The economy of Thailand is heavily dependent on exports, which accounts for more than two-thirds of the country's gross domestic product. Thailand itself is a newly industrialized country, with a GDP of 16.316 trillion baht in 2018, the 8th largest economy of Asia, according to the World Bank

Recent Macro

Recent Macro

  • GDP expanded 2.4% YoY in Sep 2019, following a growth of 2.3 % in the previous quarter. 

  • The data reached an all-time high of 15.3% in Dec 2012 and a record low of -12.2% in Jun 1998

  • The World Bank downgraded Thailand's economic growth outlook for 2020 to 2.7%, but the latest revised figure is still higher than the bank’s growth estimate of 2.5% for last year

  • Thailand ranked 21st in the World Bank’s Ease of Doing Business Index

  • The Gross Domestic Product per capita in Thailand was last recorded at US$ 6361 in 2018

  • GDP per capita in Thailand averaged US$ 2710 from 1960 until 2018 (source: World Bank)

 

Key Info

Key Info

Currency

  • Currency of Thailand is the Thai Baht (THB)

Climate

  • Tropical monsoon climate with high humidity

  • Mean annual temperature of 27℃ (82°F)

  • 3 distinct seasons: Hot season March - May; Rainy season June - October; Cool season November - February 

Tax

  • Withholding tax rate is set progressively based on the appraised value and years of ownership

  • Stamp duty of 0.5% is paid by the seller at point of sale of property
Hospitality

Hospitality

  • Travel & Tourism in Thailand grew by 6% in 2018 - almost double the global average of 3.9%

  • Number of international tourist arrivals to Thailand in 2018 reached 38 million people, up 7.1 percent YoY. 40 million arrivals are forecast for 2019

  • Revenue in the Hotels segment is forecast to amount to US$ 1,351m in 2020

  • The average revenue per user (ARPU) currently sits at US$166.70

  • Chinese tourists account for 27% of all international arrivals
Property

Property

  • The property market cooled in 2018, with price increases of around 2-3% 

  • Foreigners may own condominium properties as freehold provided 51% of units in the condominium are available to local ownership

  • Foreigners cannot own land but may purchase a leasehold interest in it for 30 years which is then renewable

  • Legal fees tend to be a fixed cost (up to 2%) and stamp duty is paid by the seller
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