Economy - overview: |
Taiwan has a dynamic capitalist economy with gradually decreasing guidance of investment and foreign trade by the authorities. In keeping with this trend, some large, state-owned banks and industrial firms are being privatized. Exports have provided the primary impetus for industrialization. The island runs a large trade surplus, and its foreign reserves are among the world's largest. Despite restrictions on cross-strait links, China has overtaken the US to become Taiwan's largest export market and its second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Strong trade performance in 2007 pushed Taiwan's GDP growth rate above 5%, and unemployment is below 4%. |
GDP (purchasing power parity): |
$690.1 billion (2007 est.) |
GDP (official exchange rate): |
$371.3 billion (2007 est.) |
GDP - real growth rate: |
4.6% (2007 est.) |
GDP - per capita (PPP): |
$29,800 (2007 est.) |
GDP - composition by sector: |
agriculture: 1.5%
industry: 26.8%
services: 71.7% (2007 est.) |
Labor force: |
10.63 million (2007 est.) |
Labor force - by occupation: |
agriculture: 5.3%
industry: 36.8%
services: 57.9% (2007 est.) |
Unemployment rate: |
3.9% (2007 est.) |
Population below poverty line: |
0.95% (2007 est.) |
Household income or consumption by percentage share: |
lowest 10%: 6.7%
highest 10%: 41.1% (2002 est.) |
Inflation rate (consumer prices): |
1.1% (2007 est.) |
Investment (gross fixed): |
21.2% of GDP (2007 est.) |
Budget: |
revenues: $71.06 billion
expenditures: $78.71 billion (2007 est.) |
Public debt: |
31.1% of GDP (2007 est.) |
Agriculture - products: |
rice, corn, vegetables, fruit, tea; pigs, poultry, beef, milk; fish |
Industries: |
electronics, petroleum refining, armaments, chemicals, textiles, iron and steel, machinery, cement, food processing, vehicles, consumer products, pharmaceuticals |
Industrial production growth rate: |
4.9% (2007 est.) |
Electricity - production: |
210.3 billion kWh (2005) |
Electricity - production by source: |
fossil fuel: 71.4%
hydro: 6%
nuclear: 22.6%
other: 0% (2001) |
Electricity - consumption: |
201.6 billion kWh (2005) |
Electricity - exports: |
0 kWh (2005 est.) |
Electricity - imports: |
0 kWh (2005) |
Oil - production: |
10,600 bbl/day (2005 est.) |
Oil - consumption: |
970,000 bbl/day (2005 est.) |
Oil - exports: |
277,300 bbl/day (2004) |
Oil - imports: |
1.201 million bbl/day (2004) |
Oil - proved reserves: |
2.38 million bbl (1 January 2006 est.) |
Natural gas - production: |
767.3 million cu m (2005 est.) |
Natural gas - consumption: |
9.984 billion cu m (2005 est.) |
Natural gas - exports: |
0 cu m (2005) |
Natural gas - imports: |
9.217 billion cu m (2005) |
Natural gas - proved reserves: |
76.46 billion cu m (1 January 2005 est.) |
Current account balance: |
$23.8 billion (2007 est.) |
Exports: |
$235.5 billion f.o.b. (2007 est.) |
Exports - commodities: |
electronic and electrical products, metals, textiles, plastics, chemicals, auto parts (2002) |
Exports - partners: |
China 22.5%, Hong Kong 15.7%, US 15%, Japan 7.3% (2007) |
Imports: |
$214.3 billion f.o.b. (2007 est.) |
Imports - commodities: |
electronic and electrical products, machinery, petroleum, precision instruments, organic chemicals, metals (2002) |
Imports - partners: |
Japan 23%, China 11.9%, US 10.9%, South Korea 7.2%, Saudi Arabia 4.9% (2007) |
Reserves of foreign exchange and gold: |
$282.9 billion (31 December 2007 est.) |
Debt - external: |
$96.72 billion (31 December 2007 est.) |
Stock of direct foreign investment - at home: |
$50.39 billion (2006 est.) |
Stock of direct foreign investment - abroad: |
$113.9 billion (2006 est.) |
Market value of publicly traded shares: |
$679 billion (7 December 2007 est.) |
Currency (code): |
New Taiwan dollar (TWD) |
Currency code: |
TWD |
Exchange rates: |
New Taiwan dollars per US dollar - 32.84 (2007), 32.534 (2006), 31.71 (2005), 34.418 (2004), 34.575 (2003) |
Fiscal year: |
calendar year |