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Thailand's economic growth decelerated to a five-year low in the second quarter, the National Economic and Social Development Council said Monday.
Gross domestic product expanded 2.3 percent year-on-year in the second quarter, slower than the 2.8 percent increase seen in the first quarter. This was the weakest growth since the third quarter of 2014.
The slowdown was driven by domestic demand and foreign trade. Private spending rose 4.4 percent and government final consumption moved up 1.1 percent. At the same time, domestic investment gained 2.0 percent.
For the external sector, exports and imports of goods and services decreased 6.1 percent and 2.7 percent, respectively.
On a quarterly basis, the economy grew 0.6 percent after rising 1 percent a quarter ago.
The agency downgraded its growth outlook for 2019 to 2.7 percent - 3.2 percent from 3.3 percent - 3.8 percent.
