Thailand Economy Profile 2008

Economy - overview

With a well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand appears to have fully recovered from the 1997-98 Asian Financial Crisis. The country was one of East Asia's best performers from 2002-04. Boosted by strong export growth, the Thai economy grew 4.5% in 2007. Bangkok has pursued preferential trade agreements with a variety of partners in an effort to boost exports and to maintain high growth. By 2007, the tourism sector had largely recovered from the major 2004 tsunami. Following the military coup in September 2006, investment and consumer confidence stagnated due to the uncertain political climate that lasted through the December 2007 elections. Foreign investor sentiment was further tempered by a 30% reserve requirement on capital inflows instituted in December 2006, and discussion of amending Thailand's rules governing foreign-owned businesses. Economic growth in 2007 was due almost entirely to robust export performance - despite the pressure of an appreciating currency. Exports have performed at record levels, rising nearly 17% in 2006 and 12% in 2007. Export-oriented manufacturing - in particular automobile production - and farm output are driving these gains.

GDP (purchasing power parity)

$519.9 billion (2007 est.)

GDP (official exchange rate)

$225.8 billion (2007 est.)

GDP - real growth rate

4.5% (2007 est.)

GDP - per capita (PPP)

$8,000 (2007 est.)

GDP - composition by sector

agriculture: 10.8%
industry: 45.3%
services: 43.8% (2007 est.)

Population below poverty line

10% (2004 est.)

Household income or consumption by percentage share

lowest 10%: 2.7%
highest 10%: 33.4% (2002)

Inflation rate (consumer prices)

2.2% (2007)

Investment (gross fixed)

27.4% of GDP (2007 est.)

Labor force

37.12 million (2007 est.)

Labor force - by occupation

agriculture: 49%
industry: 14%
services: 37% (2000 est.)

Unemployment rate

1.7% (2007 est.)

Distribution of family income - Gini index

42 (2002)

Budget

revenues: $43.61 billion
expenditures: $48.18 billion (2007 est.)

Public debt

37.6% of GDP (2007 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

4.6% (2007 est.)

Electricity - production

124.6 billion kWh (2005)

Electricity - consumption

117.7 billion kWh (2005)

Electricity - exports

642 million kWh (2005)

Electricity - imports

4.419 billion kWh (2005)

Oil - production

310,900 bbl/day (2005 est.)

Oil - consumption

929,000 bbl/day (2005 est.)

Oil - imports

893,400 bbl/day (2004)

Oil - exports

225,700 bbl/day (2004)

Oil - proved reserves

291 million bbl (1 January 2006 est.)

Natural gas - production

22.73 billion cu m (2005 est.)

Natural gas - consumption

31.23 billion cu m (2005 est.)

Natural gas - exports

0 cu m (2005 est.)

Natural gas - imports

8.497 billion cu m (2005)

Natural gas - proved reserves

400.7 billion cu m (1 January 2006 est.)

Current Account Balance

$8.619 billion (2007 est.)

Agriculture - products

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

Exports

$143.1 billion f.o.b. (2007 est.)

Exports - commodities

textiles and footwear, fishery products, rice, rubber, jewelry, automobiles, computers and electrical appliances

Exports - partners

US 15%, Japan 12.6%, China 9%, Singapore 6.4%, Hong Kong 5.5%, Malaysia 5.1% (2006)

Imports

$121.9 billion f.o.b. (2007 est.)

Imports - commodities

capital goods, intermediate goods and raw materials, consumer goods, fuels

Imports - partners

Japan 19.9%, China 10.6%, US 7.5%, Malaysia 6.6%, UAE 5.5%, Singapore 4.4% (2006)

Reserves of foreign exchange and gold

$100 billion (31 December 2007 est.)

Debt - external

$58.6 billion (30 June 2007)

Stock of direct foreign investment - at home

$69.06 billion (2006 est.)

Stock of direct foreign investment - abroad

$5.605 billion (2006 est.)

Market value of publicly traded shares

$139.6 billion (2006)

Economic aid - recipient

$171.1 million (2005)

Currency (code)

baht (THB)

Exchange rates

baht per US dollar - 33.599 (2007), 37.882 (2006), 40.22 (2005), 40.222 (2004), 41.485 (2003)

Fiscal year

1 October - 30 September