Thailand - Economy

Contents:
Introduction Geography People Government Economy Communications Transportation Military Transnational Issues

Economy:

Economy - overview: With a well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand was one of East Asia's best performers from 2002-04, averaging more than 6% annual real GDP growth. However, overall economic growth has fallen sharply - averaging 4.9% from 2005 to 2007 - as persistent political crisis stalled infrastructure mega-projects, eroded investor and consumer confidence, and damaged the country's international image. Exports were the key economic driver as foreign investment and consumer demand stalled. Export growth from January 2005 to November 2008 averaged 17.5% annually. Business uncertainty escalated, however, following the September 2006 coup when the military-installed government imposed capital controls and considered far-reaching changes to foreign investment rules and other business legislation. Although controversial capital controls have since been lifted and business rules largely remain unchanged, investor sentiment has not recovered. Moreover, the 2008 global financial crisis further darkened Thailand's economic horizon. Continued political uncertainty will hamper resumption of infrastructure mega-projects.

GDP (PPP): $547.4 billion (2008 est.)

GDP (official exchange rate): $273.2 billion (2008 est.)

GDP - real growth rate: 2.6% (2008 est.)

GDP - per capita (PPP): $8,400 (2008 est.)

GDP - composition by sector:
agriculture: 11.6%
industry: 45.1%
services: 43.3% (2008 est.)

Labor force: 37.78 million (2008 est.)

Labor force - by occupation:
agriculture: 42.6%
industry: 20.2%
services: 37.1% (2005 est.)

Unemployment rate: 1.4% (2008 est.)

Population below poverty line: 10% (2004 est.)

Household income or consumption by percentage share:
lowest 10%: 2.6%
highest 10%: 33.7% (2004)

Distribution of family income - Gini index: 42 (2002)

Inflation rate (consumer prices): 5.5% (2008 est.)

Investment (gross fixed): 27.3% of GDP (2008 est.)

Budget:
revenues: $48.24 billion
expenditures: $51.33 billion (2008 est.)

Public Debt: 37.9% of GDP (2008 est.)

Agriculture - Products: rice, cassava (tapioca), rubber, corn, sugarcane, coconuts, soybeans

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; world's second-largest tungsten producer and third-largest tin producer

Industrial production growth rate: 3.4% (2008 est.)

Electricity - production: 148.4 billion kWh (2007)

Electricity - consumption: 138.6 billion kWh (2007)

Electricity - exports: 731 million kWh (2007)

Electricity - imports: 4.488 billion kWh (2007)

Oil - production: 348,600 bbl/day (2007 est.)

Oil - consumption: 928,600 bbl/day (2006 est.)

Oil - exports: 207,400 bbl/day (2005)

Oil - imports: 832,900 bbl/day (2005)

Oil - proved reserves: 176 million bbl (1 January 2008 est.)

Natural gas - production: 25.4 billion cu m (2007 est.)

Natural gas - consumption: 35.3 billion cu m (2007 est.)