A source at the Ministry of Finance revealed that the ministry will ask for a formal meeting with the National Economic and Social Development Council (NESDC) following the release of Thailand’s Q3 GDP figures, which showed growth of 1.2% year-on-year and a contraction of 0.6% quarter-on-quarter — well below expectations.
“The GDP figure announced by the NESDC was lower than forecasts by the Finance Ministry, the private sector, and even the Bank of Thailand. When we examined the details, we found that inventories had fallen by over 100 billion baht compared with last year. We need clarity on where this decline came from,” the source said.
The Finance Ministry’s internal analysis showed that inventories had dropped by more than 100 billion baht from the previous quarter, contributing approximately –1.9% to GDP compared with the same period last year.
Officials find this inconsistent with other data — particularly the 19% surge in exports in October, signalling strong incoming orders.
“Normally, if manufacturers see new orders coming in, they increase production and build up stocks. But here, inventories plunged sharply — the opposite of what economic conditions suggest. If inventory data had been adjusted to reflect actual economic activity, GDP might not have appeared so weak,” the source explained.