Short facts about the economy in 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. Real growth in GDP has averaged about 8%
during the past three decades. Exports have grown even faster and have provided
the primary impetus for industrialization. Inflation and unemployment are low;
the trade surplus is substantial; and foreign reserves are the world's fourth
largest. Agriculture contributes 3% to GDP, down from 35% in 1952. Traditional
labor-intensive industries are steadily being moved offshore and replaced with
more capital- and technology-intensive industries. Taiwan has become a major
investor in China, Thailand, Indonesia, the Philippines, Malaysia, and Vietnam.
The tightening of labor markets has led to an influx of foreign workers, both
legal and illegal. 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 1998-99. Growth in 2001 will depend
largely on conditions in Taiwan's export markets and may be about
5%. |
| GDP: |
purchasing power parity - $386 billion
(2000 est.) |
| GDP - real
growth rate: |
6.3% (2000
est.) |
| GDP - per
capita: |
purchasing power parity - $17,400 (2000
est.) |
| GDP -
composition by sector: |
agriculture: 3%
industry: 33%
services: 64% (1999
est.) |
| Population
below poverty line: |
1% (1999
est.) |
| Household
income or consumption by percentage share: |
lowest 10%: NA%
highest 10%:
NA% |
| Inflation
rate (consumer prices): |
1.3% (2000
est.) |
| Labor
force: |
9.8 million (2000
est.) |
| Labor force
- by occupation: |
services 55%, industry 37%, agriculture
8% (1999 est.) |
| Unemployment
rate: |
3% (2000
est.) |
| Budget: |
revenues: $42.74 billion
expenditures: $48.8 billion, including
capital expenditures of $NA (2001 est.) |
| Industries: |
electronics, petroleum refining,
chemicals, textiles, iron and steel, machinery, cement, food
processing |
| Industrial
production growth rate: |
8% (2000
est.) |
| Electricity
- production: |
139.676 billion kWh
(1999) |
| Electricity
- production by source: |
fossil fuel: 67.26%
hydro: 6.32%
nuclear:
26.42%
other: 0% (1999) |
| Electricity
- consumption: |
129.899 billion kWh
(1999) |
| Electricity
- exports: |
0 kWh
(1999) |
| Electricity
- imports: |
0 kWh
(1999) |
| Agriculture
- products: |
rice, corn, vegetables, fruit, tea;
pigs, poultry, beef, milk; fish |
| Exports: |
$148.38 billion (f.o.b.,
2000) |
| Exports -
commodities: |
machinery and electrical equipment 51%,
metals, textiles, plastics, chemicals |
| Exports -
partners: |
US 23.5%, Hong Kong 21.1%, Europe 16%,
ASEAN 12.2%, Japan 11.2% (2000) |
| Imports: |
$140.01 billion (c.i.f.,
2000) |
| Imports -
commodities: |
machinery and electrical equipment 51%,
minerals, precision instruments |
| Imports -
partners: |
Japan 27.5%, US 17.9%, Europe 13.6%
(2000) |
| Debt -
external: |
$40 billion
(2000) |
| Currency: |
new Taiwan dollar
(TWD) |
| Exchange
rates: |
new Taiwan dollars per US dollar -
33.082 (yearend 2000), 31.395 (yearend 1999), 32.216 (1998), 32.052 (1997), 27.5
(1996) |
| Fiscal
year: |
1 July - 30 June (up to FY98/99); 1
July 1999 - 31 December 2000 for FY00; calendar year (after FY00) | Source: World Factbook |
