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Bangkok, the powerhouse of Thailand's economy, made up 52% of the country's total GDP in 2016. Major infrastructure facilities, a seaport and Bangkok International Airport, are the key drivers of international trade and tourism. Bangkok's financial centre is home to multiple banks of Thailand and the country's largest companies. Together commerce and business services made up half of Bangkok's economy in 2016. Higher incomes in turn are driving population growth in Bangkok.
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Considering the status of Thailand's main economic centre, Bangkok is characterised by enormously higher labour productivity compared to the rest of the country (+222% in 2016). The city benefits from a better educated population (21% of its population aged 15+ had higher education in 2016, versus 9% in the rest of Thailand) and a strong orientation towards business services.
High labour productivity generates higher disposable income per household in Bangkok - which was twice as high in the city compared to the rest of the country in 2016. As a result of better-paid jobs, Bangkok is a magnet for rural Thai inhabitants.
Concentration of Thailand's wealthiest households in the capital and booming international tourism (Bangkok was the most visited global destination in 2016) ideally reflects household budget structure in the city. Consumer expenditure per household (excluding housing and transport) was 51% higher in Bangkok than in the rest of Thailand in 2016.
As of 2016, consumer expenditure on transport and housing was 238% higher in Bangkok, compared to the rest of the country. This difference is influenced by the motorisation rate being five times higher in Bangkok than in the rest of Thailand. As of 2016, average real estate prices continued to rise (5-10% growth compared to 2015) in Bangkok, due to the increase in Bangkok's overall land prices, although housing is still more affordable compared to regional cities, such as Singapore.
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