Overview: Thailand, one of the more advanced developing countries in Asia, enjoyed an exceptionally prosperous year in 1988, the best in two decades. Real output jumped 11%. The increasingly sophisticated manufacturing sector benefited from export-oriented investment, and agriculture grew by 8.6% because of improved weather. The trade deficit of $3.4 billion was more than offset by earnings from tourism ($3.0 billion), remittances, and net capital inflows. The government has followed a solid fiscal and monetary policy, aided by increased tax receipts from the fast-moving economy. In 1988 the government approved new projects--roads, ports, electric power, communications--needed to refurbish the now overtaxed infrastructure. Although growth in 1989-90 must necessarily fall below the 1988 pace, Thailand's immediate economic outlook is good, assuming the continuation of prudent government policies in the context of a private sector-oriented development strategy.

GNP: $52.2 billion, per capita $965; real growth rate 11.0% (1988 est.)

Inflation rate (consumer prices): 4.5% (1988)

Unemployment rate: 6.4% (1988)

Budget: revenues $10.4 billion; expenditures $11.3 billion, including capital expenditures of NA (FY89)

Exports: $16.0 billion (f.o.b., 1988); @m5commodities--textiles 12%, fishery products 12%, rice 8%, tapioca 8%, jewelry 6%, corn, tin; @m5partners--US 18%, Japan 14%, Singapore 9%, Netherlands, Malaysia, Hong Kong

Imports: $19.7 billion (c.i.f., 1988); @m5commodities--machinery and parts 23%, petroleum products 13%, chemicals 11%, iron and steel, electrical appliances; @m5partners--Japan 26%, US 14%, Singapore 7%, FRG, Malaysia, UK (1987)

External debt: $17.5 billion (December 1988)

Industrial production: growth rate 12.5% (1988)

Electricity: 7,044,000 kW capacity; 27,500 million kWh produced, 500 kWh per capita (1988)

Industries: tourism is the largest source of foreign exchange; textiles and garments, agricultural processing, beverages, tobacco, cement, other light manufacturing, such as jewelry, electric appliances and components, integrated circuits, furniture, plastics; world's second-largest tungsten producer and third largest tin producer

Agriculture: rice, sugar, corn, rubber, manioc, pineapple, seafood; an illegal producer of opium poppy and cannabis for the international drug trade

Aid: NA

Currency: baht (plural--baht); 1 baht (B) = 100 satang

Exchange rates: baht (B) per US$1--25.304 (January 1989), 25.294 (1988), 25.723 (1987), 26.299 (1986), 27.159 (1985)

Fiscal year: 1 October-30 September

NOTE: The information regarding Thailand on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Thailand Economy 1989 information contained here. All suggestions for corrections of any errors about Thailand Economy 1989 should be addressed to the CIA.