| 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. |
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| GDP | 2.2% (2006; to increase to 2.85% in 2007) |
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| GDP - real growth rate | 4.6% (2006 est.) |
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| GDP - composition by sector | agriculture: 1.5%
industry: 25.2%
services: 73.3% (2006 est.) |
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| Population below poverty line | 0.9% (2006 est.) |
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Household income or consumption
by percentage share | lowest 10%: 6.7%
highest 10%: 41.1% (2002 est.) |
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| Labor force | 10.46 million (2006 est.) |
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| Labor force - by occupation | agriculture: 5.5%
industry: 36%
services: 58.5% (2005 est.) |
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| Unemployment rate | 3.9% (2006 est.) |
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| Budget | revenues: $67.33 billion
expenditures: $77.93 billion (2006 est.) |
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| Industries | electronics, petroleum refining, armaments, chemicals, textiles, iron and steel, machinery, cement, food processing, vehicles, consumer products, pharmaceuticals |
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| Industrial production growth rate | 6.5% (2006 est.) |
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Electricity -
production | 189.7 billion kWh (2005) |
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Electricity -
production by source | fossil fuel: 71.4%
hydro: 6%
nuclear: 22.6%
other: 0% (2001) |
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Electricity -
consumption | 175.3 billion kWh (2005) |
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Electricity -
exports | 0 kWh (2005) |
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Electricity -
imports | 0 kWh (2005) |
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| Oil - production | 7,755 bbl/day (2004 est.) |
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| Oil - consumption | 965,000 bbl/day (2004 est.) |
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| Oil - exports | NA bbl/day |
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| Oil - imports | NA bbl/day |
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| Oil - proved reserves | 3 million bbl (2006 est.) |
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| Agriculture - products | rice, corn, vegetables, fruit, tea; pigs, poultry, beef, milk; fish |
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| Exports | $215 billion f.o.b. (2006 est.) |
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| Exports - commodities | computer products and electrical equipment, metals, textiles, plastics and rubber products, chemicals (2002) |
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| Exports - partners | China 22.5%, Hong Kong 15.7%, US 15%, Japan 7.3% (2006 est.) |
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| Imports | $205.3 billion f.o.b. (2006 est.) |
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| Imports - commodities | machinery and electrical equipment 44.5%, minerals, precision instruments (2002) |
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| Imports - partners | Japan 23%, China 11.9%, US 10.9%, South Korea 7.2%, Saudi Arabia 4.9% (2006 est.) |
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| Debt - external | $93.06 billion (2006 est.) |
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| Currency code | TWD |
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| Exchange rates | new Taiwan dollars per US dollar - 32.534 (2006), 31.71 (2005), 34.418 (2004), 34.575 (2003), 33.8 (2002) |
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| Fiscal year | 1 July - 30 June |
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