Economy of Thailand
|
|
| Currency | Thai baht (THB) |
|---|---|
| 1 October – 30 September | |
|
Trade organisations
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WTO, APEC, IOR-ARC, ASEAN |
| Statistics | |
| Population | 67.2 million (July 2014) |
| GDP | US$1.108 trillion (PPP; 2016) US$404.824 billion (Nominal; 2016 est.) |
| GDP rank | 32nd (nominal) / 22nd (PPP) (IMF, 2015) |
|
GDP growth
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0.8% (2014), 2.8% (2015), 3.1% (2016e), 3.2% (2017f) |
|
GDP per capita
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US$15,319 (PPP; 2015) US$5,771 (Nominal.) |
|
GDP by sector
|
Agriculture (8.4%), Industry (39.2%), Services (52.4%) (2012) |
| 3.02% (Headline) (2012) 2.09% (Core) (2012) |
|
|
Population below poverty line
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13.15% (2011) |
| 0.484 (income) (2011) 0.375 (expenditure) (2011) |
|
|
Labour force
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39.41 million (2012) |
| Unemployment | 0.9% (2014) |
|
Main industries
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Automobiles and automotive parts (11%), financial services (9%), electric appliances and components (8%), tourism (6%), cement, auto manufacturing, heavy and light industries, appliances, computers and parts, furniture, plastics, textiles and garments, agricultural processing, beverages, tobacco |
| 46th (2017) | |
| External | |
| Exports | US$214.37 billion (2015) |
|
Export goods
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Textiles, footwear, fishery products, rice, rubber, jewelry, automobiles, computers and electrical appliances |
|
Main export partners
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 United States 11.2% China 11.1% Japan 9.4% Hong Kong 5.5% Malaysia 4.8% Australia 4.6% Vietnam 4.2% Singapore 4.1% (2015 est.)
|
| Imports | US$202.65 billion (2015) |
|
Import goods
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Capital and intermediate goods, raw materials, consumer goods, fuels |
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Main import partners
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China 20.3% Japan 15.4% United States 6.9% Malaysia 5.9% UAE 4.0% (2015 est.)
|
|
FDI stock
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US$186.1 billion (Dec 2015) |
|
Gross external debt
|
US$158.29 billion (Sep 2015) |
| Public finances | |
| 42.9% of GDP (Sep 2015) | |
| Revenues | THB2,157.6 billion (Fiscal Year 2013) |
| Expenses | THB2,402.5 billion (Fiscal Year 2013) |
| Economic aid | None |
|
|
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Foreign reserves
|
US$181.8 billion (12 Aug 2016) |
Thailand is a newly industrialized country. Its economy is heavily export-dependent, with exports accounting for more than two-thirds of its gross domestic product (GDP). In 2012, according to the Office of the National Economic and Social Development Board, Thailand had a GDP of 11.375 trillion baht (US$366 billion). The Thai economy grew by 6.5 percent, with a headline inflation rate of 3.02 percent and an account surplus of 0.7 percent of the country's GDP. In 2013, the Thai economy is expected to grow in the range of 3.8–4.3 percent. During the first half of 2013 (Q1-Q2/2013), the Thai economy grew by 4.1 percent (YoY). After seasonal adjustment, however, Thailand's GDP contracted by 1.7 percent and 0.3 percent in the first and the second quarters of 2013 respectively.
The industrial and service sectors are the main sectors in the Thai gross domestic product, with the former accounting for 39.2 percent of GDP. Thailand's agricultural sector produces 8.4 percent of GDP—lower than the trade and logistics and communication sectors, which account for 13.4 percent and 9.8 percent of GDP respectively. The construction and mining sector adds 4.3 percent to the country's gross domestic product. Other service sectors (including the financial, education, and hotel and restaurant sectors) account for 24.9 percent of the country's GDP. Telecommunications and trade in services are emerging as centers of industrial expansion and economic competitiveness.
Thailand is the second-largest economy in Southeast Asia, after Indonesia. Its per capita GDP (US$5,390) in 2012, however, ranks in the middle of Southeast Asian per capita GDP, after Singapore, Brunei, and Malaysia. On 19 July 2013 Thailand held US$171.2 billion in international reserves, the second-largest in Southeast Asia (after Singapore). Thailand ranks second in Southeast Asia in external trade volume, after Singapore.
The nation is recognized by the World Bank as "one of the great development success stories" in social and development indicators. Despite a low per capita gross national income (GNI) of US$5,210 and ranking 89th in the Human Development Index (HDI), the percentage of people below the national poverty line decreased from 65.26 percent in 1988 to 13.15 percent in 2011, according to the NESDB's new poverty baseline.
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