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The Economy of Taiwan

Taiwan Economy

Taiwan's map

Economy - overview: Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. In keeping with this trend, some large, state-owned banks and industrial firms have been 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. Recently opened cross-strait travel, transportation, and tourism links are likely to increase Taiwan and China's economic interdependence. 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. Growth fell below 2% in 2008 because of the global slowdown.

GDP:

GDP - real growth rate: 1.9% (2008 est.) 5.7% (2007 est.) 4.8% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 1.5% industry: 27.8% services: 70.7% (2008 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: 6.7% highest 10%: 41.1% (2002 est.)

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 10.85 million (2008 est.)

Labor force - by occupation: agriculture: 5.1% industry: 36.8% services: 58% (2008 est.)

Unemployment rate: 4.1% (2008 est.)

Budget: revenues: $50.91 billion expenditures: $54.7 billion (2008 est.)

Industries: electronics, petroleum refining, armaments, chemicals, textiles, iron and steel, machinery, cement, food processing, vehicles, consumer products, pharmaceuticals

Industrial production growth rate: -2% (2008 est.)

Electricity - production: 225.3 billion kWh (2008 est.)

Electricity - production by source:

Electricity - consumption: 233 billion kWh (2008 est.)

Electricity - exports: 0 kWh (2008)

Electricity - imports: 0 kWh (2008 est.)

Oil - production: 1,306 bbl/day (2007 est.)

Oil - consumption: 935,600 bbl/day (2007 est.)

Oil - exports: 340,200 bbl/day (2007)

Oil - imports: 660,400 bbl/day (2007)

Oil - proved reserves: 1.88 million bbl (2008 est.)

Natural gas - production: 416 million cu m (2007)

Natural gas - consumption: 13.6 billion cu m (2007)

Natural gas - exports: 0 cu m (2008 est.)

Natural gas - imports: 10.9 billion cu m (2007)

Natural gas - proved reserves: 6.229 billion cu m (1 January 2008)

Agriculture - products: rice, corn, vegetables, fruit, tea; pigs, poultry, beef, milk; fish

Exports: $255.7 billion f.o.b. (2008 est.)

Exports - commodities: electronics, flat panels, machinery, metals, textiles, plastics, chemicals, auto parts (2008)

Exports - partners: China 32.6%, US 12.9%, Hong Kong 8.6%, Japan 6.4%, Singapore 5% (2007)

Imports: $236 billion f.o.b. (2008 est.)

Imports - commodities: electronics, machinery, petroleum, precision instruments, organic chemicals, metals (2008)

Imports - partners: Japan 22.7%, US 13.3%, China 11.2%, South Korea 6.6%, Saudi Arabia 4.8%, Singapore 4.6% (2007)

Debt - external: $109.6 billion (31 December 2008)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: New Taiwan dollars (TWD) per US dollar - 31.53 (2008 est.), 32.84 (2007), 32.534 (2006), 31.71 (2005), 34.418 (2004)

Fiscal year: