Thailand Economy 2008

Economy - overview:
With a well-developed infrastructure, a free-enterprise economy, and pro-investment policies, Thailand appears to have fully recovered from the 1997-98 Asian Financial Crisis. The country was one of East Asia's best performers from 2002-04. Boosted by increased consumption and strong export growth, the Thai economy grew 6.9% in 2003 and 6.1% in 2004 despite a sluggish global economy. Bangkok has pursued preferential trade agreements with a variety of partners in an effort to boost exports and to maintain high growth. In late December 2004, a major tsunami took 8,500 lives in Thailand and caused massive destruction of property in the southern provinces of Krabi, Phangnga, and Phuket. In 2006, investment stagnated as investors, spooked by the THAKSIN administration's political problems, stayed on the sidelines. The military coup in September brought in a new economic team led by the former central bank governor. In December, the Thai Board of Investment reported the value of investment applications from January to November had declined by 27% year-on-year. On the positive side, exports have performed at record levels, rising nearly 17% in 2006 and 12% in 2007. Export-oriented manufacturing - in particular automobile production - and farm output are driving these gains.

GDP (purchasing power parity):
$519.9 billion (2007 est.)

GDP (official exchange rate):
$211.1 billion (2007 est.)

GDP - real growth rate:
4.3% (2007 est.)

GDP - per capita (PPP):
$8,000 (2007 est.)

GDP - composition by sector:
agriculture: 10.8%
industry: 45.3%
services: 43.8% (2007 est.)

Labor force:
37.12 million (2007 est.)

Labor force - by occupation:
agriculture: 49%
industry: 14%
services: 37% (2000 est.)

Unemployment rate:
1.7% (2007 est.)

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

Household income or consumption by percentage share:
lowest 10%: 2.7%
highest 10%: 33.4% (2002)

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

Inflation rate (consumer prices):
2% (2007 est.)

Investment (gross fixed):
27.4% of GDP (2007 est.)

Budget:
revenues: $43.61 billion
expenditures: $48.18 billion (2007 est.)

Public debt:
37.6% of GDP (2007 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:
4.6% (2007 est.)

Electricity - production:
124.6 billion kWh (2005)

Electricity - consumption:
117.7 billion kWh (2005)

Electricity - exports:
642 million kWh (2005)

Electricity - imports:
4.419 billion kWh (2005)

Oil - production:
310,900 bbl/day (2005 est.)

Oil - consumption:
929,000 bbl/day (2005 est.)

Oil - exports:
225,700 bbl/day (2004)

Oil - imports:
893,400 bbl/day (2004)

Oil - proved reserves:
291 million bbl (1 January 2006 est.)

natural gas - production:
22.73 billion cu m (2005 est.)

natural gas - consumption:
31.23 billion cu m (2005 est.)

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
8.497 billion cu m (2005)

natural gas - proved reserves:
400.7 billion cu m (1 January 2006 est.)

Current account balance:
$8.619 billion (2007 est.)

Exports:
$143.1 billion f.o.b. (2007 est.)

Exports - commodities:
textiles and footwear, fishery products, rice, rubber, jewelry, automobiles, computers and electrical appliances

Exports - partners:
US 15%, Japan 12.7%, China 9%, Singapore 6.4%, Hong Kong 5.5%, Malaysia 5.1% (2006)

Imports:
$121.9 billion f.o.b. (2007 est.)

Imports - partners:
Japan 20.1%, China 10.6%, US 6.7%, Malaysia 6.6%, UAE 5.6%, Singapore 4.5% (2006)

Economic aid - recipient:
$171.1 million (2005)

Reserves of foreign exchange and gold:
$75 billion (31 December 2007 est.)

Debt - external:
$58.6 billion (30 June 2007)

Stock of direct foreign investment - at home:
$69.06 billion (2006 est.)

Stock of direct foreign investment - abroad:
$5.605 billion (2006 est.)

Market value of publicly traded shares:
$139.6 billion (2006)

Currency (code):
baht (THB)

Exchange rates:
baht per US dollar - 34.499 (2007), 37.882 (2006), 40.22 (2005), 40.222 (2004), 41.485 (2003)