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Thailand: Economy#

With a well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand historically has had a strong economy, but it experienced slow growth in 2013-15 as a result of domestic political turmoil and sluggish global demand, which curbed Thailand’s traditionally strong exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Following the May 2014 coup d'etat, tourism decreased 6-7% but is beginning to recover. The Thai baht depreciated more than 8% during 2015.

Thailand faces labor shortages, and has attracted an estimated 2-4 million migrant workers from neighboring countries. The Thai Government in 2013 implemented a nationwide 300 baht (roughly $10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners. The household debt to GDP ratio is over 80%.

Economic Facts#

GDP (purchasing power parity)$1.161 trillion (2016 est.)
$1.125 trillion (2015 est.)
$1.094 trillion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$390.6 billion (2015 est.)
GDP - real growth rate3.2% (2016 est.)
2.8% (2015 est.)
0.8% (2014 est.)
GDP - per capita (PPP)$16,800 (2016 est.)
$16,300 (2015 est.)
$15,900 (2014 est.)
note: data are in 2016 dollars
Gross national saving34.1% of GDP (2016 est.)
32% of GDP (2015 est.)
27.9% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 50.9%
government consumption: 17.9%
investment in fixed capital: 24.1%
investment in inventories: -1.4%
exports of goods and services: 65.4%
imports of goods and services: -56.9% (2016 est.)
GDP - composition, by sector of originagriculture: 8.9%
industry: 35.9%
services: 55.3% (2016 est.)
Agriculture - productsrice, cassava (manioc, tapioca), rubber, corn, sugarcane, coconuts, palm oil, pineapple, livestock, fish products
Industriestourism, textiles and garments, agricultural processing, beverages, tobacco, cement, light manufacturing such as jewelry and electric appliances, computers and parts, integrated circuits, furniture, plastics, automobiles and automotive parts, agricultural
Industrial production growth rate3.1% (2016 est.)
Labor force38.45 million (2016 est.)
Labor force - by occupationagriculture: 32.2%
industry: 16.7%
services: 51.1% (2014 est.)
Unemployment rate0.9% (2016 est.)
0.9% (2015 est.)
Population below poverty line12.6% (2012 est.)
Household income or consumption by percentage sharelowest 10%: 2.8%
highest 10%: 31.5% (2009 est.)
Distribution of family income - Gini index48.4 (2011)
49 (2009)
Budgetrevenues: $76.69 billion
expenditures: $86.94 billion (2016 est.)
Taxes and other revenues19.6% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-2.6% of GDP (2016 est.)
Public debt50.4% of GDP (2016 est.)
46% of GDP (2015 est.)
note: data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as i
Fiscal year1 October - 30 September
Inflation rate (consumer prices)0.2% (2016 est.)
-0.9% (2015 est.)
Central bank discount rate2% (31 December 2014)
2.25% (31 December 2013)
Commercial bank prime lending rate6.4% (31 December 2016 est.)
6.56% (31 December 2015 est.)
Stock of narrow money$50.36 billion (31 December 2016 est.)
$49.27 billion (31 December 2015 est.)
Stock of broad money$517.4 billion (31 December 2014 est.)
$524.8 billion (31 December 2013 est.)
Stock of domestic credit$501.5 billion (31 December 2016 est.)
$486.6 billion (31 December 2015 est.)
Market value of publicly traded shares$348.8 billion (31 December 2015 est.)
$430.4 billion (31 December 2014 est.)
$354.4 billion (31 December 2013 est.)
Current account balance$37.69 billion (2016 est.)
$30.99 billion (2015 est.)
Exports$190 billion (2016 est.)
$212.1 billion (2015 est.)
Exports - commoditiesautomobiles and parts, computer and parts, jewelry and precious stones, polymers of ethylene in primary forms, refine fuels, electronic integrated circuits, chemical products, rice, fish products, rubber products, sugar, cassava, poultry, machinery and pa
Exports - partnersUS 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)
Imports$171.3 billion (2016 est.)
$177.5 billion (2015 est.)
Imports - commoditiesmachinery and parts, crude oil, electrical machinery and parts, chemicals, iron & steel and product, electronic integrated circuit, automobile’s parts, jewelry including silver bars and gold, computers and parts, electrical household appliances, soybean,
Imports - partnersChina 20.3%, Japan 15.4%, US 6.9%, Malaysia 5.9%, UAE 4% (2015)
Reserves of foreign exchange and gold$181.4 billion (31 December 2016 est.)
$156.5 billion (31 December 2015 est.)
Debt - external$137.1 billion (31 December 2016 est.)
$134.7 billion (31 December 2015 est.)
Stock of direct foreign investment - at home$190.6 billion (31 December 2016 est.)
$186.1 billion (31 December 2015 est.)
Stock of direct foreign investment - abroad$88.18 billion (31 December 2016 est.)
$78.68 billion (31 December 2015 est.)
Exchange ratesbaht per US dollar -
35.4 (2016 est.)
34.248 (2015 est.)
34.248 (2014 est.)
32.48 (2013 est.)
31.08 (2012 est.)