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 THB11.375 trillion (USD366 billion).[2] The Thai economy grew by 6.5 percent,[2] with a headline inflation rate of 3.02 percent[5] and an account surplus of 0.7 percent of the country's GDP.[14] In 2013, the Thai economy is expected to grow in the range of 3.8-4.3 percent.[19] During the first half of 2013 (Q1-Q2/2013), the Thai economy grew by 4.1 percent (YoY).[19] After seasonally adjusted, however, the Thai GDP contracted by 1.7 percent and 0.3 percent in the first and the second quarters of 2013, respectively. Given a contraction in two consecutive quarters, technically speaking, the Thai economy is now in recession.