Thailand - Economic Indicators

Global Outlook: Passing the Peak

Sep 05, 2018

View the Moody's Analytics Global Forecast. The global economic environment remains upbeat, but has likely passed its peak for this cycle. Escalating trade tensions have stressed the economic relationship between the U.S. and China; there are rising adverse implications for the global economy and heightened downside risks to the outlook. Risks stemming from Brexit, emerging markets contagion fears, and oil price swings also remain in the spotlight. Despite...

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GDP Reference Last Previous Units Frequency
Private Consumption 2018 Q2 2,025,507 1,867,258 Mil. THB, NSA Quarterly
Real Private Consumption 2018 Q2 1,379,103 1,309,142 Mil. Ch. 2002 THB, NSA Quarterly
Real Government Consumption 2018 Q2 381,375 368,309 Mil. Ch. 2002 THB, NSA Quarterly
Nominal Fixed Investment (gross fixed capital formation) 2018 Q2 931,855 961,965 Mil. THB, NSA Quarterly
Real Gross Domestic Product 2018 Q2 2,593,739 2,758,332 Mil. Ch. 2002 THB, NSA Quarterly
Government Consumption 2018 Q2 641,635 624,864 Mil. THB, NSA Quarterly
Nominal Gross Domestic Product 2018 Q2 3,994,984 4,066,656 Mil. THB, NSA Quarterly
Real Fixed Investment (gross fixed capital formation) 2018 Q2 618,037 643,034 Mil. Ch. 2002 THB, NSA Quarterly
Investment 2016 3,160,086,000,000 3,041,894,000,000 NCU Annual
Real Investment 2016 2,079,289,000,000 2,283,489,000,000 NCU Annual
Price Reference Last Previous Units Frequency
Producer Price Index (PPI) Sep 2018 103.3 103.1 Index 2010=100, NSA Monthly
Consumer Price Index (CPI) Dec 2016 106.93 106.79 Index 2011=100, NSA Monthly
Wholesale Price Index 2000 100 98.17 Index 2010 = 100 Annual
Labor Reference Last Previous Units Frequency
Total Employment Non-Ag Sep 2018 25,048 25,894 Ths. #, NSA Monthly
Primary Industries Employment Sep 2018 12,902 12,392 Ths. #, NSA Monthly
Labor Force Employment Sep 2018 37,951 38,286 Ths. #, NSA Monthly
Labor Force Sep 2018 38,391 38,727 Ths. #, NSA Monthly
Unemployment Rate Sep 2018 0.97 1.04 %, NSA Monthly
Secondary Industries Employment Sep 2018 8,733 8,707 Ths. #, NSA Monthly
Tertiary Industries Employment Sep 2018 16,315 17,187 Ths. #, NSA Monthly
Unemployment Sep 2018 372.84 402.55 Ths. #, NSA Monthly
Wage & Salaries 2018 Q2 17,118 17,109 Mil. THB, NSA Quarterly
Real Wages & Salaries 2018 Q2 17,118 17,109 Mil. THB, NSA Quarterly
Agriculture Employment 2017 12,835,952 12,983,823 # Annual
Trade Reference Last Previous Units Frequency
Imports of Goods Sep 2018 611,433 719,288 Mil. THB Monthly
Balance of Goods Sep 2018 64,029 19,942 Mil. THB Monthly
Exports of Goods Sep 2018 675,462 739,231 Mil. THB Monthly
Current Account Balance Sep 2018 77,290 24,858 Mil. THB, NSA Monthly
Net Exports 2018 Q2 373,544 562,264 Mil. THB, NSA Quarterly
Exports of Goods and Services 2018 Q2 2,625,274 2,712,772 Mil. THB, NSA Quarterly
Real Imports of Goods and Services 2018 Q2 1,814,312 1,770,210 Mil. Ch. 2002 THB, NSA Quarterly
Real Exports of Goods and Services 2018 Q2 2,014,586 2,092,907 Mil. Ch. 2002 THB, NSA Quarterly
Imports of Goods and Services 2018 Q2 2,251,730 2,150,508 Mil. THB, NSA Quarterly
Real Net Exports 2018 Q2 200,274 322,697 Mil. Ch. 2002 THB, NSA Quarterly
Government Reference Last Previous Units Frequency
Government Budget Balance Sep 2018 33,992 6,253 Mil. THB Monthly
Gross External Debt 2018 Q2 39,463,321,931 40,697,920,259 USD, NSA Quarterly
Outstanding Public Debt 2018 Q2 1,740 792.77 Mil. USD, NSA Quarterly
Outstanding Public Debt - Foreign 2018 Q2 154,162 157,851 Mil. USD, NSA Quarterly
Markets Reference Last Previous Units Frequency
Lending Rate 16 Nov 2018 1.5 1.5 % p.a., NSA Daily
Stock Market Index 15 Nov 2018 1,638 1,652 Index, NSA, 30 Apr 75 = 100 Business Daily
Treasury Bills (over 31 days) Oct 2018 1.23 1.19 % p.a., NSA Monthly
Money Market Rate Sep 2018 1.45 1.45 % p.a., NSA Monthly
Average Long-term Government Bond Jun 2017 2.57 2.76 % Monthly
Real Estate Reference Last Previous Units Frequency
House Price Index Sep 2018 172.7 175 Index Jan2009=100, SA Monthly
House Price Index for Existing Homes Sep 2018 139.8 140.2 Index Jan2009=100, SA Monthly
Non-residential Building Permits Aug 2018 10,579 5,267 #, NSA Monthly
Building Permits Aug 2018 4,597 4,104 m², NSA Monthly
Consumer Reference Last Previous Units Frequency
Retail Sales Jun 2018 248.45 245.6 Index 2002=100, NSA Monthly
Business Reference Last Previous Units Frequency
Change in Inventories 2018 Q2 -19,547 56,071 Mil. THB, NSA Quarterly
Real Change in Inventories 2018 Q2 -12,358 -582 Mil. Ch. 2002 THB, NSA Quarterly
Demographics Reference Last Previous Units Frequency
Death Rate 2050 13.89 13.7 # per Ths. pop., NSA Annual
Birth Rate 2050 8.98 8.97 # per Ths. pop., NSA Annual
Population Sep 2018 56,344 56,322 Ths. #, NSA Monthly
Net Migration 2017 97,222 # Annual

Factbook

Background

Background:
A unified Thai kingdom was established in the mid-14th century. Known as Siam until 1939, Thailand is the only Southeast Asian country never to have been colonized by a European power. A bloodless revolution in 1932 led to the establishment of a constitutional monarchy. After the Japanese invaded Thailand in 1941, the government split into a pro-Japan faction and a pro-Ally faction backed by the King. Following the war, Thailand became a US treaty ally in 1954 after sending troops to Korea and later fighting alongside the US in Vietnam. Thailand since 2005 has experienced several rounds of political turmoil including a military coup in 2006 that ousted then Prime Minister THAKSIN Shinawatra, followed by large-scale street protests by competing political factions in 2008, 2009, and 2010. THAKSIN's youngest sister, YINGLAK Chinnawat, in 2011 led the Puea Thai Party to an electoral win and assumed control of the government.
In early May 2014, after months of large-scale anti-government protests in Bangkok beginning in November 2013, YINGLAK was removed from office by the Constitutional Court and in late May 2014 the Royal Thai Army, led by Royal Thai Army Gen. PRAYUT Chan-ocha, staged a coup against the caretaker government. PRAYUT was appointed prime minister in August 2014. The interim military government created several interim institutions to promote reform and draft a new constitution, which was passed in a national referendum in August 2016. In late 2017, PRAYUT announced elections would be held by November 2018; he has subsequently suggested they might occur in February 2019. King PHUMIPHON Adunyadet passed away in October 2016 after 70 years on the throne; his only son, WACHIRALONGKON Bodinthrathepphayawarangkun, ascended the throne in December 2016. He signed the new constitution in April 2017. Thailand has also experienced violence associated with the ethno-nationalist insurgency in its southern Malay-Muslim majority provinces. Since January 2004, thousands have been killed and wounded in the insurgency.

Geography

Location:
Southeastern Asia, bordering the Andaman Sea and the Gulf of Thailand, southeast of Burma
Geographic coordinates:
15 00 N, 100 00 E
Map references:
Southeast Asia
Area:
total: 513,120 sq km
land: 510,890 sq km
water: 2,230 sq km
country comparison to the world: 52
Area - comparative:
about three times the size of Florida; slightly more than twice the size of Wyoming
Area comparison map:
Land boundaries:
total: 5,673 km
border countries (4): Burma 2,416 km, Cambodia 817 km, Laos 1,845 km, Malaysia 595 km
Coastline:
3,219 km
Maritime claims:
territorial sea: 12 nm
exclusive economic zone: 200 nm
continental shelf: 200-m depth or to the depth of exploitation
Climate:
tropical; rainy, warm, cloudy southwest monsoon (mid-May to September); dry, cool northeast monsoon (November to mid-March); southern isthmus always hot and humid
Terrain:
central plain; Khorat Plateau in the east; mountains elsewhere
Elevation:
mean elevation: 287 m
elevation extremes: lowest point: Gulf of Thailand 0 m
highest point: Doi Inthanon 2,565 m
Natural resources:
tin, rubber, natural gas, tungsten, tantalum, timber, lead, fish, gypsum, lignite, fluorite, arable land
Land use:
agricultural land: 41.2%
arable land 30.8%; permanent crops 8.8%; permanent pasture 1.6%
forest: 37.2%
other: 21.6% (2011 est.)
Irrigated land:
64,150 sq km (2012)
Population - distribution:
highest population density is found in and around Bangkok; significant population clusters found throughout large parts of the country, particularly north and northeast of Bangkok and in the extreme southern region of the country
Natural hazards:
land subsidence in Bangkok area resulting from the depletion of the water table; droughts
Environment - current issues:
air pollution from vehicle emissions; water pollution from organic and factory wastes; deforestation; soil erosion; wildlife populations threatened by illegal hunting
Environment - international agreements:
party to: Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Hazardous Wastes, Marine Life Conservation, Ozone Layer Protection, Tropical Timber 83, Tropical Timber 94, Wetlands
signed, but not ratified: Law of the Sea
Geography - note:
controls only land route from Asia to Malaysia and Singapore; ideas for the construction of a canal across the Kra Isthmus that would create a bypass to the Strait of Malacca and shorten shipping times around Asia continue to be discussed

People & Society

Population:
68,414,135
note: estimates for this country explicitly take into account the effects of excess mortality due to AIDS; this can result in lower life expectancy, higher infant mortality, higher death rates, lower population growth rates, and changes in the distribution of population by age and sex than would otherwise be expected (July 2017 est.)
country comparison to the world: 20
Nationality:
noun: Thai (singular and plural)
adjective: Thai
Ethnic groups:
Thai 97.5%, Burmese 1.3%, other 1.1%, unspecified <.1% (2015 est.)
Languages:
Thai (official) 90.7%, Burmese 1.3%, other 8%
note: English is a secondary language of the elite (2010 est.)
Religions:
Buddhist 94.6%, Muslim 4.3%, Christian 1%, other <.1%, none <.1% (2015 est.)
Age structure:
0-14 years: 16.93% (male 5,933,269/female 5,649,864)
15-24 years: 14.17% (male 4,943,583/female 4,752,038)
25-54 years: 46.32% (male 15,677,322/female 16,009,399)
55-64 years: 12% (male 3,851,575/female 4,358,837)
65 years and over: 10.58% (male 3,165,799/female 4,072,449) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 40
youth dependency ratio: 25.2
elderly dependency ratio: 14.8
potential support ratio: 6.8 (2015 est.)
Median age:
total: 37.7 years
male: 36.6 years
female: 38.7 years (2017 est.)
country comparison to the world: 65
Population growth rate:
0.3% (2017 est.)
country comparison to the world: 171
Birth rate:
11 births/1,000 population (2017 est.)
country comparison to the world: 179
Death rate:
8 deaths/1,000 population (2017 est.)
country comparison to the world: 91
Net migration rate:
0 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 98
Population distribution:
highest population density is found in and around Bangkok; significant population clusters found througout large parts of the country, particularly north and northeast of Bangkok and in the extreme southern region of the country
Urbanization:
urban population: 52.7% of total population (2017)
rate of urbanization: 2.2% annual rate of change (2015-20 est.)
Major urban areas - population:
BANGKOK (capital) 9.27 million; Samut Prakan 1.814 million (2015)
Sex ratio:
at birth: 1.05 male(s)/female
0-14 years: 1.05 male(s)/female
15-24 years: 1.04 male(s)/female
25-54 years: 0.98 male(s)/female
55-64 years: 0.89 male(s)/female
65 years and over: 0.78 male(s)/female
total population: 0.97 male(s)/female (2017 est.)
Mother's mean age at first birth:
23.3 years (2009 est.)
Maternal mortality ratio:
20 deaths/100,000 live births (2015 est.)
country comparison to the world: 129
Infant mortality rate:
total: 9.2 deaths/1,000 live births
male: 10.1 deaths/1,000 live births
female: 8.2 deaths/1,000 live births (2017 est.)
country comparison to the world: 146
Life expectancy at birth:
total population: 74.9 years
male: 71.7 years
female: 78.3 years (2017 est.)
country comparison to the world: 116
Total fertility rate:
1.52 children born/woman (2017 est.)
country comparison to the world: 194
Contraceptive prevalence rate:
79.3% (2012)
Health expenditures:
6.5% of GDP (2014)
country comparison to the world: 92
Physicians density:
0.47 physicians/1,000 population (2015)
Hospital bed density:
2.1 beds/1,000 population (2010)
Drinking water source:
improved:
urban: 97.6% of population
rural: 98% of population
total: 97.8% of population
unimproved:
urban: 2.4% of population
rural: 2% of population
total: 2.2% of population (2015 est.)
Sanitation facility access:
improved:
urban: 89.9% of population
rural: 96.1% of population
total: 93% of population
unimproved:
urban: 10.1% of population
rural: 3.9% of population
total: 7% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
1.1% (2016 est.)
country comparison to the world: 40
HIV/AIDS - people living with HIV/AIDS:
450,000 (2016 est.)
country comparison to the world: 16
HIV/AIDS - deaths:
16,000 (2016 est.)
country comparison to the world: 16
Major infectious diseases:
degree of risk: very high
food or waterborne diseases: bacterial diarrhea
vectorborne diseases: dengue fever, Japanese encephalitis, and malaria (2016)
Obesity - adult prevalence rate:
10% (2016)
country comparison to the world: 140
Children under the age of 5 years underweight:
9.2% (2012)
country comparison to the world: 71
Education expenditures:
4.1% of GDP (2013)
country comparison to the world: 47
Literacy:
definition: age 15 and over can read and write
total population: 92.9%
male: 94.7%
female: 91.2% (2015 est.)
School life expectancy (primary to tertiary education):
total: 16 years
male: 16 years
female: 16 years (2015)
Unemployment, youth ages 15-24:
total: 0.9%
male: 0.8%
female: 1.1% (2015 est.)
country comparison to the world: 159

Government

Country name:
conventional long form: Kingdom of Thailand
conventional short form: Thailand
local long form: Ratcha Anachak Thai
local short form: Prathet Thai
former: Siam
etymology: "Land of the Tai [People]"; the meaning of "tai" is uncertain, but may originally have meant "human beings," "people," or "free people"
Government type:
constitutional monarchy; note - interim military-affiliated government since May 2014
Capital:
name: Bangkok
geographic coordinates: 13 45 N, 100 31 E
time difference: UTC+7 (12 hours ahead of Washington, DC, during Standard Time)
Administrative divisions:
76 provinces (changwat, singular and plural) and 1 municipality* (maha nakhon); Amnat Charoen, Ang Thong, Bueng Kan, Buri Ram, Chachoengsao, Chai Nat, Chaiyaphum, Chanthaburi, Chiang Mai, Chiang Rai, Chon Buri, Chumphon, Kalasin, Kamphaeng Phet, Kanchanaburi, Khon Kaen, Krabi, Krung Thep* (Bangkok), Lampang, Lamphun, Loei, Lop Buri, Mae Hong Son, Maha Sarakham, Mukdahan, Nakhon Nayok, Nakhon Pathom, Nakhon Phanom, Nakhon Ratchasima, Nakhon Sawan, Nakhon Si Thammarat, Nan, Narathiwat, Nong Bua Lamphu, Nong Khai, Nonthaburi, Pathum Thani, Pattani, Phangnga, Phatthalung, Phayao, Phetchabun, Phetchaburi, Phichit, Phitsanulok, Phra Nakhon Si Ayutthaya, Phrae, Phuket, Prachin Buri, Prachuap Khiri Khan, Ranong, Ratchaburi, Rayong, Roi Et, Sa Kaeo, Sakon Nakhon, Samut Prakan, Samut Sakhon, Samut Songkhram, Saraburi, Satun, Sing Buri, Si Sa Ket, Songkhla, Sukhothai, Suphan Buri, Surat Thani, Surin, Tak, Trang, Trat, Ubon Ratchathani, Udon Thani, Uthai Thani, Uttaradit, Yala, Yasothon
Independence:
1238 (traditional founding date; never colonized)
National holiday:
Birthday of King WACHIRALONGKON, 28 July (1952)
Constitution:
history: many previous; latest completed 29 March 2016, approved by referendum 7 August 2016, signed into law by the king 6 April 2017
amendments: proposed as a joint resolution by the Council of Ministers and the National Council for Peace and Order (the junta that has ruled Thailand since the 2014 coup) and submitted as a draft to the National Legislative Assembly; passage requires majority vote of the existing Assembly members and presentation to the monarch for assent and countersignature by the prime minister (2017)
Legal system:
civil law system with common law influences
International law organization participation:
has not submitted an ICJ jurisdiction declaration; non-party state to the ICCt
Citizenship:
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen of Thailand
dual citizenship recognized: no
residency requirement for naturalization: 5 years
Suffrage:
18 years of age; universal and compulsory
Executive branch:
chief of state: King WACHIRALONGKON Bodinthrathepphayawarangkun, also spelled Vajiralongkorn Bodindradebayavarangkun (since 1 December 2016); note - King PHUMIPHON Adunyadet, also spelled BHUMIBOL Adulyadej (since 9 June 1946) died 13 October 2016
head of government: Interim Prime Minister Gen. PRAYUT Chan-ocha (since 25 August 2014); Deputy Prime Ministers PRAWIT Wongsuwan, Gen. (since 31 August 2014), WISSANU Kruea-ngam (since 31 August 2014), SOMKHIT Chatusiphithak (since 20 August 2015), PRACHIN Chantong, Air Chief Mar. (since 20 August 2015), CHATCHAI Sarikan, Gen. (since 23 November 2017)
cabinet: Council of Ministers nominated by the prime minister, appointed by the king; a Privy Council advises the king
elections/appointments: the monarchy is hereditary; the House of Representatives approves a person for Prime Minister who must then be appointed by the King (as stated in the transitory provision of the 2017 constitution); the office of prime minister can be held for up to a total of 8 years
note: Gen. Prayut Chan-ocha was appointed interim prime minister in August 2014, three months after he staged the coup that removed the previously elected government of Prime Minister YINGLAK Chinnawat
Legislative branch:
description: in transition; following the May 2014 military coup, a junta-appointed National Legislative Assembly or Sapha Nitibanyat Haeng Chat of no more than 220 members replaced the bicameral National Assembly; expanded to 250 members in September 2016; elections for a permanent legislative body were announced for November 2018; the 2017 constitution calls for a 250-member military-appointed Senate with 5-year terms and a 500-member elected House of Representatives with 4-year terms
elections: Senate - last held on 30 March 2014 but invalidated by the coup (in future, members will be appointed); House of Representatives - last held on 2 February 2014 but later declared invalid by the Constitutional Court (next to be held no later than February 2019)
election results: Senate - percent of vote by party - NA; seats by party - NA; House of Representatives - percent of vote by party - NA; seats by party - NA
Judicial branch:
highest court(s): Supreme Court of Justice (consists of court president, 6 vice-presidents, and 60-70 judges, and organized into 10 divisions); Constitutional Court (consists of court president and 8 judges); Supreme Administrative Court (number of judges determined by Judicial Commission of the Administrative Courts)
judge selection and term of office: Supreme Court judges selected by the Judicial Commission of the Courts of Justice and approved by the monarch; judge term determined by the monarch; Constitutional Court justices - 3 judges drawn from the Supreme Court, 2 judges drawn from the Administrative Court, and 4 judge candidates selected by the Selective Committee for Judges of the Constitutional Court and confirmed by the Senate; judges appointed by the monarch to serve single 9-year terms; Supreme Administrative Court judges selected by the Judicial Commission of the Administrative Courts and appointed by the monarch; judges appointed for life
subordinate courts: courts of first instance and appeals courts within both the judicial and administrative systems; military courts
Political parties and leaders:
note: as of 5 April 2018, 98 new parties applied to be registered with the Election Commission, in accordance with the provisions of the new organic law on political parties
Chat Thai Phatthana Party or CTP (Thai Nation Development Party)
Phumchai (Bhumjai) Thai Party or PJT (Thai Pride) [ANUTHIN Chanwirakun]
Puea Thai Party (For Thais Party) or PTP [acting leader WIROT Paoin]
Prachathipat Party or DP (Democrat Party) [ABHISIT Wechachiwa, also spelled ABHISIT Vejjajiva]
Political pressure groups and leaders:
Democracy Restoration Group (formerly the New Democracy Movement)
People's Democratic Reform Committee or PDRC
United Front for Democracy Against Dictatorship or UDD
International organization participation:
ADB, APEC, ARF, ASEAN, BIMSTEC, BIS, CD, CICA, CP, EAS, FAO, G-77, IAEA, IBRD, ICAO, ICC (national committees), ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, NAM, OAS (observer), OIC (observer), OIF (observer), OPCW, OSCE (partner), PCA, PIF (partner), UN, UNAMID, UNCTAD, UNESCO, UNHCR, UNIDO, UNMOGIP, UNOCI, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO
Diplomatic representation in the US:
chief of mission: Ambassador (vacant); Charge d'Affaires PHATTHARAWAN Wetchasat (since 27 October 2017)
chancery: 1024 Wisconsin Avenue NW, Suite 401, Washington, DC 20007
telephone: [1] (202) 944-3600
FAX: [1] (202) 944-3611
consulate(s) general: Chicago, Los Angeles, New York
Diplomatic representation from the US:
chief of mission: Ambassador Glyn T. DAVIES (since 28 November 2015)
embassy: 95 Wireless Road, Bangkok 10330
mailing address: APO AP 96546
telephone: [66] (2) 205-4000
FAX: [66] (2) 254-2990, 205-4131
consulate(s) general: Chiang Mai
Flag description:
five horizontal bands of red (top), white, blue (double width), white, and red; the red color symbolizes the nation and the blood of life; white represents religion and the purity of Buddhism; blue stands for the monarchy
note: similar to the flag of Costa Rica but with the blue and red colors reversed
National symbol(s):
garuda (mythical half-man, half-bird figure), elephant; national colors: red, white, blue
National anthem:
name: "Phleng Chat Thai" (National Anthem of Thailand)
lyrics/music: Luang SARANUPRAPAN/Phra JENDURIYANG
note: music adopted 1932, lyrics adopted 1939; by law, people are required to stand for the national anthem at 0800 and 1800 every day; the anthem is played in schools, offices, theaters, and on television and radio during this time; "Phleng Sanlasoen Phra Barami" (A Salute to the Monarch) serves as the royal anthem and is played in the presence of the royal family and during certain state ceremonies

Economy

Economy - overview:
With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two-thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about one-third of the labor force. Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly from neighboring countries.
Over the last few decades, Thailand has reduced poverty substantially. In 2013, the Thai Government 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.
Thailand’s economy is recovering from slow growth during the years since the 2014 coup. Thailand’s economic fundamentals are sound, with low inflation, low unemployment, and reasonable public and external debt levels. Tourism and government spending - mostly on infrastructure and short-term stimulus measures – have helped to boost the economy, and The Bank of Thailand has been supportive, with several interest rate reductions.
Over the longer-term, household debt levels, political uncertainty, and an aging population pose risks to growth.
GDP (purchasing power parity):
$1.229 trillion (2017 est.)
$1.185 trillion (2016 est.)
$1.148 trillion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 21
GDP (official exchange rate):
$437.8 billion (2017 est.)
GDP - real growth rate:
3.7% (2017 est.)
3.2% (2016 est.)
2.9% (2015 est.)
country comparison to the world: 84
GDP - per capita (PPP):
$17,800 (2017 est.)
$17,200 (2016 est.)
$16,700 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 97
Gross national saving:
32.8% of GDP (2017 est.)
33.5% of GDP (2016 est.)
30.3% of GDP (2015 est.)
country comparison to the world: 19
GDP - composition, by end use:
household consumption: 50.1%
government consumption: 17%
investment in fixed capital: 24.2%
investment in inventories: -7%
exports of goods and services: 70.4%
imports of goods and services: -54.7% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 8.2%
industry: 36.2%
services: 55.6% (2017 est.)
Agriculture - products:
rice, cassava (manioc, tapioca), rubber, corn, sugarcane, coconuts, palm oil, pineapple, livestock, fish products
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, 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 rate:
3.6% (2017 est.)
country comparison to the world: 79
Labor force:
38.37 million (2017 est.)
country comparison to the world: 17
Labor force - by occupation:
agriculture: 31.8%
industry: 16.7%
services: 51.5% (2015 est.)
Unemployment rate:
0.7% (2017 est.)
0.8% (2016 est.)
country comparison to the world: 4
Population below poverty line:
7.2% (2015 est.)
Household income or consumption by percentage share:
lowest 10%: 2.8%
highest 10%: 31.5% (2009 est.)
Distribution of family income - Gini index:
44.5 (2015 est.)
48.4 (2011 est.)
country comparison to the world: 44
Budget:
revenues: $79.6 billion
expenditures: $90.56 billion (2017 est.)
Taxes and other revenues:
18.2% of GDP (2017 est.)
country comparison to the world: 166
Budget surplus (+) or deficit (-):
-2.5% of GDP (2017 est.)
country comparison to the world: 99
Public debt:
44.1% of GDP (2017 est.)
41.2% of GDP (2016 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
country comparison to the world: 121
Fiscal year:
1 October - 30 September
Inflation rate (consumer prices):
0.6% (2017 est.)
0.2% (2016 est.)
country comparison to the world: 21
Central bank discount rate:
1.5% (31 December 2016 est.)
1.5% (31 December 2015 est.)
country comparison to the world: 121
Commercial bank prime lending rate:
6.2% (31 December 2017 est.)
6.31% (31 December 2016 est.)
country comparison to the world: 125
Stock of narrow money:
$56.36 billion (31 December 2017 est.)
$52.03 billion (31 December 2016 est.)
country comparison to the world: 51
Stock of broad money:
$546.1 billion (31 December 2017 est.)
$510.4 billion (31 December 2016 est.)
country comparison to the world: 22
Stock of domestic credit:
$537.2 billion (31 December 2017 est.)
$507.5 billion (31 December 2016 est.)
country comparison to the world: 26
Market value of publicly traded shares:
$348.8 billion (31 December 2015 est.)
$430.4 billion (31 December 2014 est.)
$354.4 billion (31 December 2013 est.)
country comparison to the world: 28
Current account balance:
$44 billion (2017 est.)
$46.83 billion (2016 est.)
country comparison to the world: 11
Exports:
$228.2 billion (2017 est.)
$214.3 billion (2016 est.)
country comparison to the world: 23
Exports - commodities:
automobiles 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 - partners:
US 11.4%, China 11.1%, Japan 9.6%, Hong Kong 5.3%, Australia 4.8%, Malaysia 4.5%, Vietnam 4.4% (2016)
Imports:
$190 billion (2017 est.)
$177.7 billion (2016 est.)
country comparison to the world: 26
Imports - commodities:
machinery 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 - partners:
China 21.6%, Japan 15.8%, US 6.2%, Malaysia 5.6% (2016)
Reserves of foreign exchange and gold:
$193.5 billion (31 December 2017 est.)
$171.9 billion (31 December 2016 est.)
country comparison to the world: 13
Debt - external:
$135.5 billion (31 December 2017 est.)
$130.6 billion (31 December 2016 est.)
country comparison to the world: 44
Stock of direct foreign investment - at home:
$205.5 billion (31 December 2017 est.)
$193.5 billion (31 December 2016 est.)
country comparison to the world: 30
Stock of direct foreign investment - abroad:
$112.3 billion (31 December 2017 est.)
$96.27 billion (31 December 2016 est.)
country comparison to the world: 34
Exchange rates:
baht per US dollar -
34.34 (2017 est.)
35.3 (2016 est.)
35.3 (2015 est.)
34.25 (2014 est.)
32.48 (2013 est.)

Energy

Electricity access:
population without electricity: 700,000
electrification - total population: 99%
electrification - urban areas: 99.7%
electrification - rural areas: 98.3% (2013)
Electricity - production:
167.9 billion kWh (2015 est.)
country comparison to the world: 24
Electricity - consumption:
168.3 billion kWh (2015 est.)
country comparison to the world: 23
Electricity - exports:
2.267 billion kWh (2015 est.)
country comparison to the world: 43
Electricity - imports:
14.41 billion kWh (2015 est.)
country comparison to the world: 16
Electricity - installed generating capacity:
40.97 million kW (2015 est.)
country comparison to the world: 24
Electricity - from fossil fuels:
76.7% of total installed capacity (2015 est.)
country comparison to the world: 94
Electricity - from nuclear fuels:
0% of total installed capacity (2015 est.)
country comparison to the world: 188
Electricity - from hydroelectric plants:
8.9% of total installed capacity (2015 est.)
country comparison to the world: 121
Electricity - from other renewable sources:
14.2% of total installed capacity (2015 est.)
country comparison to the world: 51
Crude oil - production:
257,500 bbl/day (2016 est.)
country comparison to the world: 34
Crude oil - exports:
12,200 bbl/day (2014 est.)
country comparison to the world: 57
Crude oil - imports:
830,500 bbl/day (2014 est.)
country comparison to the world: 14
Crude oil - proved reserves:
396.4 million bbl (1 January 2017 est.)
country comparison to the world: 52
Refined petroleum products - production:
1.213 million bbl/day (2014 est.)
country comparison to the world: 18
Refined petroleum products - consumption:
1.272 million bbl/day (2015 est.)
country comparison to the world: 19
Refined petroleum products - exports:
238,800 bbl/day (2014 est.)
country comparison to the world: 31
Refined petroleum products - imports:
162,800 bbl/day (2014 est.)
country comparison to the world: 42
Natural gas - production:
39.82 billion cu m (2015 est.)
country comparison to the world: 22
Natural gas - consumption:
114.8 billion cu m (2015 est.)
country comparison to the world: 11
Natural gas - exports:
0 cu m (2013 est.)
country comparison to the world: 190
Natural gas - imports:
13.33 billion cu m (2015 est.)
country comparison to the world: 23
Natural gas - proved reserves:
206.8 billion cu m (1 January 2017 est.)
country comparison to the world: 44
Carbon dioxide emissions from consumption of energy:
301 million Mt (2013 est.)
country comparison to the world: 21

Communications

Telephones - fixed lines:
total subscriptions: 4.706 million
subscriptions per 100 inhabitants: 7 (July 2016 est.)
country comparison to the world: 32
Telephones - mobile cellular:
total: 119.669 million
subscriptions per 100 inhabitants: 175 (July 2016 est.)
country comparison to the world: 13
Telephone system:
general assessment: high quality system, especially in urban areas like Bangkok
domestic: fixed-line system provided by both a government-owned and commercial provider; wireless service expanding rapidly
international: country code - 66; connected to major submarine cable systems providing links throughout Asia, Australia, Middle East, Europe, and US; satellite earth stations - 2 Intelsat (1 Indian Ocean, 1 Pacific Ocean) (2016)
Broadcast media:
26 digital TV stations in Bangkok broadcast nationally, 6 terrestrial TV stations in Bangkok broadcast nationally via relay stations - 2 of the stations are owned by the military, the other 4 are government-owned or controlled, leased to private enterprise, and all are required to broadcast government-produced news programs twice a day; multi-channel satellite and cable TV subscription services are available; radio frequencies have been allotted for more than 500 government and commercial radio stations; many small community radio stations operate with low-power transmitters (2017)
Internet country code:
.th
Internet users:
total: 32,398,778
percent of population: 47.5% (July 2016 est.)
country comparison to the world: 22

Transportation

National air transport system:
number of registered air carriers: 19
inventory of registered aircraft operated by air carriers: 276
annual passenger traffic on registered air carriers: 54,259,629
annual freight traffic on registered air carriers: 2,134,149,001 mt-km (2015)
Civil aircraft registration country code prefix:
HS (2016)
Airports:
101 (2013)
country comparison to the world: 56
Airports - with paved runways:
total: 63
over 3,047 m: 8
2,438 to 3,047 m: 12
1,524 to 2,437 m: 23
914 to 1,523 m: 14
under 914 m: 6 (2013)
Airports - with unpaved runways:
total: 38
2,438 to 3,047 m: 1
1,524 to 2,437 m: 1
914 to 1,523 m: 10
under 914 m: 26 (2013)
Heliports:
7 (2013)
Pipelines:
condensate 2 km; gas 5,900 km; liquid petroleum gas 85 km; oil 1 km; refined products 1,097 km (2013)
Railways:
total: 4,127 km
standard gauge: 84 km 1.435-m gauge (84 km electrified)
narrow gauge: 4,043 km 1.000-m gauge (2017)
country comparison to the world: 45
Roadways:
total: 180,053 km (includes 450 km of expressways) (2006)
country comparison to the world: 30
Waterways:
4,000 km (3,701 km navigable by boats with drafts up to 0.9 m) (2011)
country comparison to the world: 26
Merchant marine:
total: 781
by type: bulk carrier 25, container ship 23, general cargo 94, oil tanker 240, other 399 (2017)
country comparison to the world: 27
Ports and terminals:
major seaport(s): Bangkok, Laem Chabang, Map Ta Phut, Prachuap Port, Si Racha
container port(s) (TEUs): Bangkok (1,559,000), Laem Chabang (6,780,000) (2015)
LNG terminal(s) (import): Map Ta Phut

Military & Security

Military expenditures:
1.5% of GDP (2017)
1.45% of GDP (2016)
1.44% of GDP (2015)
1.41% of GDP (2014)
1.4% of GDP (2013)
country comparison to the world: 73
Military branches:
Royal Thai Armed Forces (Kongthap Thai, RTARF): Royal Thai Army (Kongthap Bok Thai, RTA), Royal Thai Navy (Kongthap Ruea Thai, RTN, includes Royal Thai Marine Corps), Royal Thai Air Force (Kongthap Agard Thai, RTAF) (2017)
Military service age and obligation:
21 years of age for compulsory military service; 18 years of age for voluntary military service; males register at 18 years of age; 2-year conscript service obligation (2012)

Transnational Issues

Disputes - international:
separatist violence in Thailand's predominantly Malay-Muslim southern provinces prompt border closures and controls with Malaysia to stem insurgent activities; Southeast Asian states have enhanced border surveillance to check the spread of avian flu; talks continue on completion of demarcation with Laos but disputes remain over several islands in the Mekong River; despite continuing border committee talks, Thailand must deal with Karen and other ethnic rebels, refugees, and illegal cross-border activities; Cambodia and Thailand dispute sections of boundary; in 2011, Thailand and Cambodia resorted to arms in the dispute over the location of the boundary on the precipice surmounted by Preah Vihear temple ruins, awarded to Cambodia by ICJ decision in 1962 and part of a planned UN World Heritage site; Thailand is studying the feasibility of jointly constructing the Hatgyi Dam on the Salween river near the border with Burma; in 2004, international environmentalist pressure prompted China to halt construction of 13 dams on the Salween River that flows through China, Burma, and Thailand; approximately 105,000 mostly Karen refugees fleeing civil strife, political upheaval and economic stagnation in Burma live in remote camps in Thailand near the border
Refugees and internally displaced persons:
refugees (country of origin): 102,633 (Burma) (2016)
IDPs: 41,000 (resurgence in ethno-nationalist violence in south of country since 2004) (2017)
stateless persons: 487,741 (2016); note - about half of Thailand's northern hill tribe people do not have citizenship and make up the bulk of Thailand's stateless population; most lack documentation showing they or one of their parents were born in Thailand; children born to Burmese refugees are not eligible for Burmese or Thai citizenship and are stateless; most Chao Lay, maritime nomadic peoples, who travel from island to island in the Andaman Sea west of Thailand are also stateless; stateless Rohingya refugees from Burma are considered illegal migrants by Thai authorities and are detained in inhumane conditions or expelled; stateless persons are denied access to voting, property, education, employment, healthcare, and driving
note: Thai nationality was granted to more than 18,000 stateless persons in the last 3 years (2015)
Trafficking in persons:
current situation: Thailand is a source, transit, and destination country for men, women, and children subjected to forced labor and sex trafficking; victims from Burma, Cambodia, Laos, China, Vietnam, Uzbekistan, and India, migrate to Thailand in search of jobs but are forced, coerced, or defrauded into labor in commercial fishing, fishing-related industries, factories, domestic work, street begging, or the sex trade; some Thai, Burmese, Cambodian, and Indonesian men forced to work on fishing boats are kept at sea for years; sex trafficking of adults and children from Thailand, Laos, Vietnam, and Burma remains a significant problem; Thailand is a transit country for victims from China, Vietnam, Bangladesh, and Burma subjected to sex trafficking and forced labor in Malaysia, Indonesia, Singapore, Russia, South Korea, the US, and countries in Western Europe; Thai victims are also trafficked in North America, Europe, Africa, Asia, and the Middle East
tier rating: Tier 2 Watch List - Thailand does not fully comply with the minimum standards for the elimination of trafficking, and is not making significant efforts to do so; in 2014, authorities investigated, prosecuted, and convicted fewer traffickers and identified fewer victims; some cases of official complicity were investigated and prosecuted, but trafficking-related corruption continues to hinder progress in combatting trafficking; authorities’ efforts to screen for victims among vulnerable populations remained inadequate due to a poor understanding of trafficking indicators, a failure to recognize non-physical forms of coercion, and a shortage of language interpreters; the government passed new labor laws increasing the minimum age in the fishing industry to 18 years old, guaranteeing the minimum wage, and requiring work contracts, but weak law enforcement and poor coordination among regulatory agencies enabled exploitive labor practices to continue; the government increased efforts to raise public awareness to the dangers of human trafficking and to deny entry to foreign sex tourists (2015)
Illicit drugs:
a minor producer of opium, heroin, and marijuana; transit point for illicit heroin en route to the international drug market from Burma and Laos; eradication efforts have reduced the area of cannabis cultivation and shifted some production to neighboring countries; opium poppy cultivation has been reduced by eradication efforts; also a drug money-laundering center; minor role in methamphetamine production for regional consumption; major consumer of methamphetamine since the 1990s despite a series of government crackdowns

Economic Indicators for Thailand including actual values, historical data, and latest data updates for the Thailand economy.