Q3 GDP data are released in Thailand on Monday and will probably show that the economy contracted in q/q terms. However, this should be viewed as just part of the inevitable adjustment to an expansion pace which is more normal and can be sustained. The slowdown should come to an end soon and we expect that the upswing will regain traction during the course of 2011. Domestic demand and intra-Asian trade should comfortably offset the drag caused by prolonged weakness in the West and the high value of the baht.