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Economic overview
Thailand — 36 years of data
Historical Values
| Year | Value |
|---|---|
| 1990 | Thailand, one of the more advanced developing countries in Asia, enjoyed its second straight exceptionally prosperous year in 1989. Real output again rose about 11%. The increasingly sophisticated manufacturing sector benefited from export-oriented investment, and agriculture grew by 4.0% because of improved weather. The trade deficit of $5.2 billion was more than offset by earnings from tourism ($3.9 billion), remittances, and net capital inflows. The government has followed a fairly sound fisc |
| 1991 | Thailand, one of the more advanced developing countries in Asia, enjoyed a year of 9% growth in 1990, although down from the double-digit rates of 1987-89. The increasingly sophisticated manufacturing sector benefited from export-oriented investment, but the agricultural sector contracted 2%, primarily because of weaker demand in Thailand's major overseas markets for commodities such as rice. The trade deficit almost doubled in 1990, to $9 billion, but earnings from tourism ($4.7 billion), remit |
| 1992 | Thailand, one of the more advanced developing countries in Asia, enjoyed a year of 8% growth in 1991, although down from an annual average of 11% growth between 1987 and 1990. The increasingly sophisticated manufacturing sector benefited from export-oriented investment. The manufacturing and service sectors have accounted for the lion's share of economic growth. Thailand's traditional agricultural sector continued to become less important to the overall economy in 1991. The trade deficit continu |
| 1993 | Thailand's economy recovered rapidly from the political unrest in May 1992 to post an impressive 7% growth rate for the year. Thailand, one of the more advanced developing countries in Asia, depends on exports of manufactures and the development of the service sector to fuel the country's rapid growth. The trade and current account deficits fell in 1992; much of Thailand's recent imports have been for capital equipment suggesting that the export sector is poised for further growth. With foreign |
| 1994 | Thailand's economy recovered rapidly from the political unrest in May 1992 to post an impressive 7.5% growth rate for the year and 7.8% in 1993. One of the more advanced developing countries in Asia, Thailand depends on exports of manufactures and the development of the service sector to fuel the country's rapid growth. The trade and current account deficits fell in 1992; much of Thailand's recent imports have been for capital equipment suggesting that the export sector is poised for further gro |
| 1995 | Thailand's economy recovered rapidly from the political unrest in May 1992 to post an impressive 7.5% growth rate for the year, 7.8% in 1993, and 8% in 1994. One of the more advanced developing countries in Asia, Thailand depends on exports of manufactures and the development of the service sector to fuel the country's rapid growth. Much of Thailand's recent imports have been for capital equipment, suggesting that the export sector is poised for further growth. With foreign investment slowing, B |
| 1996 | One of the more advanced developing countries in Asia, Thailand depends on exports of manufactures - including high-technology goods - and the development of the service sector to fuel the country's rapid growth, averaging 9% since 1989. Most of Thailand's recent imports have been for capital equipment and raw materials, although imports of consumer goods are beginning to rise. Thailand's 35% domestic savings rate is a key source of capital for the economy, and the country is also benefiting fro |
| 1997 | One of the more advanced developing countries in Asia, Thailand depends on exports of manufactures - including high-technology goods - and the development of the service sector to fuel the country's rapid growth, averaging 9% since 1989. Most of Thailand's recent imports have been for capital equipment and raw materials, although imports of consumer goods are beginning to rise. Thailand's 35% domestic savings rate is a key source of capital for the economy, and the country is also benefiting fro |
| 1998 | In 1997/98, the Thai economy is in a deep recession as a result of the severe financial problems facing many Thai firms, particularly banks and finance companies. In the early 1990s, Thailand liberalized financial inflows; banks and other firms borrowed in dollars and did not hedge their positions because there was no perceived exchange rate risk. These funds financed a property boom that began to taper off in the mid-1990s. In addition, export growth - previously a key driver of the Thai econom |
| 1999 | After months of speculative pressure on the Thai baht, the government decided to float the currency in July 1997, the symbolic beginning of the country's current economic crisis. The crisis--which began in the country's financial sector--has spread throughout the economy. After years of rapid economic growth averaging 9% earlier this decade, the Thai economy contracted 0.4% in 1997 and shrunk another 8.5% in 1998. In the years before the crisis, Thailand ran persistent current account deficits. |
| 2000 | After enjoying the world's highest growth rate from 1985 to 1995 - averaging almost 9% annually - increased speculative pressure on Thailand's currency in 1997 led to a crisis that uncovered financial sector weaknesses and forced the government to float the baht. Long pegged at 25 to the dollar, the baht reached its lowest point of 56 to the dollar in January 1998 and the economy contracted by nearly 10% that same year. Thailand entered a recovery stage in 1999; preliminary estimates are that th |
| 2001 | After enjoying the world's highest growth rate from 1985 to 1995 - averaging almost 9% annually - increased speculative pressure on Thailand's currency in 1997 led to a crisis that uncovered financial sector weaknesses and forced the government to float the baht. Long pegged at 25 to the dollar, the baht reached its lowest point of 56 to the dollar in January 1998 and the economy contracted by 10.2% that same year. Thailand entered a recovery stage in 1999, expanding 4.2% and grew about the same |
| 2002 | After enjoying the world's highest growth rate from 1985 to 1995 - averaging almost 9% annually - increased speculative pressure on Thailand's currency in 1997 led to a crisis that uncovered financial sector weaknesses and forced the government to float the baht. Long pegged at 25 to the dollar, the baht reached its lowest point of 56 to the dollar in January 1998 and the economy contracted by 10.2% that same year. Thailand entered a recovery stage in 1999, expanding 4.2% and grew 4.4% in 2000, |
| 2003 | Thailand has a free enterprise economy and welcomes foreign investment. Exports feature computers and electrical appliances. After enjoying the world's highest growth rate from 1985 to 1995 - averaging almost 9% annually - increased speculative pressure on Thailand's currency in 1997 led to a crisis that uncovered financial sector weaknesses and forced the government to float the baht. Long pegged at 25 to the dollar, the baht reached its lowest point of 56 to the dollar in January 1998, and the |
| 2004 | Thailand has a free-enterprise economy and welcomes foreign investment. Exports feature textiles and footwear, fishery products, rice, rubber, jewelry, automobiles, computers and electrical appliances. Thailand has recovered from the 1997-98 Asian Financial Crisis and was one of East Asia's best performers in 2002. Increased consumption and investment spending and strong export growth pushed GDP growth up to 6.3% in 2003 despite a sluggish global economy. The highly popular government has pushed |
| 2005 | Thailand has a well developed infrastructure, a free-enterprise economy, and welcomes foreign investment. Thailand has fully recovered from the 1997-98 Asian Financial Crisis and was one of East Asia's best performers in 2002-04. Increased consumption and investment spending and strong export growth pushed GDP growth up to 6.9% in 2003 and 6.1% in 2004 despite a sluggish global economy. The highly popular government's expansionist policy, including major support of village economic development, |
| 2006 | 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 m |
| 2007 | 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 |
| 2008 | With a well-developed infrastructure, a free-enterprise economy, and generally 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 strong export growth, the Thai economy grew 4.5% in 2007. Bangkok has pursued preferential trade agreements with a variety of partners in an effort to boost exports and to maintain high growth. By 2007, the tourism sector had largely reco |
| 2009 | With a well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand was one of East Asia's best performers from 2002-04, averaging more than 6% annual real GDP growth. However, overall economic growth has fallen sharply - averaging 4.9% from 2005 to 2007 - as persistent political crisis stalled infrastructure mega-projects, eroded investor and consumer confidence, and damaged the country's international image. The growth rate fell to 2.6% in 2008. Exp |
| 2010 | With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2008 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thaila |
| 2011 | With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thaila |
| 2012 | With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities and processed foods. Bangkok is trying to maintain growth by encouraging domestic consumption and public investment. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressur |
| 2013 | With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of t |
| 2014 | With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million |
| 2015 | With a well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies Thailand has historically had a strong economy due in part to competitive industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. The economy experienced slow growth and declining exports in 2014, in part due to domestic political turmoil and sluggish global demand. With full employment, Thailand attracts an estimated 2-4 mi |
| 2016 | With a well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand historically has had a strong economy, but it experienced slow growth in 2013-15 as a result of domestic political turmoil and sluggish global demand, which curbed Thailand’s traditionally strong exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Following the May 2014 coup d'etat, tourism decreased 6-7% but is beginning to recover. The |
| 2017 | With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two-thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about |
| 2018 | With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two-thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about |
| 2019 | With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about |
| 2020 | With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about |
| 2021 | With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two thirds of GDP. Thailand s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about |
| 2022 | With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two thirds of GDP. Thailand s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about |
| 2023 | upper middle-income Southeast Asian economy; substantial infrastructure; major electronics, food, and automobile parts exporter; globally used currency; extremely low unemployment; ongoing Thailand 4.0 economic development |
| 2024 | upper middle-income Southeast Asian economy; substantial infrastructure; major electronics, food, and automobile parts exporter; globally used currency; extremely low unemployment; ongoing Thailand 4.0 economic development |
| 2025 | upper middle-income Southeast Asian economy; substantial infrastructure; major electronics, food, and automobile parts exporter; globally used currency; extremely low unemployment; ongoing Thailand 4.0 economic development |