![]() This is due to a large proportion of the population working in subsistence agriculture or on other vulnerable employment (own-account work and unpaid family work). Thailand is one of countries with the lowest unemployment rates in the world, reported as one percent for the first quarter of 2014. Despite a low per capita gross national income (GNI) of US$6,610 and ranking 83rd in the Human Development Index (HDI), the percentage of people below the national poverty line decreased from 65.26 percent in 1988 to 8.61 percent in 2016, according to the Office of the National Economic and Social Development Council's (NESDC) new poverty baseline. The nation is recognized by the World Bank as "one of the great development success stories" in social and development indicators. Thailand ranks second in Southeast Asia in external trade volume, after Singapore. Its surplus in the current account balance ranks tenth of the world, made US$37.898 billion to the country in 2018. In July 2018 Thailand held US$237.5 billion in international reserves, the second-largest in Southeast Asia (after Singapore). Its per capita GDP (US$7,273.56) in 2018, however, ranks fourth in Southeast Asian per capita GDP, after Singapore, Brunei, and Malaysia. Thailand is the second-largest economy in Southeast Asia, after Indonesia. Telecommunications and trade in services are emerging as centers of industrial expansion and economic competitiveness. Other service sectors (including the financial, education, and hotel and restaurant sectors) account for 24.9 percent of the country's GDP. The construction and mining sector adds 4.3 percent to the country's gross domestic product. Thailand's agricultural sector produces 8.4 percent of GDP-lower than the trade and logistics and communication sectors, which account for 13.4 percent and 9.8 percent of GDP respectively. The industrial and service sectors are the main sectors in the Thai gross domestic product, with the former accounting for 39.2 percent of GDP. Its currency, the Thai Baht, ranked as the tenth most frequently used world payment currency in 2017. The Thai economy was expected to post 3.8% growth in 2019. As of 2018, Thailand has an average inflation of 1.06% and an account surplus of 7.5% of the country's GDP. Thailand itself is a newly industrialized country, with a GDP of 16.316 trillion baht (US$505 billion) in 2018, the 8th largest economy of Asia, according to the World Bank. The economy of Thailand is dependent on exports, which accounted in 2019 for about sixty per cent of the country's gross domestic product (GDP). All values, unless otherwise stated, are in US dollars.
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