Is Thailand a rich country?
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.
What is the GDP of Thailand?
|GDP - Gross Domestic Product (PPP)||$1,070,000,000,000 (USD)|
|GDP - official exchange rate||$373,500,000,000 (USD)|
|GDP - real growth rate||2.5%|
|GDP Per Capita||$16,100.00 (USD)|
|GDP by Sector- agriculture||10.4%|
|GDP by Sector- Industry||37.7%|
|GDP by Sector- services||51.9%|
|GDP - composition, by end use||
household consumption: 52.8%
government consumption: 17.1%
investment in fixed capital: 25.3%
investment in inventories: -0.2%
exports of goods and services: 67.6%
imports of goods and services: -62.6%
|Population Below Poverty Line||9.6%|
|Labor Force By Occupation- agriculture||38.2%|
|Labor Force By Occupation- industry||13.6%|
|Labor Force By Occupation- services||48.2%|
|Fiscal Year||1 October - 30 September|
|Annual Budget||$56,330,000,000 (USD)|
|Budget Surplus or Deficit - percent of GDP||-4%|
|Public Debt (% of GDP)||35.9%|
|Taxes and other revenues - percent of GDP||20.2%|
|Major Industries||tourism, textiles and garments, agricultural processing, beverages, tobacco, cement, light manufacturing such as jewelry, electric appliances and components, computers and parts, integrated circuits, furniture, plastics, world's second-largest tungsten producer, and third-largest tin producer|
|Industrial Growth Rate||14.5%|
|Agriculture Products||rice, cassava (tapioca), rubber, corn, sugarcane, coconuts, soybeans|
|Currency Code||baht (THB)|
|Child Labor - % of children ages 5-14||8%|
|Child Labor - # of children ages 5-14||818,399|
|Commercial Bank Prime Lending Rate||6.9%|