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Thailand Economy Profile 2014

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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. 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 in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and deployed 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 recession severely cut Thailand's exports, with most sectors experiencing double-digit drops. In late 2011 Thailand's recovery was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. The government 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 following seven years. This was expected to lead to an economic upsurge but growth has remained slow, in part due to ongoing political unrest and resulting uncertainties. Spending on infrastructure will require re-approval once a new government is seated.
GDP (purchasing power parity)$673 billion (2013 est.)
$654 billion (2012 est.)
$614.2 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$400.9 billion (2013 est.)
GDP - real growth rate2.9% (2013 est.)
6.5% (2012 est.)
0.1% (2011 est.)
GDP - per capita (PPP)$9,900 (2013 est.)
$9,600 (2012 est.)
$9,100 (2011 est.)
note: data are in 2013 US dollars
Gross national saving30.8% of GDP (2013 est.)
30.5% of GDP (2012 est.)
28.3% of GDP (2011 est.)
GDP - composition, by end usehousehold consumption: 53.5%
government consumption: 13.3%
investment in fixed capital: 28.2%
investment in inventories: 0.9%
exports of goods and services: 70.6%
imports of goods and services: -66.6%
(2013 est.)
GDP - composition by sectoragriculture: 12.1%
industry: 43.6%
services: 44.2% (2013 est.)
Population below poverty line13.2% (2011 est.)
Labor force39.38 million (2013 est.)
Labor force - by occupationagriculture: 38.2%
industry: 13.6%
services: 48.2% (2011 est.)
Unemployment rate0.7% (2013 est.)
0.7% (2012 est.)
Unemployment, youth ages 15-24total: 2.8%
male: 2.5%
female: 3.1% (2012)
Household income or consumption by percentage sharelowest 10%: 2.8%
highest 10%: 31.5% (2009 est.)
Distribution of family income - Gini index39.4 (2010)
42 (2002)
Budgetrevenues: $80.91 billion
expenditures: $92.9 billion (2013 est.)
Taxes and other revenues20.2% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-4% of GDP (2013 est.)
Public debt45.9% of GDP (2013 est.)
45.8% of GDP (2012 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)2.2% (2013 est.)
3% (2012 est.)
Central bank discount rate2.25% (31 December 2013 est.)
3.25% (31 December 2011 est.)
Commercial bank prime lending rate6.9% (31 December 2013 est.)
7.1% (31 December 2012 est.)
Stock of narrow money$50.18 billion (31 December 2013 est.)
$52.18 billion (31 December 2012 est.)
Stock of broad money$516.4 billion (31 December 2013 est.)
$488.6 billion (31 December 2012 est.)
Stock of domestic credit$511.2 billion (31 December 2013 est.)
$480.5 billion (31 December 2012 est.)
Market value of publicly traded shares$348.5 billion (31 December 2013 est.)
$383 billion (31 December 2012)
$268.5 billion (31 December 2011 est.)
Agriculture - productsrice, cassava (manioc, tapioca), 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 rate-3.1% (2013 est.)
Current Account Balance-$3.2 billion (2013 est.)
-$1.4 billion (2012 est.)
Exports$225.4 billion (2013 est.)
$225.8 billion (2012 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$219 billion (2013 est.)
$219.8 billion (2012 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$167.2 billion (31 December 2013 est.)
$181.6 billion (31 December 2012 est.)
Debt - external$142.6 billion (31 December 2013 est.)
$130.9 billion (31 December 2012 est.)
Stock of direct foreign investment - at home$193.7 billion (31 December 2013 est.)
$159.6 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$65.14 billion (31 December 2013 est.)
$52.56 billion (31 December 2012 est.)
Exchange ratesbaht per US dollar -
30.59 (2013 est.)
31.083 (2012 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 August 23, 2014