Economy - overview:
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2004 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Since 2005, however, a prolonged political crisis has weakened the economy; average annual growth dipped to a little more than 3% from 2005 to 2008. Investor and consumer confidence eroded, and Thailand's international image was damaged. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continued to drive the economy, accounting for as much as three-quarters of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, however, with most sectors experiencing double-digit drops. In 2009, the economy contracted about 3.5%. The Thai government is focusing on financing domestic infrastructure projects and stimulus programs to revive the economy, as external trade remains weak and the persistent internal political crisis dampens foreign direct investment prospects.
GDP (purchasing power parity):
$535.8 billion (2009 est.)
note: data are in 2009 US dollars
GDP (official exchange rate):
$266.4 billion (2009 est.)
GDP - real growth rate:
-3.5% (2009 est.)
GDP - per capita (PPP):
$8,100 (2009 est.)
note: data are in 2009 US dollars
GDP - composition by sector:
agriculture: 12.3%
industry:
44%
services:
43.7% (2009 est.)
Labor force:
38.06 million (2009 est.)
Labor force - by occupation:
agriculture: 42.6%
industry:
20.2%
services:
37.1% (2005 est.)
Unemployment rate:
2.7% (2009 est.)
Population below poverty line:
10% (2004 est.)
Household income or consumption by percentage share:
lowest 10%: 2.6%
highest 10%:
33.7% (2004)
Distribution of family income - Gini index:
42 (2002)
Investment (gross fixed):
24.2% of GDP (2009 est.)
Budget:
revenues: $39.66 billion
expenditures:
$54.11 billion (2009 est.)
Public debt:
49.4% of GDP (2009 est.)
Inflation rate (consumer prices):
-0.9% (2009 est.)
Central bank discount rate:
3.25% (31 December 2008)
Commercial bank prime lending rate:
7.04% (31 December 2008)
Stock of money:
$28.76 billion (31 December 2008)
Stock of quasi money:
$237.5 billion (31 December 2008)
Stock of domestic credit:
$274.1 billion (31 December 2008)
Market value of publicly traded shares:
$102.6 billion (31 December 2008)
Agriculture - products:
rice, cassava (tapioca), rubber, corn, sugarcane, coconuts, soybeans
Industries:
tourism, 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; world's second-largest tungsten producer and third-largest tin producer
Industrial production growth rate:
-8.7% (2009 est.)
Electricity - production:
135.2 billion kWh (2007 est.)
Electricity - consumption:
129.5 billion kWh (2007 est.)
Electricity - exports:
773 million kWh (2008 est.)
Electricity - imports:
2.784 billion kWh (2008 est.)
Oil - production:
361,300 bbl/day (2008 est.)
Oil - consumption:
942,000 bbl/day (2008 est.)
Oil - exports:
216,400 bbl/day (2007 est.)
Oil - imports:
826,000 bbl/day (2007 est.)
Oil - proved reserves:
441 million bbl (1 January 2009 est.)
Natural gas - production:
28.76 billion cu m (2008 est.)
Natural gas - consumption:
37.31 billion cu m (2008 est.)
Natural gas - exports:
0 cu m (2008 est.)
Natural gas - imports:
8.55 billion cu m (2008 est.)
Natural gas - proved reserves:
317.1 billion cu m (1 January 2009 est.)
Current account balance:
$14.66 billion (2009 est.)
Exports:
$136.6 billion (2009 est.)
Exports - commodities:
textiles and footwear, fishery products, rice, rubber, jewelry, automobiles, computers and electrical appliances
Exports - partners:
US 11.4%, Japan 11.4%, China 9.2%, Singapore 5.7%, Hong Kong 5.6%, Malaysia 5.6%, Australia 4.3% (2008)
Imports:
$106.4 billion (2009 est.)
Imports - commodities:
capital goods, intermediate goods and raw materials, consumer goods, fuels
Imports - partners:
Japan 18.8%, China 11.2%, US 6.4%, UAE 6%, Malaysia 5.5%, Saudi Arabia 4.1%, Singapore 4% (2008)
Reserves of foreign exchange and gold:
$128.7 billion (31 December 2009 est.)
Debt - external:
$60.65 billion (31 December 2009 est.)
Stock of direct foreign investment - at home:
$NA (31 December 2009 est.)
Stock of direct foreign investment - abroad:
$7.013 billion (2007 est.)
Exchange rates:
baht per US dollar - 34.318 (2009), 33.37 (2008), 34.52 (2007), 37.882 (2006), 40.22 (2005)
NOTE: The information regarding Thailand on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Thailand Economy 2010 information contained here. All suggestions for corrections of any errors about Thailand Economy 2010 should be addressed to the CIA.
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This page was last modified 09-Feb-10