4.5% as consumption on durables contracted after
the expiration of the First Car Tax Rebate Scheme. Consumption on non-durables also
declined while semi-durables slowed down. Services sector slightly expanded.
Government consumption slowed down by 0.9%, composing of a 1.1% decrease in
compensation of employees and a 3.5% deceleration in net purchases of goods and
services.
Total investment continued to decrease by 11.3%. Private investment contracted, both in
machinery and equipment and in construction. Public investment also fell as government
construction decreased while investment in machinery and equipment by state enterprises
increased.
Change in inventories at current market prices rose by Baht 155,827 million. This was
contributed by an increase in stocks of agricultural products as well as some manufacturing
products—namely, rubber and plastic and office equipment.
In the external sector, merchandized trade and service balance registered a surplus of
Baht 172 billion. The merchandized trade registered a deficit of Baht 59.6 billion while
service balance showed a surplus of Baht 231.4 billion