Here is an update of the chart about GDP, after the publication of the datas for Q2 (read here).
Some revisions have been made on the datas for Q1.
The growth rate (compared to the same quarter previous year) : 6,1% instead of 6 %.
The deflator was revised down, from an already surreal 4 % to… 3,7 % !
(by the way I was right to say that the low deflator on Q1 was a “statistical glitch“. On Q2 it starts to go up again).
Read here to understand the concept of deflator.
I remind you that the % of growth, year on year, is given on the basis of the “real GDP” (= GDP at constant prices), not the “nominal” GDP (at current prices).
My point is :
-the “nominal” GPD was REVISED DOWN (from 2 297 billions THB to 2 291 billions THB)
-but the “real” GDP was REVISED UP, therefore the % growth was revised up from 6 to 6,1 %
So instead of having a slightly lower % of growth, we are getting a slightly higher figure. You’re confused ?
It’s simple. It’s because the deflator was revised down.
I remind you the rule : the lower the deflator is, the higher the “real” GDP will be, therefore the higher the growth year on year will be.