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The economy of Thailand is an emerging economy which is heavily export-dependent, with exports accounting for more than two thirds of gross domestic product (GDP) The exchange rate is Baht 33.00/USD.
Thailand has a GDP worth 8.5 trillion Baht, or US$627 billion (PPP). This classifies Thailand as the 2nd largest economy in Southeast Asia after Indonesia. Despite this, Thailand ranks midway in the wealth spread in Southeast Asia as it is the 4th richest nation according to GDP per capita, after Singapore, Brunei and Malaysia.
It functions as an anchor economy for the neighboring developing economies of Laos, Burma, and Cambodia. Thailand’s recovery from the 1997–1998 Asian financial crisis depended mainly on exports, among various other factors. Thailand ranks high among the world’s automotive export industries along with manufacturing of electronic goods.
Most of Thailand’s labor force is working in agriculture. However, the relative contribution of agriculture to GDP has declined while exports of goods and services have increased.
Tourism revenues are on the rise. With the instability surrounding the recent coup and the military rule, however, the GDP growth of Thailand has settled at around 4-5% from previous highs of 5-7% under the previous civilian administration, as investor and consumer confidence has been degraded somewhat due to political uncertainty.
The Thai economy has traditionally relied upon the export of agricultural products as its chief means of support, particularly rice.
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Economic facts of Thailand:
GDP (2008): $274 billion.
Annual GDP growth rate (2008): 2.6%.
Per capita income (2008): $4,125.
Unemployment rate (2008): 1.4% of total labor force.
Natural resources: Tin, rubber, natural gas, tungsten, tantalum, timber, lead, fish, gypsum, lignite, fluorite.
AgricultureProducts: Rice, tapioca, rubber, corn, sugarcane, coconuts, soybeans.
Industry: Tourism, textiles, garments, agricultural processing, cement, integrated circuits, jewelry, electronics, petrochemical, and auto assembly.
Major Exports : Automatic data processing machines and parts, automobiles and parts, precious stones and jewelry, refined fuels, rubber, electronic integrated circuits, polymers of ethylene and propylene, rice, iron and steel and their products, rubber products, chemical products.
Major Markets: ASEAN, EU, U.S., Japan, China, and Singapore.
Major Imports: Crude oil, machinery and parts, electrical machinery and parts, chemicals, iron and steel and their products, electrical circuits panels, computers and parts, other metal ores and metal waste scrap, ships and boats and floating structure, jewelry including silver and gold.
Major Suppliers: Japan, ASEAN, China, EU, U.S., and Malaysia.
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