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Thailand Economy Profile 2016

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Economy - overviewWith a well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand historically has had a strong economy, but it experienced slow growth in 2013-15 as a result of domestic political turmoil and sluggish global demand, which curbed Thailand’s traditionally strong exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Following the May 2014 coup d'etat, tourism decreased 6-7% but is beginning to recover. The Thai baht depreciated more than 8% during 2015.

Thailand faces labor shortages, and has attracted an estimated 2-4 million migrant workers from neighboring countries. The Thai Government in 2013 implemented a nationwide 300 baht (roughly $10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners. The household debt to GDP ratio is over 80%.
GDP (purchasing power parity)$1.108 trillion (2015 est.)
$1.078 trillion (2014 est.)
$1.069 trillion (2013 est.)
note: data are in 2015 US dollars
GDP (official exchange rate)$395.3 billion (2015 est.)
GDP - real growth rate2.8% (2015 est.)
0.8% (2014 est.)
2.7% (2013 est.)
GDP - per capita (PPP)$16,100 (2015 est.)
$15,700 (2014 est.)
$15,700 (2013 est.)
note: data are in 2015 US dollars
Gross national saving32.9% of GDP (2015 est.)
27.9% of GDP (2014 est.)
26.3% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 52.8%
government consumption: 17.1%
investment in fixed capital: 25.3%
investment in inventories: -0.2%
exports of goods and services: 67.6%
imports of goods and services: -62.6% (2015 est.)
GDP - composition by sectoragriculture: 10.4%
industry: 37.7%
services: 51.9% (2015 est.)
Population below poverty line12.6% (2012 est.)
Labor force39.12 million (2015 est.)
Labor force - by occupationagriculture: 32.2%
industry: 16.7%
services: 51.1% (2014 est.)
Unemployment rate1% (2015 est.)
0.8% (2014 est.)
Unemployment, youth ages 15-24total: 3.4%
male: 2.8%
female: 4.4% (2013 est.)
Household income or consumption by percentage sharelowest 10%: 2.8%
highest 10%: 31.5% (2009 est.)
Distribution of family income - Gini index48.4 (2011)
49 (2009)
Budgetrevenues: $71.48 billion
expenditures: $80.54 billion (2015 est.)
Taxes and other revenues19.1% of GDP (2015 est.)
Budget surplus (+) or deficit (-)-2.4% of GDP (2015 est.)
Public debt50.6% of GDP (2015 est.)
46.3% of GDP (2014 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
Inflation rate (consumer prices)-0.9% (2015 est.)
1.9% (2014 est.)
Central bank discount rate2% (31 December 2014)
2.25% (31 December 2013)
Commercial bank prime lending rate6.6% (31 December 2015 est.)
6.77% (31 December 2014 est.)
Stock of narrow money$49.13 billion (31 December 2015 est.)
$51.04 billion (31 December 2014 est.)
Stock of broad money$517.4 billion (31 December 2014 est.)
$524.8 billion (31 December 2013 est.)
Stock of domestic credit$494 billion (31 December 2015 est.)
$509 billion (31 December 2014 est.)
Market value of publicly traded shares$313.8 billion (31 December 2014 est.)
$383.2 billion (31 December 2013)
$245 billion (31 December 2012 est.)
Agriculture - productsrice, cassava (manioc, tapioca), rubber, corn, sugarcane, coconuts, palm oil, pineapple, livestock, fish products
Industriestourism, 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, agricultural machinery, air conditioning and refrigeration, ceramics, aluminum, chemical, environmental management, glass, granite and marble, leather, machinery and metal work, petrochemical, petroleum refining, pharmaceuticals, printing, pulp and paper, rubber, sugar, rice, fishing, cassava, world's second-largest tungsten producer and third-largest tin producer
Industrial production growth rate4% (2015 est.)
Current Account Balance$34.82 billion (2015 est.)
$15.42 billion (2014 est.)
Exports$214.8 billion (2015 est.)
$224.8 billion (2014 est.)
Exports - commoditiesautomobiles and parts, computer and parts, jewelry and precious stones, polymers of ethylene in primary forms, refine fuels, electronic integrated circuits, chemical products, rice, fish products, rubber products, sugar, cassava, poultry, machinery and parts, iron and steel and their products
Exports - partnersUS 11.2%, China 11.1%, Japan 9.4%, Hong Kong 5.5%, Malaysia 4.8%, Australia 4.6%, Vietnam 4.2%, Singapore 4.1% (2015)
Imports$196.4 billion (2015 est.)
$200.2 billion (2014 est.)
Imports - commoditiesmachinery and parts, crude oil, electrical machinery and parts, chemicals, iron & steel and product, electronic integrated circuit, automobile’s parts, jewelry including silver bars and gold, computers and parts, electrical household appliances, soybean, soybean meal, wheat, cotton, dairy products
Imports - partnersChina 20.3%, Japan 15.4%, US 6.9%, Malaysia 5.9%, UAE 4% (2015)
Reserves of foreign exchange and gold$148.6 billion (31 December 2015 est.)
$157.1 billion (31 December 2014 est.)
Debt - external$140.7 billion (31 December 2014 est.)
$141.9 billion (31 December 2013 est.)
Stock of direct foreign investment - at home$219.4 billion (31 December 2015 est.)
$207.9 billion (31 December 2014 est.)
Stock of direct foreign investment - abroad$81.46 billion (31 December 2015 est.)
$73.46 billion (31 December 2014 est.)
Exchange ratesbaht per US dollar -
34.1 (2015 est.)
32.48 (2014 est.)
32.48 (2013 est.)
31.08 (2012 est.)
30.492 (2011 est.)
Fiscal year1 October - 30 September

Source: CIA World Factbook
This page was last updated on October 8, 2016

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