Thailand gains income mainly from the industries. Although it is a new industrial nation, it performs a significant economic growth. The nation’s economy depends mostly on export.
Data shows that exports support more than two-thirds of income from its gross domestic product or GDP. With a low inflation rate, the Thai economy shows notable growth.
The major sector that supports Thai GDP is the industrial and service sectors. Yet, those sectors produce GDP lower than the trades and communication. Then, it is followed by the construction and mining sector.
Agriculture, forestry, and fishing
Agriculture, forestry, and fishing provide up to 8.4 percent of GDP in 2008. In the rural region, farm jobs can support almost half of employment.
Rice is their major contributor that makes this nation well-known for its rice exporter. However, its rice export is not as much as India and Vietnam.
Aside from rice, it has many other farming products for export. Shrimps become the second-largest export after rice. Then, it is followed by rubber, sugarcane, coconuts, soybeans, corn, and tapioca.
Electronics is also the largest export in Thailand. It provides 15 percent of the total product exports.
This nation is the second biggest hard disk drives makers in the world, and the first is lead by China. It involves Seagate Technology among the producers.
In ASEAN, Thailand is the capital for vehicle manufacturing. The production of vehicles is double in 2001 if you compare it with the product in 2004.
There are several popular automobile brands located in Thailand, for example, Ford and Toyota. This automotive expansion improves the production of domestic steel.
Thailand consumes energy approximately 0.7 percent of world energy consumption in total. It is a pure importer of natural gas and oil.
Nowadays, the government tries to promote ethanol to lessen the imports of petroleum. Besides, it can reduce additive ingredients in gasoline.
Apart from the above industries, there are service sectors that support the nation’s economic income. It includes the tourism sector.
Tourism is the second largest contributor after the agriculture industry. It shares a significant contributor to GDP. The tourist from both domestics and foreigners increase the nation’s income.
If you compare to any other nation in ASEAN, tourism supports Thailand’s economic growth. Multiple reasons bring tourists to visit this nation, mainly for leisure activity.
Banking and Finance
Thailand also has several commercial banks from national to international banks. Many factors can affect economic stability. One of the common things is the political factor.
Economic stability brings trust to investors that also happens in Thailand’s banking and finance system. They are investing because they trust in the nation’s economic stability. Here, you will easily find some commercial banks or specialized banks, both national and internationally owned.
The retail industry can absorb millions of Thai workers. Most retail companies http://184.108.40.206 not only come from large multinational and national but also from small businesses.