Gross Domestic Product of Thailand. GDP growth rates.
Updated February 2021 with latest available data available from World Bank and NESDB of Thailand. For 2020 update by Quarter, go here
According to NESDC (Office of National Economic and Social Development Council, previously named NESDB) 2020, GDP value at current priceswas at 15.7 trillion Thai Baht or 501.8 billion U.S. Dollar. GDP per capita was 225,914 Thai Baht per person per year or 7,219.2 U.S. Dollar per person per year).
GDP Growth is negative compared to 2019, at -6.1 %. This compares to negative growth of -3.5 % for the U.S.A., about -5.0 % for the Eurozone, and positive growth in China of around 2.3 %. Most countries in the region, all suffering from the effect of the Covid-19 Pandemic and the goverments's response to it, had similar growth figures as Thailand, with the clear exceptions of Taiwan (+3.0 %) and Vietnam (+2.9 %).
Generally speaking, countries that were less affected (or faster or better responding to) Covid-19 seem to have the better GDP numbers. Since Thailand was only affected in the minor way during the initial spreading phase of the virus, it should have recovered faster than the present numbers indicate. However, things are compounded by the fact that a big chunk of Thailand's income derives from international tourism, which suffered a lot since March 2020, when for all practical purposed the borders were closed for tourist arrivals.
The Data Below do not yet include the numbers of 2020. World Bank data are usually delayed by 1 or 2 years.
Below, the data as available also by the World Bank. PPP (purchasing power parity) method is used here, which makes for quite a difference. For 2019, GDP per Capita of 7,853 U.S. Dollar corresponds to GDP per Capita by purchasing power parity of no less than 19.277 U.S. Dollar. Simply put, a U.S. Dollar gets you much further when buying or producing goods in Thailand than in the U.S. According to its GDP by PPP method, Thailand seems to be a 'middle-income' country.
Thailand GNI per Capita, as provided by World Bank, February 2021.
GDP Growth since 1980
GDP Growth in Thailand from 1980 till 2020.
Thailand Gross Domestic Product has been growing substantially over the last few decades, though not consistently. Between 1960 and the Asian crisis of 1997, GDP annual growth oscillated between 5 and around 10 percent per year.
From 1988 to 1990 there was growth substantially higher than 10 %.
The Asian economic crisis of 1997 caused a first (and substantial) drop into negative territory. Afterwards growth overall seems to trend around 5 % per year. A second dip into negative territory occurred with the global crisis of 2008-2009 with negative growth of -1.19 % in Thailand in 2009. Growth in 2010 was measured at 7.0 %, this despite significant policital disturbances.
2011 showed minor growth overall of 0.36 %, related to heavy flooding in North en Central Thailand at the end of that year. Strong rebound to 6.75 % the following year. In the following years up to now, growth was lower than generally wished for, always remaining below 5 %. In 2017 growth measured 3.67 %, in 2018 4.2 %, and in 2019 a meagre 2.3 %.
For 2020, the number stands at GDP Growth of -6.1 %. Actually, we would expect an even worse number, seeing the decrease in tourism income, and the decrease in exports. There was some growth in government expenditure, according to NESDC, but not in a convincing way.
GDP Composition by Expenditure (new data estimates for 2020, NESDC)
GDP Composition for Thailand by Expenditure for 2020 (est.) :
(*) : Exports of Goods and Services 51.8%, Imports of Goods and Services 46.8 %.
Total GDP for 2020 : 15,602 billion Thai Baht
Private Consumption : 8,304 billion Thai Baht
Government Consumption : 2,779 billion Thai Baht
Exports (+Services) : 8,076 billion Thai Baht ; Imports (+Services) : 7,302 billion Thai Baht
Gross Fixed Capital Formation : 3,621 billion Thai Baht ; Inventories + 125,1 billion Thai Baht