A beach town in Thailand

Thailand Economy

Thailand's economy in numbers:

Nominal GDP of USD 495 billion in 2022.

GDP per capita of USD 7,070 compared to the global average of USD 10,589.

Average real GDP growth of 2.4% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 57% of overall GDP, manufacturing 27%, other industrial activity 7%, and agriculture 9%. Looking at GDP by expenditure, private consumption accounted for 52% of GDP in 2021, government consumption 18%, fixed investment 29%, and net exports 1%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2020, manufactured products made up 72% of total merchandise exports, mineral fuels 3%, food 14%, ores and metals 2% and agricultural raw materials 4%, with other categories accounting for 5% of the total. In the same period, manufactured products made up 71% of total merchandise imports, mineral fuels 14%, food 8%, ores and metals 4% and agricultural raw materials 1%, with other goods accounting for 2% of the total. Total exports were worth USD 285 billion in 2022, while total imports were USD 272 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 2.4% in the decade to 2022. To read more about GDP growth in Thailand, go to our dedicated page.

Fiscal policy:

Thailand's fiscal deficit averaged 3.5% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 1.1% in the decade to 2022. For more information on Thailand's unemployment click here.

Inflation:

Inflation averaged 1.4% in the decade to 2022. Go to our Thailand inflation page for extra insight.

Monetary Policy:

Thailand's monetary policy rate ended 2022 at 1.25%, down from 2.75% a decade earlier. See our Thailand monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the baht weakened by 11.6% vs the U.S. dollar. For more info on the baht, click here.
Annual growth slowed in Q3 due to a faster contraction in government consumption and a softer increase in exports. Year-on-year GDP growth should have strengthened in Q4. Consumer confidence rose sharply in the quarter, with retail sales soaring yoy in October. That said, rising interest rates will have limited the improvement by restraining private sector activity, as signaled by contractionary PMI readings throughout the fourth quarter. Meanwhile, in early January, the government got the green light from the Council of State to borrow THB 500 billion (around USD 14.3 billion) to fund its cash handout scheme, a stimulus program that will be rolled out by May. Also in early January, the country reached a deal with China to permanently end visa requirements for each other's citizens from March, likely boosting tourist arrivals from its second-largest inbound market in 2023.
Projections out to 2033.

48 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 34 expert analysts.

Want to get insight on the economic outlook for Thailand in the coming years? FocusEconomics collects projections out to 2033 on 48 economic indicators for Thailand from a panel of 34 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Thailand economy. To download a sample report on the Thailand's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Thailand Economic Data

2018 2019 2020 2021 2022
Population (million) 69.4 69.6 69.8 70.0 70.1
GDP (USD bn) 506 544 500 506 496
GDP per capita (USD) 7,292 7,812 7,165 7,230 7,073
GDP (THB bn) 16,365 16,888 15,649 16,187 17,382
Economic Growth (Nominal GDP, ann. var. %) 5.7 3.2 -7.3 3.4 7.4
Economic Growth (GDP, ann. var. %) 4.2 2.1 -6.1 1.6 2.5
Domestic Demand (ann. var. %) 4.1 3.0 -1.5 1.7 4.1
Private Consumption (ann. var. %) 4.6 4.0 -0.8 0.6 6.2
Government Consumption (ann. var. %) 2.7 1.6 1.4 3.7 0.1
Fixed Investment (ann. var. %) 3.9 2.0 -4.7 3.1 2.3
Exports (G&S, ann. var. %) 3.4 -3.0 -19.7 11.1 6.1
Imports (G&S, ann. var. %) 8.3 -5.2 -13.9 17.8 3.6
Manufacturing Production (ann. var. %) 3.8 -3.4 -9.5 5.8 0.4
Retail Sales (ann. var. %) 10.8 3.2 -10.2 9.7 10.1
Unemployment (% of active population, aop) 1.1 1.0 1.7 1.9 1.3
Fiscal Balance (% of GDP) -2.5 -1.9 -6.8 -5.5 -2.7
Public Debt (% of GDP) 41.8 41.2 52.0 59.6 60.9
Inflation (CPI, ann. var. %, eop) 0.4 0.9 -0.3 2.2 5.9
Inflation (CPI, ann. var. %, aop) 1.1 0.7 -0.8 1.2 6.1
Inflation (Core, ann. var. %, aop) 0.7 0.5 0.3 0.2 2.5
Inflation (PPI, ann. var. %, aop) 0.5 -0.7 -1.6 4.7 10.4
1-Day Repurchase Rate (%, eop) 1.75 1.25 0.50 0.50 1.25
3-Month BIBOR (%, eop) 1.86 1.37 0.62 0.62 1.45
10-Year Bond Yield (%, eop) 2.45 1.50 1.17 1.95 2.52
Stock Market (ann. var. of SET %) -10.8 1.0 -8.3 14.4 0.7
Exchange Rate (THB per USD, eop) 32.56 29.95 29.96 33.41 34.64
Exchange Rate (THB per USD, aop) 32.33 31.05 31.29 32.01 35.07
Current Account Balance (USD bn) 28.5 38.3 20.9 -10.3 -15.7
Current Account Balance (% of GDP) 5.6 7.0 4.2 -2.0 -3.2
Merchandise Trade Balance (USD bn) 22.3 26.6 40.5 32.3 13.3
Merchandise Exports (USD bn) 251.0 242.7 226.9 270.7 284.9
Merchandise Imports (USD bn) 228.8 216.0 186.4 238.4 271.6
Merchandise Exports (ann. var. %) 7.6 -3.3 -6.5 19.3 5.2
Merchandise Imports (ann. var. %) 13.9 -5.6 -13.7 27.9 13.9
Foreign Direct Investment (USD bn) 11.1 3.1 -6.1 11.4 -
International Reserves (USD bn) 206 224 258 246 217
International Reserves (months of imports) 10.8 12.5 16.6 12.4 9.6
External Debt (USD bn) 163 173 190 196 200
External Debt (% of GDP) 32.2 31.7 38.0 38.8 40.4

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