Page last updated on February 6, 2013
Economy - overview:
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities and processed foods. Bangkok is trying to maintain growth by encouraging domestic consumption and public investment. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. Bangkok is implementing a nation-wide 300 baht per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas north of Bangkok, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward and GDP expanded 5.8% in 2012. The government has invested in flood mitigation projects to prevent similar economic damage.
GDP (purchasing power parity):
$646.1 billion (2012 est.)
country comparison to the world: 25
$612 billion (2011 est.)
$611.7 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$377 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
5.6% (2012 est.)
country comparison to the world: 48
0.1% (2011 est.)
7.8% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$10,000 (2012 est.)
country comparison to the world: 113
$9,600 (2011 est.)
$9,600 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 13%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
43%
services:
44.1% (2012 est.)
Labor force:
39.77 million (2012 est.)
country comparison to the world: 16
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 40.7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
13.2%
services:
46.1% (2011 est.)
Unemployment rate:
0.9% (2012 est.)
country comparison to the world: 3
0.7% (2011 est.)
[see also:
Unemployment rate country ranks ]
Population below poverty line:
8.1% (2009 est.)
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: 2.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
31.5% (2009 est.)
Distribution of family income - Gini index:
53.6 (2009)
country comparison to the world: 12
42 (2002)
[see also:
Distribution of family income - Gini index country ranks ]
Investment (gross fixed):
28.8% of GDP (2012 est.)
country comparison to the world: 23
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $68.26 billion
[see also: Budget revenues country ranks ]
expenditures:
$77.13 billion (2012 est.)
Taxes and other revenues:
18.1% of GDP (2012 est.)
country comparison to the world: 173
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-2.4% of GDP (2012 est.)
country comparison to the world: 85
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
47.8% of GDP (2012 est.)
country comparison to the world: 69
44.9% of GDP (2011 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 intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are sold at public auctions
[see also:
Public debt country ranks ]
Inflation rate (consumer prices):
3.1% (2012 est.)
country comparison to the world: 80
3.8% (2011 est.)
[see also:
Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
3.25% (31 December 2011 est.)
country comparison to the world: 113
2% (31 December 2010 est.)
[see also:
Central bank discount rate country ranks ]
Commercial bank prime lending rate:
7.1% (31 December 2012 est.)
country comparison to the world: 128
6.91% (31 December 2011 est.)
[see also:
Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$49.33 billion (31 December 2012 est.)
country comparison to the world: 47
$44.63 billion (31 December 2011 est.)
[see also:
Stock of narrow money country ranks ]
Stock of broad money:
$462.4 billion (31 December 2012 est.)
country comparison to the world: 23
$428.1 billion (31 December 2011 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$420.4 billion (31 December 2012 est.)
country comparison to the world: 28
$402.5 billion (31 December 2011 est.)
[see also:
Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$268.5 billion (31 December 2011)
country comparison to the world: 29
$277.7 billion (31 December 2010)
$138.2 billion (31 December 2009)
[see also:
Market value of publicly traded shares country ranks ]
Agriculture - products:
rice, cassava (manioc), 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:
-9.3% (2011 est.)
country comparison to the world: 166
[see also: Industrial production growth rate country ranks ]
Current account balance:
-$2.442 billion (2012 est.)
country comparison to the world: 144
$5.322 billion (2011 est.)
[see also:
Current account balance country ranks ]
Exports:
$218.1 billion (2012 est.)
country comparison to the world: 26
$219.1 billion (2011 est.)
[see also:
Exports country ranks ]
Exports - commodities:
textiles and footwear, fishery products, rice, rubber, jewelry, automobiles, computers and electrical appliances
Exports - partners:
China 12%, Japan 10.5%, US 9.6%, Hong Kong 7.2%, Malaysia 5.4%, Singapore 5%, Indonesia 4.4% (2011)
Imports:
$213.7 billion (2012 est.)
country comparison to the world: 25
