Economy Of Taiwan
|
Economy overview
|
Taiwan has a dynamic capitalist economy with gradually decreasing guidance of investment and foreign trade by government authorities. In keeping with this trend, some large government-owned banks and industrial firms are being privatized. Exports have provided the primary impetus for industrialization. The trade surplus is substantial, and foreign reserves are the world's third largest. Agriculture contributes 2% to GDP, down from 32% in 1952. While Taiwan is a major investor throughout Southeast Asia, China has become the largest destination for investment and has overtaken the US to become Taiwan's largest export market. Because of its conservative financial approach and its entrepreneurial strengths, Taiwan suffered little compared with many of its neighbors from the Asian financial crisis in 1998. The global economic downturn, combined with problems in policy coordination by the administration and bad debts in the banking system, pushed Taiwan into recession in 2001, the first year of negative growth ever recorded. Unemployment also reached record levels. Output recovered moderately in 2002 in the face of continued global slowdown, fragile consumer confidence, and bad bank loans. Growing economic ties with China are a dominant long-term factor. Exports to China - mainly parts and equipment for the assembly of goods for export to developed countries - drove Taiwan's economic recovery in 2002. Although the SARS epidemic, Typhoon Maemi, corporate scandals, and a drop in consumer spending caused GDP growth to contract to 3.2% in 2003, increasingly strong export performance kept Taiwan's economy on track, and the government expects Taiwan's economy to grow 4.1% in 2004.
|
|
GDP
|
purchasing power parity - $528.6 billion (2004 est.)
|
|
GDP - real growth rate
|
3.2% (2004 est.)
|
|
GDP - per capita
|
purchasing power parity - $23,400 (2004 est.)
|
|
GDP - composition by sector
|
agriculture: 1.8%
industry: 30.3%
services: 67.9% (2004 est.)
|
|
Investment gross fixed
|
17.5% of GDP (2004 est.)
|
|
Population below poverty line
|
1% (2000 est.)
|
|
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
|
-0.3% (2004 est.)
|
|
Labor force
|
10.08 million (2004 est.)
|
|
Labor force by occupation
|
agriculture 7.5%, industry 35%, services 57% (2001 est.)
|
|
Unemployment rate
|
5% (2004 est.)
|
|
Budget
|
revenues: $56.58 billion
expenditures: $69.21 billion, including capital expenditures of $14.4 billion (2004 est.)
|
|
Public debt
|
30.5% of GDP (2004 est.)
|
|
Agriculture products
|
rice, corn, vegetables, fruit, tea; pigs, poultry, beef, milk, fish
|
|
Industries
|
electronics, petroleum refining, chemicals, textiles, iron and steel, machinery, cement, food processing
|
|
Industrial production growth rate
|
8.4% (2004 est.)
|
|
Electricity production
|
151.1 billion kWh (2001)
|
|
Electricity production by source
|
fossil fuel: 71.4%
hydro: 6%
other: 0% (2001)
nuclear: 22.6%
|
|
Electricity consumption
|
140.5 billion kWh (2001)
|
|
Electricity exports
|
0 kWh (2001)
|
|
Electricity imports
|
0 kWh (2001)
|
|
Oil production
|
1,100 bbl/day (2004 est.)
|
|
Oil consumption
|
988,000 bbl/day (2001 est.)
|
|
Oil exports
|
NA (2001)
|
|
Oil imports
|
NA (2001)
|
|
Oil proved reserves
|
2 million bbl (2004)
|
|
Natural gas production
|
750 million cu m (2001 est.)
|
|
Natural gas consumption
|
6.64 billion cu m (2001 est.)
|
|
Natural gas exports
|
410 million cu m (2001 est.)
|
|
Natural gas imports
|
6.3 billion cu m (2001 est.)
|
|
Natural gas proved reserves
|
38.23 billion cu m (2004)
|
|
Current account balance
|
$28.57 billion (2004 est.)
|
|
Exports
|
$143 billion f.o.b. (2004 est.)
|
|
Exports commodities
|
computer products and electrical equipment, metals, textiles, plastics and rubber products, chemicals (2002)
|
|
Exports partners
|
China 25.3%, US 20.5%, Japan 9.2% (2002)
|
|
Imports
|
$119.6 billion f.o.b. (2003 est.)
|
|
Imports commodities
|
machinery and electrical equipment 44.5%, minerals, precision instruments (2002)
|
|
Imports partners
|
Japan 24.2%, US 16.1%, China 7.1%, South Korea 6.9% (2002)
|
|
Reserves of foreign exchange gold
|
$207.1 billion (2004 est.)
|
|
Debt external
|
$53.44 billion (2004 est.)
|
|
Economic aid recipient
|
|
|
Currency
|
new Taiwan dollar (TWD)
|
|
Currency code
|
TWD
|
|
Exchange rates
|
new Taiwan dollars per US dollar - 34.418 (2003), 34.575 (2002), 33.8 (2001), 33.09 (2000), 31.6 (1999)
|
|
Fiscal year
|
1 July - 30 June (up to FY98/99); 1 July 1999 - 31 December 2000 for FY00; calendar year (after FY00)
|
Applied Language Solutions offer English to Taiwanese Translation .
This information was reproduced in part from the CIA World Fact book.
Flags
If you would like to use this flag of Taiwan or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.
Map
If you would like to use this map of Taiwan or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.
Country Information
If you would like to use this information for Taiwan or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.