Thai Economy in Q1 2024 and Outlook for the Year
Thailand’s Nominal GDP in Q1 2024 was 514.3 billion USD, with a GDP per capita of 7,324.3 USD. As of June 2024, the Public Debt to GDP ratio stood at 63.4%, which while high, is manageable under current conditions. International reserves remained robust at 223.3 billion USD (March 2024), providing a buffer against external shocks.
The estimated annual trade forecast showed an export value of 285.7 billion USD and an import value of 275.3 billion USD for Q1 2024, resulting in a trade surplus of 10.4 billion USD. This positive trade balance highlights Thailand’s competitiveness in international markets.
Top export destinations in Q1 2024 included the USA, China, and Japan, with cars, computers, and jewelry among the top export products. Thailand’s top imports originated from China, Japan, and the USA, with crude oil and electrical integrated circuits being the leading imports.
The tourism sector continued its post-pandemic recovery with 9.37 million international tourist arrivals in Q1 2024, compared to 28.15 million in the whole of 2023. Tourists from China, Malaysia, and Russia made up the largest groups, indicating renewed interest in Thailand as a travel destination.
Looking ahead, economic agencies predict growth between 2.0% and 3.0% for 2024. Key forecasts include: