Thailand's Q2 GDP grew 1.9%, slower than Q1's 2.8%, dragged by energy prices despite upward revision of 2025 full-year growth to 2.2%. Private investment accelerated to 13.4% (highest in 54 quarters), exports grew 12.5%, and imports surged 24.2% reflecting Middle East tensions and machinery imports for factory installations. The current account posted its first deficit in 8 quarters. Key SME risks include 9% NPL ratio and declining credit in manufacturing, construction, and retail sectors—areas requiring urgent banking support.