| 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 - real growth rate: |
4.6% (2006 est.) |
| GDP (purchasing power parity): |
$680.5 billion (2006 est.) |
| GDP (official exchange rate): |
$346.4 billion (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.) |
| 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.) |
| 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.) |
| Budget: |
revenues: $67.33 billion
expenditures: $77.93 billion (2006 est.) |
| 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 - 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 - exports: |
0 cu m (2005) |
| Natural gas - imports: |
9.6 billion cu m (2005 est.) |
| Agriculture - products: |
rice, corn, vegetables, fruit, tea; pigs, poultry, beef, milk; fish |
| 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.) |
| Debt - external: |
$93.06 billion (2006 est.) |
| Currency: |
Taiwan Dollar (TWD)
Current Taiwan Dollar Exchange Rates
Historical Taiwan Dollar Exchange Rates
Chart Taiwan Dollar Exchange Rates |
| 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 |
