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The Economy of Thailand

Thai Economy

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Economy - overview: With a well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand was one of East Asia's best performers from 2002-04, averaging more than 6% annual real GDP growth. However, overall economic growth has fallen sharply - averaging 4.9% from 2005 to 2007 - as persistent political crisis stalled infrastructure mega-projects, eroded investor and consumer confidence, and damaged the country's international image. Exports were the key economic driver as foreign investment and consumer demand stalled. Export growth from January 2005 to November 2008 averaged 17.5% annually. Business uncertainty escalated, however, following the September 2006 coup when the military-installed government imposed capital controls and considered far-reaching changes to foreign investment rules and other business legislation. Although controversial capital controls have since been lifted and business rules largely remain unchanged, investor sentiment has not recovered. Moreover, the 2008 global financial crisis further darkened Thailand's economic horizon. Continued political uncertainty will hamper resumption of infrastructure mega-projects.

GDP:

GDP - real growth rate: 3.6% (2008 est.) 4.9% (2007 est.) 5.2% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 11.4% industry: 44.5% services: 44.1% (2008 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: 2.7% highest 10%: 33.4% (2002)

Distribution of family income - Gini index: 42 (2002)

Inflation rate (consumer prices):

Labor force: 37.78 million (2008 est.)

Labor force - by occupation: agriculture: 42.6% industry: 20.2% services: 37.1% (2005 est.)

Unemployment rate: 1.2% (2008 est.)

Budget: revenues: $45.3 billion expenditures: $55.76 billion (2008 est.)

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% (2008 est.)

Electricity - production: 148.4 billion kWh (2007 est.)

Electricity - production by source:

Electricity - consumption: 138.6 billion kWh (2007 est.)

Electricity - exports: 731 million kWh (2007 est.)

Electricity - imports: 4.488 billion kWh (2007 est.)

Oil - production: 348,600 bbl/day (2007 est.)

Oil - consumption: 928,600 bbl/day (2006 est.)

Oil - exports: 207,400 bbl/day (2005)

Oil - imports: 832,900 bbl/day (2005)

Oil - proved reserves: 176 million bbl (1 January 2008 est.)

Natural gas - production: 25.4 billion cu m (2007 est.)

Natural gas - consumption: 35.3 billion cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 9.8 billion cu m (2007 est.)

Natural gas - proved reserves: 331.2 billion cu m (1 January 2008 est.)

Agriculture - products: rice, cassava (tapioca), rubber, corn, sugarcane, coconuts, soybeans

Exports: $178.4 billion f.o.b. (2008 est.)

Exports - commodities: textiles and footwear, fishery products, rice, rubber, jewelry, automobiles, computers and electrical appliances

Exports - partners: US 12.6%, Japan 11.9%, China 9.7%, Singapore 6.3%, Hong Kong 5.7%, Malaysia 5.1% (2007)

Imports: $179 billion f.o.b. (2008 est.)

Imports - commodities: capital goods, intermediate goods and raw materials, consumer goods, fuels

Imports - partners: Japan 20.3%, China 11.6%, US 6.8%, Malaysia 6.2%, UAE 4.9%, Singapore 4.5%, Taiwan 4.1% (2007)

Debt - external: $64.8 billion (September 2008 est.)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: baht per US dollar - 33.37 (2008 est.), 34.52 (2007), 37.882 (2006), 40.22 (2005), 40.222 (2004)

Fiscal year: