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 in 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 2004, Thailand and the US began negotiations on a Free Trade Agreement. 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. Growth slowed to 4.4% in 2005. The downturn can be attributed to high oil prices, weaker demand from Western markets, severe drought in rural regions, tsunami-related declines in tourism, and lower consumer confidence. Moreover, the THAKSIN administration's expansionist economic policies, including plans for multi-billion-dollar mega-projects in infrastructure and social development, has raised concerns about fiscal discipline and the health of financial institutions. On the positive side, the Thai economy performed well beginning in the third quarter of 2005. Export-oriented manufacturing - in particular automobile production - and farm output are driving these gains. In 2006, the economy should benefit from an influx of investment and a revived tourism sector; however, a possible avian flu epidemic could significantly harm economic prospects throughout the region.

GDP (purchasing power parity):

$560.7 billion (2005 est.)

GDP (official exchange rate):

$183.9 billion (2005 est.)

GDP - real growth rate:

4.5% (2005 est.)

GDP - per capita (PPP):

$8,300 (2005 est.)

GDP - composition by sector:

agriculture: 9.9%
industry: 44.1%
services: 46% (2005 est.)

Labor force:

35.36 million (2005 est.)

Labor force - by occupation:

agriculture: 49%
industry: 14%
services: 37% (2000 est.)

Unemployment rate:

1.8% (2005 est.)

Population below poverty line:

10% (2004 est.)

Household income or consumption by percentage share:

lowest 10%: 2.8%
highest 10%: 32.4% (1998)

Distribution of family income - Gini index:

51.1 (2002)

Inflation rate (consumer prices):

4.5% (2005 est.)

Investment (gross fixed):

29% of GDP (2005 est.)

Budget:

revenues: $30.64 billion
expenditures: $31.76 billion; including capital expenditures of $5 billion (2005 est.)

Public debt:

47.6% of GDP (2005 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:

9.1% (2005 est.)

Electricity - production:

114.7 billion kWh (2003)

Electricity - consumption:

107.3 billion kWh (2003)

Electricity - exports:

315 million kWh (2003)

Electricity - imports:

980 million kWh (2003)

Oil - production:

230,000 bbl/day (2005 est.)

Oil - consumption:

851,000 bbl/day (2004 est.)

Oil - proved reserves:

583 million bbl (November 2003)

Natural gas - production:

22.28 billion cu m (2003 est.)

Natural gas - consumption:

29.15 billion cu m (2003 est.)

Natural gas - exports:

0 cu m (2001 est.)

Natural gas - imports:

5.2 billion cu m (2001 est.)

Natural gas - proved reserves:

377.7 billion cu m (November 2003)

Current account balance:

-$3.689 billion (2005 est.)

Exports:

$105.8 billion f.o.b. (2005 est.)

Exports - commodities:

textiles and footwear, fishery products, rice, rubber, jewelry, automobiles, computers and electrical appliances

Exports - partners:

US 15.5%, Japan 13.7%, China 8.3%, Singapore 6.8%, Hong Kong 5.6%, Malaysia 5.2% (2005)

Imports:

$107 billion f.o.b. (2005 est.)

Imports - commodities:

capital goods, intermediate goods and raw materials, consumer goods, fuels

Imports - partners:

Japan 22%, China 9.4%, US 7.4%, Malaysia 6.8%, UAE 4.8%, Singapore 4.5% (2005)

Reserves of foreign exchange and gold:

$52.07 billion (2005 est.)

Debt - external:

$52.46 billion (2005 est.)

Economic aid - recipient:

$72 million (2002)

Currency (code):

baht (THB)

Exchange rates:

baht per US dollar - 40.22 (2005), 40.222 (2004), 41.485 (2003), 42.96 (2002), 44.432 (2001)

Fiscal year:

1 October - 30 September