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).[21] The Thai economy grew by 6.5 percent,[21] with a headline inflation rate of 3.02 percent[5] and an account surplus of 0.7 percent of the country's GDP.[16] In 2013, the Thai economy is expected to grow in the range of 3.8–4.3 percent.[22] During the first half of 2013 (Q1-Q2/2013), the Thai economy grew by 4.1 percent (YoY).[22] 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.