Economy contracts 4.2% y/y in Q4, less than expectedFILE PHOTO: Customers exit Japan's Tokyu Department Store in Bangkok after the company decided to close its Thai operation following a wave of financial difficulties, on Jan 31, 2021. On a quarterly basis, gross domestic product (GDP) expanded a seasonally adjusted 1.3% in the December quarter, better than the 0.8% growth forecast by economists. In July-September, GDP declined 6.4% from a year earlier but grew a revised 6.2% against the prior quarter. In 2020, the economy contracted 6.1%, the sharpest fall since 1998, and compared with analysts' forecast of a 6.4% drop. The agency now predicts GDP will expand 2.5-3.5% this year, having previously forecast growth of 3.5-4.5%, after a fresh Covid-19 outbreak hit the economy in December.

Source: Bangkok Post February 15, 2021 03:22 UTC