Thailand - Economic Indicators

ASEAN Outlook: Steady Going

Mar 02, 2018

View the Moody's Analytics ASEAN Forecast. ASEAN-5's GDP growth is poised to hit 4.8% in 2018, following the 5% expansion in 2017. The tightening cycle will proceed for most of Southeast Asia through 2018. Our modeling shows Southeast Asia remains vulnerable to adverse swings in global sentiment, with a significant hit to GDP from a sharp decline in local equity prices. Local tensions are heightened with important elections forthcoming that could...

Continue reading on Economy.com View Factbook for Thailand

GDP Reference Last Previous Units Frequency
Real Private Consumption 2018 Q1 1,308,727 1,291,054 Mil. Ch. 2002 THB, NSA Quarterly
Private Consumption 2018 Q1 1,867,071 1,907,175 Mil. THB, NSA Quarterly
Government Consumption 2018 Q1 624,864 647,170 Mil. THB, NSA Quarterly
Real Government Consumption 2018 Q1 368,309 392,044 Mil. Ch. 2002 THB, NSA Quarterly
Nominal Gross Domestic Product 2018 Q1 4,064,162 4,018,609 Mil. THB, NSA Quarterly
Real Fixed Investment (gross fixed capital formation) 2018 Q1 643,034 620,109 Mil. Ch. 2002 THB, NSA Quarterly
Nominal Fixed Investment (gross fixed capital formation) 2018 Q1 961,965 909,200 Mil. THB, NSA Quarterly
Real Gross Domestic Product 2018 Q1 2,756,193 2,644,705 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) Mar 2018 101.6 101.7 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
Tertiary Industries Employment Mar 2018 16,661 17,192 Ths. #, NSA Monthly
Primary Industries Employment Mar 2018 11,845 11,266 Ths. #, NSA Monthly
Unemployment Mar 2018 440.3 490.83 Ths. #, NSA Monthly
Labor Force Mar 2018 38,111 38,421 Ths. #, NSA Monthly
Unemployment Rate Mar 2018 1.16 1.28 %, NSA Monthly
Secondary Industries Employment Mar 2018 8,834 9,141 Ths. #, NSA Monthly
Labor Force Employment Mar 2018 37,341 37,601 Ths. #, NSA Monthly
Total Employment Non-Ag Mar 2018 25,496 26,334 Ths. #, NSA Monthly
Agriculture Employment 2017 13,305,857 13,531,296 # Annual
Wage & Salaries 2017 Q4 17,755 18,200 Mil. THB, NSA Quarterly
Real Wages & Salaries 2017 Q4 17,755 18,200 Mil. THB, NSA Quarterly
Trade Reference Last Previous Units Frequency
Balance of Goods Mar 2018 94,265 72,022 Mil. THB Monthly
Imports of Goods Mar 2018 595,332 551,624 Mil. THB Monthly
Exports of Goods Mar 2018 689,598 623,646 Mil. THB Monthly
Current Account Balance Mar 2018 179,805 193,768 Mil. THB, NSA Monthly
Imports of Goods and Services 2018 Q1 2,157,700 2,223,919 Mil. THB, NSA Quarterly
Real Imports of Goods and Services 2018 Q1 1,775,266 1,809,333 Mil. Ch. 2002 THB, NSA Quarterly
Net Exports 2018 Q1 553,059 460,201 Mil. THB, NSA Quarterly
Real Net Exports 2018 Q1 317,203 221,483 Mil. Ch. 2002 THB, NSA Quarterly
Real Exports of Goods and Services 2018 Q1 2,092,469 2,030,816 Mil. Ch. 2002 THB, NSA Quarterly
Exports of Goods and Services 2018 Q1 2,710,759 2,684,120 Mil. THB, NSA Quarterly
Government Reference Last Previous Units Frequency
Government Budget Balance Mar 2018 92,889 1,270 Mil. THB Monthly
Outstanding Public Debt 2017 Q4 537.8 450.12 Mil. USD, NSA Quarterly
Outstanding Public Debt - Foreign 2017 Q4 148,995 148,096 Mil. USD, NSA Quarterly
Gross External Debt 2017 Q3 40,972,595,957 33,846,916,840 USD, NSA Quarterly
Markets Reference Last Previous Units Frequency
Lending Rate 25 May 2018 1.5 1.5 % p.a., NSA Daily
Stock Market Index 24 May 2018 1,732 1,753 Index, NSA, 30 Apr 75 = 100 Business Daily
Treasury Bills (over 31 days) Apr 2018 1.11 1.1 % p.a., NSA Monthly
Money Market Rate Mar 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 Mar 2018 175.7 177.2 Index Jan2009=100, SA Monthly
House Price Index for Existing Homes Mar 2018 137.7 138.1 Index Jan2009=100, SA Monthly
Building Permits Feb 2018 1,614 1,338 m², NSA Monthly
Non-residential Building Permits Feb 2018 10,833 9,109 #, NSA Monthly
Consumer Reference Last Previous Units Frequency
Retail Sales Feb 2018 232.65 235.46 2002=100, NSA Monthly
Business Reference Last Previous Units Frequency
Real Change in Inventories 2018 Q1 2,081 97,768 Mil. Ch. 2002 THB, NSA Quarterly
Change in Inventories 2018 Q1 61,758 157,944 Mil. THB, NSA Quarterly
Demographics Reference Last Previous Units Frequency
Birth Rate 2050 8.98 8.97 # per Ths. pop., NSA Annual
Death Rate 2050 13.89 13.7 # per Ths. pop., NSA Annual
Population Mar 2018 56,187 56,159 Ths. #, NSA Monthly
Net Migration 2012 167,314 # 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. In alliance with Japan during World War II, 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 Chinnawat, 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. A blanket amnesty bill for individuals involved in street protests, altered at the last minute to include all political crimes - including all convictions against THAKSIN - triggered months of large-scale anti-government protests in Bangkok beginning in November 2013.
In early May 2014, 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. Elections are tentatively set for mid-2018. 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: 66
Population growth rate:
0.3% (2017 est.)
country comparison to the world: 169
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: 96
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 (2016 est.)
Mother's mean age at first birth:
23.3 years (2009 est.)
Maternal mortality rate:
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:
0.39 physicians/1,000 population (2010)
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: 132

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 Maha VAJIRALONGKORN, 28 July (1952)
Constitution:
many previous; draft of latest completed 29 March 2016, approved by referendum 7 August 2016, signed by the king 6 April 2017; note - the final version has several changes not reflected in the one passed by referendum (2016)
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 (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), THANASAK Patimaprakon, 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), NARONG Phiphatthanasai, Adm. (since 20 August 2015)
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: Prime Minister YINGLAK Chinnawat, also spelled YINGLUCK Shinawatra, was removed from office on 7 May 2014 after the Constitutional Court ruled she illegally transferred a government official; Thai army declared martial law on 20 May 2014 followed by a coup on 22 May 2014
Legislative branch:
description: in transition; following the May 2014 military coup, a 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 are currently unscheduled and probably will not occur until late 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 (next to be held in 2018); House of Representatives - last held on 2 February 2014 but later declared invalid by the Constitutional Court (next to be held in 2018)
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:
Chat Phatthana Party or CPN (National Development Party) [WANNARAT Channukun]
Chat Thai Phatthana Party or CTP (Thai Nation Development Party)
Mahachon Party or Mass Party [APHIRAT Sirinawin]
Matuphum Party (Motherland Party) [Gen. SONTHI Bunyaratkalin]
Phalang Chon Party (People Power Party) [SONTHAYA Khunpluem]
Phumchai (Bhumjai) Thai Party or PJT (Thai Pride) [ANUTHIN Chanwirakun]
Prachathipat Party or DP (Democrat Party) [ABHISIT Wechachiwa, also spelled ABHISIT Vejjajiva]
Prachathipatai Mai Party (New Democracy Party) [SURATHIN Phichan]
Puea Thai Party (For Thais Party) or PTP [acting leader WIROT Paoin]
Rak Prathet Thai Party (Love Thailand Party) [acting leader SURAPHON Wetchakon]
Rak Santi Party (Peace Conservation Party) [Pol. Lt. Gen. THAWIN Surachetphong]
Political pressure groups and leaders:
Multicolor Group
People's Democratic Reform Committee or PDRC
Student and People Network for Thailand's Reform or STR
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 PHISAN Manawaphat (since 23 February 2015)
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 sustained strong growth and 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.
Growth has slowed in the last few years, however, due to domestic political turmoil and sluggish global demand. Nevertheless, 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, Thailand faces labor shortages, and domestic debt levels, political uncertainty, and an aging population pose risks to growth.
GDP (purchasing power parity):
$1.165 trillion (2016 est.)
$1.114 trillion (2015 est.)
$1.071 trillion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 21
GDP (official exchange rate):
$407.1 billion (2016 est.)
GDP - real growth rate:
3.2% (2016 est.)
2.9% (2015 est.)
0.9% (2014 est.)
country comparison to the world: 88
GDP - per capita (PPP):
$16,900 (2016 est.)
$16,400 (2015 est.)
$16,000 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 100
Gross national saving:
33.5% of GDP (2016 est.)
30.3% of GDP (2015 est.)
27.7% of GDP (2014 est.)
country comparison to the world: 19
GDP - composition, by end use:
household consumption: 50.6%
government consumption: 17.1%
investment in fixed capital: 24.3%
investment in inventories: -6.8%
exports of goods and services: 68.9%
imports of goods and services: -54.1% (2016 est.)
GDP - composition, by sector of origin:
agriculture: 8.3%
industry: 35.8%
services: 55.8% (2016 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:
2.1% (2016 est.)
country comparison to the world: 104
Labor force:
38.3 million (2016 est.)
country comparison to the world: 17
Labor force - by occupation:
agriculture: 31.8%
industry: 16.7%
services: 51.5% (2015 est.)
Unemployment rate:
0.8% (2016 est.)
0.9% (2015 est.)
country comparison to the world: 6
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)
48.4 (2011)
country comparison to the world: 43
Budget:
revenues: $73.67 billion
expenditures: $84.59 billion (2016 est.)
Taxes and other revenues:
18.1% of GDP (2016 est.)
country comparison to the world: 168
Budget surplus (+) or deficit (-):
-2.7% of GDP (2016 est.)
country comparison to the world: 111
Public debt:
41.2% of GDP (2016 est.)
43.9% of GDP (2015 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: 130
Fiscal year:
1 October - 30 September
Inflation rate (consumer prices):
0.2% (2016 est.)
-0.9% (2015 est.)
country comparison to the world: 58
Central bank discount rate:
1.5% (31 December 2016)
1.5% (31 December 2015)
country comparison to the world: 120
Commercial bank prime lending rate:
6.31% (31 December 2016 est.)
6.56% (31 December 2015 est.)
country comparison to the world: 121
Stock of narrow money:
$52.03 billion (31 December 2016 est.)
$49.27 billion (31 December 2015 est.)
country comparison to the world: 51
Stock of broad money:
$510.4 billion (31 December 2016 est.)
$486.4 billion (31 December 2015 est.)
country comparison to the world: 22
Stock of domestic credit:
$507.5 billion (31 December 2016 est.)
$486.6 billion (31 December 2015 est.)
country comparison to the world: 25
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:
$46.83 billion (2016 est.)
$32.11 billion (2015 est.)
country comparison to the world: 10
Exports:
$214.3 billion (2016 est.)
$214 billion (2015 est.)
country comparison to the world: 22
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:
$177.7 billion (2016 est.)
$187.2 billion (2015 est.)
country comparison to the world: 25
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:
$171.9 billion (31 December 2016 est.)
$156.5 billion (31 December 2015 est.)
country comparison to the world: 15
Debt - external:
$130.6 billion (31 December 2016 est.)
$129.7 billion (31 December 2015 est.)
country comparison to the world: 45
Stock of direct foreign investment - at home:
$193.5 billion (31 December 2016 est.)
$188.9 billion (31 December 2015 est.)
country comparison to the world: 30
Stock of direct foreign investment - abroad:
$96.27 billion (31 December 2016 est.)
$75.95 billion (31 December 2015 est.)
country comparison to the world: 35
Exchange rates:
baht per US dollar -
35.296 (2016 est.)
35.296 (2015 est.)
34.248 (2014 est.)
32.48 (2013 est.)
31.08 (2012 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: 15
Crude oil - proved reserves:
396.4 million bbl (1 January 2017 es)
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 es)
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: 27
Telephones - mobile cellular:
total: 116.606 million
subscriptions per 100 inhabitants: 171 (July 2016 est.)
country comparison to the world: 16
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: 30

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: 43
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: 363
by type: bulk carrier 31, cargo 99, chemical tanker 28, container 18, liquefied gas 36, passenger 1, passenger/cargo 10, petroleum tanker 114, refrigerated cargo 24, roll on/roll off 1, vehicle carrier 1
foreign-owned: 13 (China 1, Hong Kong 1, Malaysia 3, Singapore 1, Taiwan 1, UK 6)
registered in other countries: 46 (Bahamas 4, Belize 1, Honduras 2, Panama 6, Singapore 33) (2010)
country comparison to the world: 28
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:
1.45% of GDP (2016)
1.44% of GDP (2015)
1.41% of GDP (2014)
1.4% of GDP (2013)
1.38% of GDP (2012)
country comparison to the world: 63
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: 35,000 (resurgence in ethno-nationalist violence in south of country since 2004) (2016)
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.