Taiwan - Economy
How is the economy of Taiwan? Based on the information we have, Taiwan has a high-income East Asian economy; most technologically advanced computer microchip manufacturing; increasing Chinese interference threatens market capabilities; minimum wages rising; longstanding regional socioeconomic inequality. Key agricultural products in this country include: rice, vegetables, pork, chicken, cabbages, milk, sugarcane, tropical fruits, pineapples, eggs (2023).
More about the economy of Taiwan
| Labor force | 11.498 million (2020 est.) |
|---|---|
| Industrial production growth rate | 3.9% (2017 est.) |
| Industries | electronics, communications and information technology products, petroleum refining, chemicals, textiles, iron and steel, machinery, cement, food processing, vehicles, consumer products, pharmaceuticals |
| Population below poverty line | |
| Taxes and other revenues | 16% (of GDP) (2017 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | New Taiwan dollars (TWD) per US dollar - |
| Exchange rates 2024 | 32.108 (2024 est.) |
| Exchange rates 2023 | 31.15 (2023 est.) |
| Exchange rates 2022 | 29.777 (2022 est.) |
| Exchange rates 2021 | 28.022 (2021 est.) |
| Exchange rates 2020 | 28.211 (2020 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2017 | $456.7 billion (2017 est.) |
| Reserves of foreign exchange and gold 2016 | $439 billion (2016 est.) |
| Current account balance | |
| Current account balance 2023 | $105.076 billion (2023 est.) |
| Current account balance 2022 | $101.032 billion (2022 est.) |
| Current account balance 2021 | $118.298 billion (2021 est.) |
| Public debt | |
| Public debt 2017 | 35.7% of GDP (2017 est.) |
| Budget | |
| Revenues | $94.943 billion (2019 est.) |
| Expenditures | $105.833 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Average household expenditures | |
| On food | 13.8% of household expenditures (2023 est.) |
| On alcohol and tobacco | 2.5% of household expenditures (2023 est.) |
| Imports | |
| Imports 2023 | $351.441 billion (2023 est.) |
| Imports 2022 | $428.083 billion (2022 est.) |
| Imports 2021 | $381.958 billion (2021 est.) |
| Imports (partners) | China 21%, Japan 13%, USA 11%, S. Korea 9%, Australia 5% (2023) |
| Comodities Imports force | integrated circuits, crude petroleum, machinery, natural gas, coal (2023) |
| Exports | |
| Imports 2023 | $351.441 billion (2023 est.) |
| Imports 2022 | $428.083 billion (2022 est.) |
| Imports 2021 | $381.958 billion (2021 est.) |
| Exports (partners) | China 20%, USA 17%, Hong Kong 13%, Singapore 9%, Japan 7% (2023) |
| Comodities Exports force | integrated circuits, machine parts, broadcasting equipment, computers, plastics (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $1.743 trillion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $1.664 trillion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $1.512 trillion (2021 est.) |
| GDP (official exchange rate) | $611.391 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $32,300 (2023 est.) |
| Real GDP per capita 2022 | $32,600 (2022 est.) |
| Real GDP per capita 2021 | $32,900 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 1.8% (2017 est.) |
| Industry | 36% (2017 est.) |
| Services | 62.1% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 48.3% (2023 est.) |
| Government consumption | 13.3% (2023 est.) |
| Investment in fixed capital | 23.7% (2023 est.) |
| Investment in inventories | -0.6% (2023 est.) |
| Exports of goods and services | 64% (2023 est.) |
| Imports of goods and services | -49.1% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 3.4% (2024 est.) |
| Unemployment rate 2023 | 3.5% (2023 est.) |
| Unemployment rate 2022 | 3.7% (2022 est.) |
All Important Facts about Taiwan
Want to know more about Taiwan? Check all different factbooks for Taiwan below.
