Thailand is a newly industrialized country. Its economy is heavily export-dependent, with exports
accounting for more than two-thirds of its gross domestic product (GDP). In 2012, according to the Office
of the National Economic and Social Development Board, Thailand had a GDP of 11.375 trillion baht
(US$366 billion). The Thai economy grew by 6.5 percent, with a headline inflation rate of 3.02 percent
and an account surplus of 0.7 percent of the country's GDP. In 2013, the Thai economy is expected to
grow in the range of 3.8-4.3 percent. During the first half of 2013 the Thai economy grew by 4.1 percent.
After seasonal adjustment, however, Thailand's GDP contracted by 1.7 percent and 0.3 percent in the first
and the second quarters of 2013 respectively.