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Thailand Economy Profile 2013

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Economy - overviewWith 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, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. 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. The Thai government is implementing a nation-wide 300 baht ($10) 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 crisis 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 in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the next seven years with a plan to start in 2013.
GDP (purchasing power parity)$662.6 billion (2012 est.)
$622.5 billion (2011 est.)
$622 billion (2010 est.)
note: data are in 2012 US dollars
GDP (official exchange rate)$365.6 billion (2012 est.)
GDP - real growth rate6.4% (2012 est.)
0.1% (2011 est.)
7.8% (2010 est.)
GDP - per capita (PPP)$10,300 (2012 est.)
$9,700 (2011 est.)
$9,700 (2010 est.)
note: data are in 2012 US dollars
Gross national saving30.4% of GDP (2012 est.)
28.3% of GDP (2011 est.)
29.1% of GDP (2010 est.)
GDP - composition, by end usehousehold consumption: 55.3%
government consumption: 13.6%
investment in fixed capital: 28.5%
investment in inventories: 1.2%
exports of goods and services: 75%
imports of goods and services: -73.8%
(2012 est.)
GDP - composition by sectoragriculture: 12.3%
industry: 43.6%
services: 44.2% (2012 est.)
Population below poverty line7.8% (2010 est.)
Labor force39.41 million (2012 est.)
Labor force - by occupationagriculture: 38.2%
industry: 13.6%
services: 48.2% (2011 est.)
Unemployment rate0.7% (2012 est.)
0.7% (2011 est.)
Unemployment, youth ages 15-24total: 2.7%
male: 2.5%
female: 3% (2011)
Household income or consumption by percentage sharelowest 10%: 2.8%
highest 10%: 31.5% (2009 est.)
Distribution of family income - Gini index53.6 (2009)
42 (2002)
Investment (gross fixed)28.5% of GDP (2012 est.)
Budgetrevenues: $71.4 billion
expenditures: $88.03 billion (2012 est.)
Taxes and other revenues19.5% of GDP (2012 est.)
Budget surplus (+) or deficit (-)-4.6% of GDP (2012 est.)
Public debt44.5% of GDP (2012 est.)
40.3% 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
Inflation rate (consumer prices)3% (2012 est.)
3.8% (2011 est.)
Central bank discount rate2.75% (31 December 2012 est.)
3.25% (31 December 2011 est.)
Commercial bank prime lending rate7.1% (31 December 2012 est.)
6.91% (31 December 2011 est.)
Stock of narrow money$52.18 billion (31 December 2012 est.)
$44.63 billion (31 December 2011 est.)
Stock of broad money$488.7 billion (31 December 2012 est.)
$429.8 billion (31 December 2011 est.)
Stock of domestic credit$480.5 billion (31 December 2012 est.)
$403.3 billion (31 December 2011 est.)
Market value of publicly traded shares$245 billion (31 December 2012)
$230.9 billion (31 December 2011)
$218.7 billion (31 December 2010)
Agriculture - productsrice, cassava (manioc), rubber, corn, sugarcane, coconuts, soybeans
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; world's second-largest tungsten producer and third-largest tin producer
Industrial production growth rate7.2% (2012 est.)
Current Account Balance-$2.728 billion (2012 est.)
$5.889 billion (2011 est.)
Exports$226.2 billion (2012 est.)
$219.1 billion (2011 est.)
Exports - commoditieselectronics, computer parts, automobiles and parts, electrical appliances, machinery and equipment, textiles and footwear, fishery products, rice, rubber
Exports - partnersChina 11.7%, Japan 10.2%, US 9.9%, Hong Kong 5.7%, Malaysia 5.4%, Indonesia 4.9%, Singapore 4.7%, Australia 4.3% (2012)
Imports$217.8 billion (2012 est.)
$202.1 billion (2011 est.)
Imports - commoditiescapital goods, intermediate goods and raw materials, consumer goods, fuels
Imports - partnersJapan 20%, China 14.9%, UAE 6.3%, Malaysia 5.3%, US 5.3% (2012)
Reserves of foreign exchange and gold$181.6 billion (31 December 2012 est.)
$175.1 billion (31 December 2011 est.)
Debt - external$133.7 billion (31 December 2012 est.)
$104.6 billion (31 December 2011 est.)
Stock of direct foreign investment - at home$159.1 billion (31 December 2012 est.)
$150.5 billion (31 December 2011 est.)
Stock of direct foreign investment - abroad$51.59 billion (31 December 2012 est.)
$40.65 billion (31 December 2011 est.)
Exchange ratesbaht per US dollar -
31.083 (2012 est.)
30.492 (2011 est.)
31.686 (2010 est.)
34.286 (2009)
33.37 (2008)
Fiscal year1 October - 30 September

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of February 21, 2013