Central government revenue as share of GDP Thailand 2018-2022
In 2022, the revenue of the central government accounted for almost 15 percent of the GDP in Thailand, indicating a slight decrease from the previous year. The central government revenue is comprised of taxes, grants, and others. Moreover, as a service-oriented economy rather than an agricultural one, Thailand relies heavily on its tourism industry, to help rake in the annual revenue earnings.
Revenue of the government in Thailand
Although the Thai government’s annual revenue seems to have developed an increasing trend since 2017, its share in the nation’s GDP has been on the decline since 2016. The central government revenue of 2020 was primarily tax-fueled which accounted for over 14 percent of the GDP. The value added tax followed by the corporate income tax were key contributors of the government’s revenue in that year.
Government debt in Thailand
Over the years, not only has a gradual increase in the government’s expenditure been recorded but so has the increment in the value of public debt accrued until 2019. Around 80 percent of the debt was attributed to the central government. Of the total value of central government debt in 2019, domestic debt accounted for a whopping 5.5 trillion Thai baht.
Revenue of the government in Thailand
Although the Thai government’s annual revenue seems to have developed an increasing trend since 2017, its share in the nation’s GDP has been on the decline since 2016. The central government revenue of 2020 was primarily tax-fueled which accounted for over 14 percent of the GDP. The value added tax followed by the corporate income tax were key contributors of the government’s revenue in that year.
Government debt in Thailand
Over the years, not only has a gradual increase in the government’s expenditure been recorded but so has the increment in the value of public debt accrued until 2019. Around 80 percent of the debt was attributed to the central government. Of the total value of central government debt in 2019, domestic debt accounted for a whopping 5.5 trillion Thai baht.
