Central government revenue as share of GDP Thailand 2018-2023

In 2023, the revenue of the central government accounted for 15 percent of the GDP in Thailand, indicating a slight decrease from the previous year. Central government revenue comprises 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 
The Thai government’s annual revenue has developed an increasing trend since 2021, after dropping in 2020 due to the COVID-19 pandemic. Taxes were the main source of revenue for the central government in 2023. The value-added tax, followed by the corporate income tax, were the key contributors to the government’s revenue in the country.  


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 2023. Around 80 percent of the debt was attributed to the central government that year. Moreover, domestic debt accounted for a whopping almost nine trillion Thai baht of the total value of central government debt in 2023.