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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 island runs a trade surplus, and foreign reserves are the world's third largest. Despite restrictions on cross-strait links, China has overtaken the US to become Taiwan's largest export market and, in 2006, 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 2006 pushed Taiwan's GDP growth rate above 4%, and unemployment is below 4%. Consumer spending recovered following a slowdown early in 2006, when banks tightened lending to address a sharp increase in delinquent consumer debt.
GDP (purchasing power parity):$680.5 billion (2006 est.)
GDP (official exchange rate):$346.4 billion (2006 est.)
GDP - real growth rate:4.6% (2006 est.)
GDP - per capita (PPP):$29,500 (2006 est.)
GDP - composition by sector:agriculture: 1.5%
industry: 25.2%
services: 73.3% (2006 est.)
Labor force:10.46 million (2006 est.)
Labor force - by occupation:agriculture: 5.5%
industry: 36%
services: 58.5% (2005 est.)
Unemployment rate:3.9% (2006 est.)
Population below poverty line:0.9% (2006 est.)
Household income or consumption by percentage share:lowest 10%: 6.7%
highest 10%: 41.1% (2002 est.)
Inflation rate (consumer prices):1% (2006 est.)
Investment (gross fixed):18.4% of GDP (2006 est.)
Budget:revenues: $67.33 billion
expenditures: $77.93 billion (2006 est.)
Public debt:34.6% of GDP (2006 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:6.5% (2006 est.)
Electricity - production:189.7 billion kWh (2005)
Electricity - production by source:fossil fuel: 71.4%
hydro: 6%
nuclear: 22.6%
other: 0% (2001)
Electricity - consumption:175.3 billion kWh (2005)
Electricity - exports:0 kWh (2005)
Electricity - imports:0 kWh (2005)
Oil - production:7,755 bbl/day (2004 est.)
Oil - consumption:965,000 bbl/day (2004 est.)
Oil - exports:NA bbl/day
Oil - imports:NA bbl/day
Oil - proved reserves:4 million bbl (1 January 2005 est.)
Natural gas - production:1.1 billion cu m (2005 est.)
Natural gas - consumption:10.7 billion cu m (2005 est.)
Natural gas - exports:0 cu m (2005)
Natural gas - imports:9.6 billion cu m (2005 est.)
Natural gas - proved reserves:76.46 billion cu m (1 January 2005 est.)
Current account balance:$9.7 billion (2006 est.)
Exports:$215 billion f.o.b. (2006 est.)
Exports - commodities:computer products and electrical equipment, metals, textiles, plastics and rubber products, chemicals (2002)
Exports - partners:China 22.5%, Hong Kong 15.7%, US 15%, Japan 7.3% (2006 est.)
Imports:$205.3 billion f.o.b. (2006 est.)
Imports - commodities:machinery and electrical equipment 44.5%, minerals, precision instruments (2002)
Imports - partners:Japan 23%, China 11.9%, US 10.9%, South Korea 7.2%, Saudi Arabia 4.9% (2006 est.)
Reserves of foreign exchange and gold:$280.6 billion (2006 est.)
Debt - external:$93.06 billion (2006 est.)
Currency (code):new Taiwan dollar (TWD)
Currency code:TWD
Exchange rates:new Taiwan dollars per US dollar - 32.534 (2006), 31.71 (2005), 34.418 (2004), 34.575 (2003), 33.8 (2002)
Fiscal year:1 July - 30 June

Taiwan Quickstats

  • Population: 22,858,872 (July 2007 est.)
  • Area: 35,980 sq km
  • Density:
  • GDP (total):
  • GDP (per capita):
  • Literacy: 96.1%

Languages of Taiwan

  • Mandarin Chinese
  • Taiwanese
  • Hakka

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