Thailand Economy Profile 2009

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. The growth rate fell to 2.6% in 2008. 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 (purchasing power parity)

$547.4 billion (2008 est.)
$533.5 billion (2007 est.)
$508.6 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$273.2 billion (2008 est.)

GDP - real growth rate

2.6% (2008 est.)
4.9% (2007 est.)
5.2% (2006 est.)

GDP - per capita (PPP)

$8,400 (2008 est.)
$8,200 (2007 est.)
$7,900 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 11.6%
industry: 45.1%
services: 43.3% (2008 est.)

Population below poverty line

10% (2004 est.)

Labor force

37.78 million (2008 est.)

Labor force - by occupation

agriculture: 42.6%
industry: 20.2%
services: 37.1% (2005 est.)

Unemployment rate

1.4% (2008 est.)
1.4% (2007 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)

27.3% of GDP (2008 est.)

Budget

revenues: $48.24 billion
expenditures: $51.33 billion (2008 est.)

Public debt

37.9% of GDP (2008 est.)
47.6% of GDP (November 2004 est.)

Inflation rate (consumer prices)

5.5% (2008 est.)
2.2% (2007 est.)

Central bank discount rate

3.25% (31 December 2008)
3.75% (31 December 2007)

Commercial bank prime lending rate

7.25% (31 December 2007)
7.25% (31 December 2007)

Stock of money

$28.76 billion (31 December 2008)
$28.63 billion (31 December 2007)

Stock of quasi money

$237.2 billion (31 December 2008)
$224.9 billion (31 December 2007)

Stock of domestic credit

$274.1 billion (31 December 2008)
$263.5 billion (31 December 2007)

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

3.4% (2008 est.)

Electricity - production

148.4 billion kWh (2007 est.)

Electricity - production by source

fossil fuel: 91.3%
hydro: 6.4%
nuclear: 0%
other: 2.4% (2001)

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 - imports

832,900 bbl/day (2005)

Oil - exports

207,400 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.)

Current Account Balance

-$1.049 billion (2008 est.)
$15.76 billion (2007 est.)

Agriculture - products

rice, cassava (tapioca), rubber, corn, sugarcane, coconuts, soybeans

Exports

$174.8 billion (2008 est.)
$150 billion (2007 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

$157.3 billion (2008 est.)
$124.5 billion (2007 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

$111 billion (31 December 2008 est.)
$87.46 billion (31 December 2007 est.)

Debt - external

$65.09 billion (31 December 2008)
$61.74 billion (31 December 2007)

Stock of direct foreign investment - at home

$80.83 billion (2007 est.)

Stock of direct foreign investment - abroad

$7.013 billion (2007 est.)

Market value of publicly traded shares

$102.6 billion (31 December 2008)
$196 billion (31 December 2007)
$141.1 billion (31 December 2006)

Economic aid - recipient

$171.1 million (2005)

Currency (code)

THB

Currency (code)

baht (THB)

Exchange rates

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

Fiscal year

1 October - 30 September