Overview: Thailand, one of the more advanced developing countries in Asia, enjoyed a year of 9% growth in 1990, although down from the double-digit rates of 1987-89. The increasingly sophisticated manufacturing sector benefited from export-oriented investment, but the agricultural sector contracted 2%, primarily because of weaker demand in Thailand's major overseas markets for commodities such as rice. The trade deficit almost doubled in 1990, to $9 billion, but earnings from tourism ($4.7 billion), remittances, and net capital inflows helped keep the balance of payments in surplus. The government has followed fairly sound fiscal and monetary policies, aided by increased tax receipts from the fast-moving economy. In 1990 the government approved new projects--especially for telecommunications and roads--needed to refurbish the country's now overtaxed infrastructure. Although growth in 1991 will slow further, Thailand's economic outlook remains good, assuming the continuation of prudent government policies in the wake of the 23 February 1991 military coup.

GNP: $79 billion, per capita $1,400; real growth rate 10% (1990 est.)

Inflation rate (consumer prices): 8% (1990 est.)

Unemployment rate: 4.9% (1990 est.)

Budget: revenues $15.2 billion; expenditures $15.2 billion, including capital expenditures of $4.1 billion (FY91)

Exports: $23.0 billion (f.o.b., 1990 est.); commodities--light manufactures 66%, fishery products 12%, rice 8%, tapioca 8%, manufactured gas, corn, tin; partners--US 22%, Japan 17%, Singapore 7%, Netherlands, FRG, Hong Kong, UK, Malaysia, China (1989)

Imports: $32.0 billion (c.i.f., 1990 est.); commodities--machinery and parts 23%, petroleum products 13%, chemicals 11%, iron and steel, electrical appliances; partners--Japan 30%, US 11%, Singapore 8%, FRG 5%, Taiwan, South Korea, China, Malaysia, UK (1989)

External debt: $26.9 billion (end 1990 est.)

Industrial production: growth rate 14% (1990 est.); accounts for almost 27% of GDP

Electricity: 7,270,000 kW capacity; 29,000 million kWh produced, 530 kWh per capita (1990)

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: accounts for 15% of GNP and 62% of labor force; leading producer and exporter of rice and cassava (tapioca); other crops--rubber, corn, sugarcane, coconuts, soybeans; except for wheat, self-sufficient in food; fish catch of 2.8 million tons (1989)

Illicit drugs: a minor producer, major illicit trafficker of heroin, particularly from Burma and Laos, and cannabis for the international drug market; eradication efforts have reduced the area of cannabis cultivation and shifted some production to neighboring countries; opium poppy cultivation has been affected by eradication efforts

Economic aid: US commitments, including Ex-Im (FY70-89), $870 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $8.1 billion; OPEC bilateral aid (1979-89), $19 million

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

Exchange rates: baht (B) per US$1--25.224 (January 1991), 25.585 (1990), 25.702 (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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Thailand Economy 1991 information contained here. All suggestions for corrections of any errors about Thailand Economy 1991 should be addressed to the CIA.