Thailand's Q2 2026 GDP grew 1.9% YoY, down from 2.8% in Q1, and contracted 0.2% QoQ seasonally adjusted. Private consumption slowed to 1.9% as consumer confidence fell to 50.3, a 14-quarter low. Government spending and public investment both contracted, and manufacturing grew only 0.1%. Construction nearly stalled at 0.1%. NESDC expects Q3 to improve as energy and commodity price pressure eases, and raised its 2026 forecast to 2.0-2.5% (midpoint 2.2%). Exporters of electronics are the bright spot, with exports up 17.6%. For a domestic-facing SME, plan for weak consumer demand in the near term and avoid assuming a quick rebound.