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 (US$366 billion).[20] The Thai economy grew by 6.5%,[20] with a headline inflation rate of 3.02%[5] and an account surplus of 0.7% of the country's GDP.[15] In 2013, the Thai economy is expected to grow in the range of 3.8–4.3%.[21] During the first half of 2013 (Q1-Q2/2013), the Thai economy grew by 4.1% (YoY).[21] After seasonally adjusted, however, the Thai GDP contracted by 1.7% and 0.3% 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.