Taiwan Economy Profile 2008

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)

$375.6 billion (2007 est.)

GDP - real growth rate

5.5% (2007 est.)

GDP - per capita (PPP)

$29,800 (2007 est.)

GDP - composition by sector

agriculture: 1.6%
industry: 26.8%
services: 71.5% (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)

1.8% (2007 est.)

Investment (gross fixed)

21.2% of GDP (2007 est.)

Labor force

10.78 million (2007 est.)

Labor force - by occupation

agriculture: 5.3%
industry: 36.8%
services: 57.9% (2007 est.)

Unemployment rate

3.9% (2007)

Budget

revenues: $49 billion
expenditures: $5.19 billion (2007 est.)

Public debt

31.1% of GDP (2007 est.)

Industries

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

Industrial production growth rate

7.5% (2007 est.)

Electricity - production

235 billion kWh (2006)

Electricity - consumption

221 billion kWh (2006)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007)

Oil - production

406 bbl/day (2006 est.)

Oil - consumption

816,700 bbl/day (2006 est.)

Oil - imports

1.208 million bbl/day (2006)

Oil - exports

289,200 bbl/day (2006)

Oil - proved reserves

2.24 million bbl (1 January 2007 est.)

Natural gas - production

462.9 million cu m (2006)

Natural gas - consumption

10.28 billion cu m (2006)

Natural gas - exports

0 cu m (2007)

Natural gas - imports

10.16 billion cu m (2006)

Natural gas - proved reserves

13.55 billion cu m (2007 est.)

Current Account Balance

$24.7 billion (2006)

Agriculture - products

rice, corn, vegetables, fruit, tea; pigs, poultry, beef, milk; fish

Exports

$246.7 billion f.o.b. (2007 est.)

Exports - commodities

electronic and electrical products, metals, textiles, plastics, chemicals, auto parts (2002)

Exports - partners

China 24%, Hong Kong 15%, US 13.4%, Japan 6.7% (2007)

Imports

$219.3 billion f.o.b. (2007 est.)

Imports - commodities

electronic and electrical products, machinery, petroleum, precision instruments, organic chemicals, metals (2002)

Imports - partners

Japan 21%, China 12.7%, US 12.2%, South Korea 7.1%, Saudi Arabia 4.6% (2007)

Reserves of foreign exchange and gold

$274.7 billion (31 December 2007)

Debt - external

$85.8 billion (31 December 2007)

Stock of direct foreign investment - at home

$92.83 billion (2007)

Stock of direct foreign investment - abroad

$108.9 billion (2007)

Market value of publicly traded shares

$654 billion (28 December 2007)

Currency (code)

New Taiwan dollar (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