How has the structure of Thailand’s GDP changed over the years?
GDP composition
GDP can be determined in three ways, all of which should, in principle, give the same result. They are the production (or output) approach, the income approach, and the expenditure approach. The expenditure approach is summarized in the formula: GDP = C (private consumption) + I (Investment) + G (public consumption) + X (export of goods and services) – M (import of goods and services).
The production approach measures the market value of all final goods and services calculated during the period. It sums up value add of each production process to avoid double counting. The value-added shares presented in the World Development Indicators for agriculture, industry, and services may not always add up to a hundred percent due to FISIM and net indirect taxes.
Thailand’s GDP composition
Since the 1980s, Thailand’s economy has relied more on X (export of goods and services). As with other Asian economies, Thailand followed the so-called export-led growth model of economic development, which had worked quite well until the recent global economic slowdown. On the production side, Industry (mainly Manufacturing) has gained more share of GDP at the expense of Agriculture.
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