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2025/01/09 16:24:30

Economy of Thailand

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Content

The main articles are:

GDP

2023

0.5% of GDP comes from remittances from the United States

Data for 2023

Twentieth in the world in GDP by PPP

2023 data (in billions of international dollars)

2022

Thailand's share of global PPP GDP to 0.92%

Main article: World Economy

Source: Spydell Finance

GDP size - $0.52 trillion

Countries by GDP size in 2022, according to the IMF forecast for June

2021

GDP size - $0.55 trillion

GDP countries in the world in 2021 according to the estimates of the International Monetary Fund (IMF)

Cut GDP growth forecast to 2.8%

The Ministry of Finance of Thailand at the end of January 2021 lowered its forecast for GDP growth for 2021 to 2.8%, from 4.5%, which it predicted in October 2020.

2019: GDP $530 billion or $7,600 per capita

As of 2019

Non-financial debt

2022: Aggregate non-financial debt

Source: Spydell Finance, November 2022
Comparison of the 1 quarter of 2022 and the second quarter of 2008
Non-financial debt from September 2004 to March 2022

National debt

2023: State debt - 54% of GDP

Data for September 2023

2017: State debt - 33% of GDP

The ratio of public debt to the country's GDP, 2017

Currency: Bath

Main article: Digital baht of Thailand

Cryptocurrencies

Main article: Cryptocurrencies in Thailand

Inflation

2024: 1.8% in May

Investments

2021: 5.65 million NFT users

Data for 2021

Minerals

2021

Thailand's share in the global production of rare earth minerals - 2.9%

Data for 2021

Oil production per day

Oil production in thousands of barrels per day by country in 2021

Power

2020: Energy consumption per capita

and
Energy consumption per capita, including electricity, transport heating in 2019-2020

R&D

2020: R&D spending - $5.2 billion

R&D expenses, as of 2020

Tourism

2024

Tourist flow from Russia to Thailand increased by 18% to 1.7 million people

The number of Russian tourists visiting Thailand reached 1.7 million people in 2024, which is 18% more than in 2023. Such data from the Ministry of Tourism and Sports of Thailand became known in early January 2025.

According to TASS, Russia ranked fifth among all countries in terms of the number of tourists visiting the kingdom, repeating the record figure in 2013. The leading position is occupied by China with 6.7 million tourists, followed by Malaysia - 4.9 million, India - 2.1 million and South Korea - 1.9 million visitors.

Koh Nangyuan Island

The head of the tourism department of Thailand, Thapani Kiatphaibun, explained that the stable growth in the number of Russian tourists over the past three years has been due to the reorientation of tourist flows towards Asia and the Middle East. According to her estimates, the income from Russian tourists in 2024 amounted to about $5 billion.

The total flow of foreign tourists to Thailand reached 35.5 million people in 2024, which is 26% more than in 2023. However, this result did not exceed the record of 2019, when 40 million foreigners visited the country, and the share of the tourism industry in GDP was 12%.

Positive dynamics remains at the beginning of 2025 - in the first five days of January, Thailand received more than 500 thousand foreign guests, of which 47 thousand were tourists from Russia, providing the country with the third place in terms of the number of visits during this period.

The increase in tourist flow from Russia to Thailand demonstrates the growing popularity of the Asian destination among Russian travelers. This trend contributes to the strengthening of tourist ties between the two countries and the development of transport infrastructure to ensure the growing demand for air transportation.

The steady growth in the number of Russian tourists in Thailand also stimulates the development of tourist infrastructure aimed at Russian-speaking guests, including the expansion of the network of Russian-speaking guides and information services.[1]

Approaching tourist flow to the level before COVID-19

In October 2024, the Thai authorities expect the number of foreign tourists to reach 40 million in 2025, exceeding the record set before the COVID-19 pandemic.

2023: Growth of tourist flow from Russia 10 times to 203 thousand people in January

Russia took second place in terms of tourist flow to Thailand in January 2023, the number of tourists visiting the country increased 10 times compared to the same period last year to 203 thousand travelers.

2022: The flow of tourists from Russia to Thailand has grown 14 times to 435 thousand people

The tourist flow from Russia to Thailand in 2022 increased by more than 14 times compared to 2021 - up to 435 thousand people - ATOR.

2019

40 million foreign tourists

How dependent Thailand is on tourism:% of the industry in GDP

Which countries are most dependent on tourism,% of the industry in GDP, 2019

2018

Data for 2018

Thailand ICT Market

Main Article: Thailand ICT Market

Food industry

2021: 3rd in the world in terms of sugar production

2019: 3rd in the world in terms of palm oil production

Leading countries in palm oil production in 2019

Retail

2024: Thailand has small per capita retail space

In the United States, amid the growth of e-commerce, there is an excess of retail space, which is not yet in danger of Thailand. Data for 2024

2018: Minimum age to purchase alcoholic beverages

Data for 2018

Foreign trade

Trade with Russia

Main article: Trade between Russia and Thailand

2024

Take-off of exports to Kyrgyzstan

Thailand's exports to Kyrgyzstan rose sharply in July 2024.

It is believed that Thailand has joined the "transshipment" of Western goods to Russia.

The US is becoming the main export destination

2023: World No. 2 rice exporter

2022

The United States is the largest export destination

According to data available for August 2023.

No. 2 in the world in terms of rice exports

Largest rice exporters in 2021-2022

2021: China's tenth largest trading partner

2019: Computer Device Exports

The volume of exports of computer devices in countries of the world, 2019

Agriculture

2021: 7th in the world for pineapples - 1.73 million tons

Data for 2021

2019: Low use of pesticides in agriculture

As of 2019

Real estate

2023: Chinese and Russians top list of foreign condo buyers in Thailand

The Chinese and Russians topped Thailand's list of foreign condo buyers in 2023, with sales soaring at tourist destinations such as Bangkok, Pattaya and Phuket. Sales rose 38% to 10,703 units in the first nine months of the year.

Unemployment

2020: Unemployment rate - 1%

Countries around the world in terms of unemployment in 2020

Incomes of the population

2023: Minimum wage - $195

Minimum wage in countries of the world for January 2023

Hunger

The percentage of starving of the total population in countries of the world. 2019

Consumption

Meat

2023: Fish consumption is higher than meat consumption

The most consumed type of meat (including fish and seafood) according to data available for June 2023.

2019: Pork is the most consumed type of meat

Data for 2019

Notes