Thailand's Macroeconomic Analysis:
Nominal GDP of USD 495 billion in 2022.
Nominal GDP of USD 515 billion in 2023.
GDP per capita of USD 7,339 compared to the global average of USD 10,589.
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.
Average real GDP growth of 1.9% over the last decade.
Sector Analysis
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%.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.Main Economic Indicators
Economic growthThe 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.
Economic situation in Thailand
The economy was among the few in ASEAN that gained momentum in Q3: Annual GDP growth increased to 3.0% (Q2: +2.2% yoy), the highest rate since Q3 2022 and exceeding market expectations. Domestically, public consumption accelerated and total investment rebounded, outweighing the weakest rise in private consumption in more than two years. Externally, both exports and imports of goods and services growth improved from Q2. Heading into Q4, our Consensus is for GDP growth to hit an over two-year high as lower interest rates and the first disbursement from the government’s digital cash scheme support domestic demand. Additionally, growth in both tourist arrivals and goods exports rose in October from Q3. However, widespread floods due to Typhoon Yagi, which made landfall in early September, bode ill for the agricultural, industrial and services sectors in the quarter.Thailand Economic Forecasts
Projections out to 2034.51 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 35 expert analysts.
Want to get insight on the economic outlook for Thailand in the coming years? FocusEconomics collects projections out to 2034 on 51 economic indicators for Thailand from a panel of 35 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.