Thailand Economy - 2022

GEOGRAPHICAL NAMES 

Economic 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.

Real GDP (purchasing power parity)

$1,206,620,000,000 (2020 est.)

$1,284,830,000,000 (2019 est.)

$1,256,360,000,000 (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

2.62% (2019 est.)

4.31% (2018 est.)

4.26% (2017 est.)

Real GDP per capita

$17,300 (2020 est.)

$18,500 (2019 est.)

$18,100 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$543.798 billion (2019 est.)

Inflation rate (consumer prices)

0.7% (2019 est.)

1% (2018 est.)

0.6% (2017 est.)

Credit ratings

Fitch rating: BBB+ (2013)

Moody's rating: Baa1 (2003)

Standard & Poors rating: BBB+ (2004)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 8.2% (2017 est.)

industry: 36.2% (2017 est.)

services: 55.6% (2017 est.)

GDP - composition, by end use

household consumption: 48.8% (2017 est.)

government consumption: 16.4% (2017 est.)

investment in fixed capital: 23.2% (2017 est.)

investment in inventories: -0.4% (2017 est.)

exports of goods and services: 68.2% (2017 est.)

imports of goods and services: -54.6% (2017 est.)

Agricultural products

sugar cane, cassava, rice, oil palm fruit, rubber, maize, tropical fruit, poultry, pineapples, mangoes/guavas

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

1.6% (2017 est.)

Labor force

37.546 million (2020 est.)

Labor force - by occupation

agriculture: 31.8%

industry: 16.7%

services: 51.5% (2015 est.)

Unemployment rate

0.99% (2019 est.)

1.06% (2018 est.)

Youth unemployment rate (ages 15-24)

total: 5.2%

male: 4.6%

female: 5.9% (2020 est.)

Population below poverty line

9.9% (2018 est.)

Gini Index coefficient - distribution of family income

36.4 (2018 est.)

48.4 (2011)

Household income or consumption by percentage share

lowest 10%: 2.8%

highest 10%: 31.5% (2009 est.)

Budget

revenues: 69.23 billion (2017 est.)

expenditures: 85.12 billion (2017 est.)

Budget surplus (+) or deficit (-)

-3.5% (of GDP) (2017 est.)

Public debt

41.9% of GDP (2017 est.)

41.8% of GDP (2016 est.)

note: data cover general government debt and include 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 intragovernmental debt; intragovernmental 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

Taxes and other revenues

15.2% (of GDP) (2017 est.)

Fiscal year

1 October - 30 September

Current account balance

$37.033 billion (2019 est.)

$28.423 billion (2018 est.)

Exports

$258.42 billion (2020 est.) note: data are in current year dollars

$323.88 billion (2019 est.) note: data are in current year dollars

$328.58 billion (2018 est.) note: data are in current year dollars

Exports - partners

United States 13%, China 12%, Japan 10%, Vietnam 5% (2019)

Exports - commodities

office machinery/parts, cars and vehicle parts, integrated circuits, delivery trucks, gold (2019)

Imports

$233.75 billion (2020 est.) note: data are in current year dollars

$272.83 billion (2019 est.) note: data are in current year dollars

$283.66 billion (2018 est.) note: data are in current year dollars

Imports - partners

China 22%, Japan 14%, United States 7%, Malaysia 6% (2019)

Imports - commodities

crude petroleum, integrated circuits, natural gas, vehicle parts, gold (2019)

Reserves of foreign exchange and gold

$202.6 billion (31 December 2017 est.)

$171.9 billion (31 December 2016 est.)

Debt - external

$167.89 billion (2019 est.)

$158.964 billion (2018 est.)

Exchange rates

baht per US dollar -

30.03 (2020 est.)

30.29749 (2019 est.)

32.8075 (2018 est.)

34.248 (2014 est.)

32.48 (2013 est.)

NOTE: The information regarding Thailand on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Thailand 2022 information contained here. All suggestions for corrections of any errors about Thailand 2022 should be addressed to the CIA or the source cited on each page.