Thailand Second-quarter GDP Shrinks 12.2% Year-on-year, Weakest in 22 Years​

Workers work at a construction site in central Bangkok, Thailand, December 12, 2016. REUTERS/Athit Perawongmetha

BANGKOK (Reuters) - Thailand's economy contracted at its sharpest pace in 22 years in the second quarter, but by less than expected, as the coronavirus outbreak battered tourism, exports and domestic activity.

Southeast Asia's second-largest economy shrank 12.2% in April-June from a year earlier, data from the state planning agency showed on Monday, versus a 13.3% decline forecast in a Reuters poll.

On a quarterly basis, the economy shrank a seasonally adjusted 9.7% in the June quarter, the deepest pace on record, the National Economic and Social Development Council said, smaller than the 11.4% contraction forecast by economists.

The agency cut its forecast for gross domestic product this year. It now expects the economy to shrink by 7.3%-7.8% in 2020, having previously projected a 5%-6% contraction.