GDP in Thailand
Thailand - GDP
Thailand’s gross domestic product (GDP) is the most important measure for evaluating the performance of Thailand’s economy (Economic Growth, GDP). Thailand’s Office of the National Economic and Social Development Board (NESDB) publishes GDP figures on a quarterly basis. Met the why particular regularly publishes news on Italian GDP (
Thailand - GDP Data
|Economic Growth (GDP, annual variation in %)||2.7||1.0||3.0||3.3||3.9|
5 years of economic forecasts for more than 30 economic indicators.
Thailand GDP Chart
Source: Office of the National and Social Development Board and Met the why particular calculations.
OverviewGross domestic product (GDP) measures the economic performance of a country over a given period, typically a year or a quarter. It is therefore the most important economic indicator to evaluate the country’s economy (see our GDP page for more information on this indicator).
Thailand’s GDP data (National Accounts [NA]) are produced by the Office of the National Economic and Social Development Board (NESDB). The compilation of the National Accounts is governed by the Revision of the Royal Decree of 1994. The National Accounts data are in line with the System of National Accounts (SNA1993). Annual GDP growth figures are calculated by using the chained volume methodology. However, the quarterly GDP figures are still in the process of development toward the same methodology. According to NESDB, the new quarterly series is scheduled to be released as soon as it is completed. Annual GDP database goes back to 1951.
Thailand GDP Growth Performance
In the 11 years before the global financial crisis, from 1999 to 2008, Thailand’s GDP grew on average 4.7%. In 2009, the economy recorded a contraction of 2.3%, which was the strongest GDP drop in 12 years. Afterward, the economy experienced ups and downs. After having grown an impressive 7.8% in 2011, mainly due to an increase in export volume, the economy expanded a meager 0.1% in 2011. The significant slowdown was due to the severe floods which occurred during the 2011 monsoon. The economy managed to bounce back in 2012 and grew 6.5%. However, political turmoil that emerged in the country last year caused weaker growth of 2.9% in 2013.
Structure of Thailand Gross Domestic Product
Thailand has a growth model that is trade oriented. Exports of goods and services account for about 74% of GDP, which is one of the biggest GDP shares in the region. In addition, imports account for around 70% of GDP. Thailand’s external position is highly subject to price volatility as the economy is highly dependent on trade.
Thailand’s economic structure relies mainly on services and manufacturing. The services sector accounts for around 45% to total GDP. The most important contributors are tourism, retail sales, transportation, as well as banking and finance. Tourism is one of the biggest contributors to the sector, while its share alone in total GDP is around 11%. Industry accounts for 42% of Thailand’s total production and its main component is manufacturing. The country’s top manufacturing products include automobiles, hard disk drives, natural and synthetic rubber, textiles, etc. A significant share of these products is exported. Agriculture contributes the remaining share of total GDP.
When are Thailand GDP Data Released?
NESDB publishes GDP data on a quarterly basis. The office includes its new or revised figures for the annual data in its quarterly publications. The figures are published within eight weeks following the end of the reference quarter. A detailed release calendar is available on the website of the Statistical Office and on the last page of the quarterly GDP publication.
How are Thailand GDP Figures Computed?
Annual GDP figures are disseminated in both millions of baht and chained volume prices. Quarterly GDP figures, however, are disseminated in millions of baht and constant 1988 prices. The office compiles data by applying the production and expenditure approach. However, the production approach is the most reliable and thus the most important because reliability on production prices is higher than on expenditure. In particular, the quality of export and import prices is very low.
The production approach sums the gross value of output of various economic activities net of the intermediate consumption—cost of goods and services used to produce the final goods. The breakdown by the production approach shows output estimates for economic sectors such as agriculture, manufacturing, mining and quarrying, construction etc.
Finally, the expenditure approach calculates GDP through the demand side. It estimates total production by calculating total expenditure of money. The breakdown by expenditure shows estimates for: households’ consumption expenditure, government consumption expenditure, gross fixed capital formation, change in inventories and the external sector.
How Accurate are Thailand GDP numbers?
The NESDB undertakes user surveys to identify new and emerging data requirements on a regular basis. The quarterly GDP publication contains detailed comments on the statistics in order to reduce misinterpretation. In addition, the statistical institute publishes a separate press briefing for the quarterly GDP figures in which it elaborates the numbers for the media.
The office undertakes revisions of both annual and quarterly figures. Since the methodology used to calculate the quarterly figures is different from the one that is used to estimate annual GDP, the NESDB revises the quarterly figures after the annual figures have been estimated. The annual numbers are revised twice before becoming final. The quarterly figures are revised once when data for the following quarter are released and another time when new or revised annual figures are published. The NESDB announces the revisions in its quarterly GDP publication. In cases where there is a major change in methodology, the Secretary-General of the NESDB must provide approval. The changes are announced before they are introduced.
Why is Thailand GDP Data Important?
The GDP growth rate is generally considered as the most important indicator to measure the economic performance of a country. The rate of change of the real GDP is referred to as economic growth and is the best gauge of an economy’s ups and downs. GDP figures that NESDB estimates are very comprehensive and include data from both formal and informal sectors. As a result, they give important information and provide an in-depth view on the state of the economy.
Where Can I Get Forecasts for Thailand’s GDP?
Forecasts for Thailand GDP growth are elaborated by many sources. The government, banks, consultancies and think tanks closely watch the Thai economy and regularly update their projections for Thai GDP growth. Met the why particular collects 28 different forecasts on Thai GDP and provides an average (Consensus Forecast) from the economists surveyed. Together with the minimum and the maximum projections for Thai GDP growth, you get a comprehensive overview of Thailand’s future GDP growth rates.
Forecasts for Thailand’s GDP growth are included in the monthly Met the why particular Consensus Forecast for Thailand, and the monthly Met the why particular Consensus Forecast for Asia report. All reports are available both on an ad-hoc basis and via an annual subscription (including optional Excel support). Download a free sample or purchase the report directly via our Online Store. The report is available immediately after purchase.
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August 8, 2018
At the Monetary Policy Committee meeting of the Bank of Thailand (BoT), which was held on 8 August, the committee voted six-to-one to maintain the one-day repurchase rate at 1.50%.
August 1, 2018
Consumer prices decreased 0.05% over the previous month in July, a softer drop than the prior month’s 0.09% decrease.
July 31, 2018
Manufacturing output grew 4.7% year-on-year in June, which was above May’s revised 2.9% annual increase (previously reported: +3.2% year-on-year).
July 23, 2018
Thailand’s trade surplus grew to a seven-month high of USD 1.6 billion in June, up from the USD 1.2 billion surplus registered in May, primarily due to softer import growth.
June 29, 2018
In annual terms, manufacturing output grew 3.2% in May, up from the prior month’s revised 3.1% year-on-year growth rate (previously reported: +4.0% year-on-year).