Thailand Services vs Industrial Revenue Growth 2015-2025
In short
Services revenue grew far faster than industrial revenue in Thailand over the past decade. Grouping the 21 TSIC sections into a services block and an industrial block, services revenue climbed from 21.6 trillion baht in 2015 to 43.4 trillion baht in 2025, up 101.0 percent. Industrial revenue rose from 19.0 trillion baht to 23.9 trillion baht, up just 25.7 percent. Services now make up 64.4 percent of the two blocks combined, up from 53.1 percent a decade earlier. The comparison uses 2015 and 2025 endpoints to sidestep a reporting spike in 2018.
Has Thailand's services economy or its industrial economy grown faster?
Services won this decade by a wide margin. Grouping the 21 TSIC industry sections into a services block, covering trade through arts and other services, and an industrial block, covering mining, manufacturing, electricity and gas, water and waste, and construction, reported services revenue climbed from 21.6 trillion baht in statement year 2015 to 43.4 trillion baht in statement year 2025 (DBD, 2026). That is growth of 101.0 percent, a rough doubling. Industrial revenue moved from 19.0 trillion baht to 23.9 trillion baht over the same ten years, growth of just 25.7 percent. In percentage terms services grew nearly four times faster than industry. Ten years ago the two blocks were close to even, with services holding 53.1 percent of their combined revenue. By 2025 services held 64.4 percent.
Reported revenue by economic block, 2015 versus 2025
- Services, 201522
- Industry, 201519
- Services, 202543
- Industry, 202524
Figures in trillion baht, statement year revenue.
Services revenue nearly doubled in a decade. Industrial revenue crept up by about a quarter.
Services versus industry, ten years apart
| Economic block | 2015 revenue, THB tn | 2025 revenue, THB tn | 10-year change | Companies 2015 | Companies 2025 |
|---|---|---|---|---|---|
| Services | 22 | 43 | +101.0% | 342,987 | 540,438 |
| Industry | 19 | 24 | +25.7% | 133,146 | 164,826 |
Reported revenue and filing companies by economic block for statement years 2015 and 2025, as of 7 Jul 2026. Revenue is in trillion baht.
Why this matters
A decade of company filings tells the same story that national accounts tell at the macro level. The World Bank puts services at close to three fifths of Thai GDP in recent years, against roughly a quarter to three tenths for industry, and the registry data shows that gap widening rather than closing (World Bank, 2025). Part of the shift is simply more companies. The services block gained 197,451 filing companies over the decade, a rise of 57.6 percent, while industry gained 31,680, a rise of 23.8 percent. But company growth alone does not explain it. Average revenue per filing services company rose from 62.9 million baht to 80.2 million baht, a gain of 27.6 percent, while average revenue per filing industrial company barely moved, from 143.0 million baht to 145.3 million baht. Thailand's growth over this decade came from more service businesses each doing more business, not from industry standing still in absolute terms but from industry standing still relative to everything else. A construction boom or a factory expansion still makes headlines. The registry says the quieter story, of clinics, logistics firms, professional services and platforms adding revenue year after year, is the bigger one.
Definitions
- Statement year
- The financial year that a filed statement covers. Thai registry years use the Buddhist calendar, so statement year 2568 is calendar year 2025 and statement year 2558 is calendar year 2015.
- Services block
- The group of TSIC industry sections from wholesale and retail trade through extraterritorial organizations, used in this comparison to represent service-producing activity.
- Industrial block
- The group of TSIC industry sections covering mining and quarrying, manufacturing, electricity and gas, water and waste, and construction, used in this comparison to represent goods-producing and utility activity.
- Endpoint comparison
- Comparing only the first and last year of a period rather than every year in between, used here to avoid a known one-year reporting distortion in statement year 2018.
- Reported revenue
- The total revenue reported in the financial statements filed by companies for a given statement year. It reflects only companies that filed a statement, not the full size of the underlying market.
Assumptions
- Agriculture, TSIC section A, is treated as neither services nor industry and is excluded from both blocks.
- Only companies that filed a financial statement for the given statement year contribute to that year's total, so totals rise partly because more companies file over time.
- Values are nominal baht and are not adjusted for inflation, so part of each block's growth reflects rising prices rather than higher real output.
- A small residual of company revenue, under one percent of the whole-economy total for either year, sits outside the 21 classified TSIC sections and is not part of either block.
- Statement year 2018 is excluded from the growth calculation because of a known one-time spike in reported revenue as registry coverage expanded that year.
Methodology
Revenue figures are aggregate reported revenue for companies with a filed financial statement, drawn from the Department of Business Development registry as of 7 July 2026. The 21 TSIC industry sections were split into two blocks. The industrial block covers sections B mining and quarrying, C manufacturing, D electricity and gas, E water supply and waste, and F construction. The services block covers the remaining sections from G wholesale and retail trade through U extraterritorial organizations. Section A agriculture is a primary sector and is excluded from both blocks. Figures for 2015 and 2025 reflect statement year 2558 and statement year 2568 on the Buddhist calendar. Endpoints were used instead of a full year series because statement year 2561, 2018 on the Western calendar, carried an unusual one-time revenue spike as registry coverage expanded, and a single mid-decade year would distort any growth comparison. Values are nominal and not adjusted for inflation.
How we verified this
- Services growth recomputed as 43,351,440,857,567.23 minus 21,566,920,893,699.91, divided by 21,566,920,893,699.91, which equals 1.010, matching the stated 101.0 percent.
- Industrial growth recomputed as 23,943,383,550,042.28 minus 19,043,627,879,301.62, divided by 19,043,627,879,301.62, which equals 0.257, matching the stated 25.7 percent.
- Two-block revenue share for 2015 recomputed as 21,566,920,893,699.91 divided by the sum of both blocks, 40,610,548,773,001.53, which equals 53.1 percent. The same division for 2025 gives 64.4 percent.
- Company count growth recomputed for both blocks: services 540,438 divided by 342,987 minus one equals 57.6 percent, industry 164,826 divided by 133,146 minus one equals 23.8 percent.
- Average revenue per filing company recomputed by dividing each block's total revenue by its company count for both years, confirming 62.9 to 80.2 million baht for services and 143.0 to 145.3 million baht for industry.
- The combined services plus industry plus agriculture total for each year was checked against the independent market_year_insight total for the same statement year and found within 0.6 percent, the residual being companies without a classified TSIC section.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- World Bank. (2025). Services, value added (percent of GDP), Thailand. World Bank Open Data. https://data.worldbank.org/indicator/NV.SRV.TOTL.ZS?locations=TH
Frequently asked questions
Did Thailand's services economy or industrial economy grow faster from 2015 to 2025?
Services grew faster by a wide margin. Reported services revenue rose 101.0 percent, from 21.6 trillion baht to 43.4 trillion baht, while industrial revenue rose 25.7 percent, from 19.0 trillion baht to 23.9 trillion baht.
Which industry sections count as services versus industry in this comparison?
Industry covers mining and quarrying, manufacturing, electricity and gas, water and waste, and construction. Services covers wholesale and retail trade, transportation, accommodation and food service, information and communication, finance, real estate, professional services, administrative support, public administration, education, health, arts, other services, households, and extraterritorial organizations. Agriculture is excluded from both.
Why compare 2015 and 2025 instead of every year in between?
Statement year 2018 carried an unusual spike in reported revenue as registry coverage expanded that decade. Using only the 2015 and 2025 endpoints avoids letting that one-year distortion drive the growth comparison.
Is the shift toward services just more companies opening?
Not entirely. The services block did add more filing companies, up 57.6 percent against 23.8 percent for industry, but average revenue per filing company also rose 27.6 percent for services while industry's average barely moved.
Cite this page
Chatpong L. (2026). Thailand Services vs Industrial Revenue Growth 2015-2025. Max Data Insights. https://maxdatathailand.com/insights/thailands-services-economy-vs-industrial-economy-2015-2025
Data & corrections
Download the data (CSV)Spot something off, or want to ask about the data? Email insights@maxsolutions.co.th. We publish corrections.
Written by
Chatpong L.Founder, Max Data, Max Solutions Co., Ltd.
Chatpong L. leads Max Data, a company-intelligence platform built on Thailand's official business registry. He writes about the structure of the Thai economy using primary registry data. His work covers company formation, industry concentration, and regional business activity.
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This page reports company-level and aggregate statistics only. It names no individuals and makes no claims about any person. Figures are provided for information and may be revised as source data updates.