CIA Factbook The World Factbook 1994: ThailandEconomy Overview: 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 growth. With foreign investment slowing, Bangkok is working to increase the generation of domestic capital. Prime Minister CHUAN's government—Thailand's fifth government in less than two years—is pledged to continue Bangkok's probusiness policies, and the return of a democratically elected government has improved business confidence. Nevertheless, CHUAN must overcome divisions within his ruling coalition to complete much needed infrastructure development programs if Thailand is to remain an attractive place for business investment. Over the longer-term, Bangkok must produce more college graduates with technical training and upgrade workers' skills to continue its rapid economic development. National product: GDP—purchasing power equivalent—$323 billion (1993 est.) National product real growth rate: 7.8% (1993 est.) National product per capita: $5,500 (1993 est.) Inflation rate (consumer prices): 4.1% (1992 est.) Unemployment rate: 3.1% (1992 est.) Budget: • revenues: $21.36 billion • expenditures: $22.4 billion, including capital expenditures of $6.24 billion (1993 est.) Exports: $28.4 billion (f.o.b., 1992) • commodities: machinery and manufactures 76.9%, agricultural products 14.9%, fisheries products 5.9% (1992) • partners: US 22%, Japan 18%, Singapore 8%, Hong Kong 5%, Germany 4%, Netherlands 4%, UK 4%, Malaysia, France, China (1992) Imports: $37.6 billion (c.i.f., 1992) • commodities: capital goods 41.4%, intermediate goods and raw materials 32.8%, consumer goods 10.4%, oil 8.2% • partners: Japan 29.3%, US 11.4%, Singapore 7.6%, Taiwan 5.5%, Germany 5.4%, South Korea 4.6%, Malaysia 4.2%, China 3.3%, Hong Kong 3.3%, UK (1992) External debt: $33.4 billion (1991) Industrial production: growth rate 9% (1992); accounts for about 26% of GDP Electricity: • capacity: 10,000,000 kW • production: 43.75 billion kWh • consumption per capita: 760 kWh (1992) Industries: tourism is the largest source of foreign exchange; textiles and garments, agricultural processing, beverages, tobacco, cement, light manufacturing, such as jewelry; electric appliances and components, integrated circuits, furniture, plastics; world's second-largest tungsten producer and third-largest tin producer Agriculture: accounts for 12% of GDP and 60% of labor force; leading producer and exporter of rice and cassava (tapioca); other crops—rubber, corn, sugarcane, coconuts, soybeans; except for wheat, self-sufficient in food Illicit drugs: a minor producer of opium and marijuana; major illicit trafficker of heroin, particularly from Burma and Laos, for the international drug market; eradication efforts have reduced the area of cannabis cultivation and shifted some production to neighboring countries; opium poppy cultivation has been affected by eradication efforts; also a major drug money laundering center Economic aid: • recipient: US commitments, including Ex-Im (FY70-89), $870 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $8.6 billion; OPEC bilateral aid (1979-89), $19 million Currency: 1 baht (B)=100 satang Exchange rates: baht (B) per US$1—25.446 (December 1993), 25.400 (1992), 25.517 (1991), 25.585 (1990), 25.702 (1989) Fiscal year: 1 October-30 September