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World > Asia > Taiwan > Economy (Facts)

Taiwan - Economy (Facts)
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


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - Taiwan Dollar Exchange Rates
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
Taiwan Dollar Exchange Rates


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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