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Taiwan Economy 2011
https://theodora.com/wfb2011/taiwan/taiwan_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















Taiwan Economy 2011
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2011

Economy - overview:
Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. In keeping with this trend, some large, state-owned banks and industrial firms have been privatized. Exports, led by electronics and machinery, generate about 70% of Taiwan's GDP growth, and have provided the primary impetus for economic development. This heavy dependence on exports makes the economy vulnerable to downturns in world demand. In 2009, Taiwan's GDP fell by 1.9%, due primarily to a 20% year-on-year decline in exports. GDP grew more than 8% in 2010, as exports returned to the level of previous years. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, but so far Taiwan has been excluded from this greater economic integration, largely for reasons of diplomacy. Taiwan's birth rate of only 1.2 child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 accounting for 10.8% of the island's total population as of the end of 2009. The island runs a large trade surplus, and its foreign reserves are the world's fourth largest, behind China, Japan, and Russia. Since President MA Ying-jeou took office in May 2008, cross-Strait economic ties have increased significantly. Since 2005 China has overtaken the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Taipei has focused much of its economic recovery effort on improving cross-Strait economic integration. Three financial memorandums of understanding, covering banking, securities, and insurance, took effect in mid-January 2010, opening the island to greater investments from the Mainland's financial firms and institutional investors, and providing new opportunities for Taiwan financial firms to operate in China. Taiwan and the mainland in June 2010 signed the landmark Economic Cooperation Framework Agreement (ECFA), an agreement similar to a free-trade agreement deal that will increase cross-Strait economic ties by lowering tariffs on a number of goods. Taiwan's goverment has said that the ECFA will serve as a stepping stone toward trade pacts with other regional partners and announced the beginning of negotiations on such an agreement with Singapore in August.

GDP (purchasing power parity):
$807.2 billion (2010 est.)
country comparison to the world: 20

$745.4 billion (2009 est.)
$759.8 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$427 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
8.3% (2010 est.)
country comparison to the world: 9

-1.9% (2009 est.)
0.7% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$35,100 (2010 est.)
country comparison to the world: 37

$32,400 (2009 est.)
$33,100 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 1.4%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 31.1%
[see also: GDP - composition by sector - industry country ranks ]
services: 67.5% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
11.03 million (2009 est.)
country comparison to the world: 46
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 5.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 36.8%
[see also: Labor force - by occupation - industry country ranks ]
services: 58% (2008 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
5.2% (2010 est.)
country comparison to the world: 50

5.9% (2009 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
1.08% (2008 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 41.1% (2002)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Investment (gross fixed):
21.5% of GDP (2009 est.)
country comparison to the world: 70
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $72.24 billion
[see also: Budget - revenues country ranks ]
expenditures: $79.65 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
31.4% of GDP (2010 est.)
country comparison to the world: 87

33% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
1.3% (2010 est.)
country comparison to the world: 31

3.5% (2008)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.25% (February 2009)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
2.56% (31 December 2009)
country comparison to the world: 154

4.06% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$331.7 billion (31 December 2010 est)

$317.9 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$952.2 billion (31 December 2010 est.)

$891.2 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$661.4 billion (31 December 2010 est.)
country comparison to the world: 19

$630.8 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$657.3 billion (31 December 2009)
country comparison to the world: 21

$354.7 billion (31 December 2008)
$654 billion (28 December 2007)
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
rice, corn, vegetables, fruit, tea; pigs, poultry, beef, milk; fish

Industries:
electronics, communications and information technology products, petroleum refining, armaments, chemicals, textiles, iron and steel, machinery, cement, food processing, vehicles, consumer products, pharmaceuticals

Industrial production growth rate:
16% (2009 est.)
country comparison to the world: 4
[see also: Industrial production growth rate country ranks ]

Electricity - production:
238.3 billion kWh (2008)
country comparison to the world: 18
[see also: Electricity - production country ranks ]

Electricity - consumption:
229.8 billion kWh (2008)
country comparison to the world: 15
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2009 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2009 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
276,800 bbl/day (2009 est.)
country comparison to the world: 38
[see also: Oil - production country ranks ]

Oil - consumption:
910,000 bbl/day (2009 est.)
country comparison to the world: 21
[see also: Oil - consumption country ranks ]

Oil - exports:
359,800 bbl/day (2009 est.)
country comparison to the world: 36
[see also: Oil - exports country ranks ]

Oil - imports:
931,300 bbl/day (2009 est.)
country comparison to the world: 17
[see also: Oil - imports country ranks ]

Oil - proved reserves:
2.8 million bbl (1 January 2010 est.)
country comparison to the world: 94
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
360 million cu m (2008 est.)
country comparison to the world: 70
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
12.44 billion cu m (2008 est.)
country comparison to the world: 44
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 95
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
12.08 billion cu m (2008 est.)
country comparison to the world: 18
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
6.229 billion cu m (1 January 2010 est.)
country comparison to the world: 85
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
$39 billion (2010 est.)
country comparison to the world: 10

$42.92 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$277.6 billion (2010 est.)
country comparison to the world: 17

$203.4 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
electronics, flat panels, machinery; metals; textiles, plastics, chemicals; optical, photographic, measuring, and medical instruments

Exports - partners:
China 26.6%, Hong Kong 14.4%, US 11.6%, Japan 7.2%, Singapore 4.2% (2009)

Imports:
$250.2 billion (2010 est.)
country comparison to the world: 18

$172.8 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
electronics, machinery, crude petroleum, precision instruments, organic chemicals, metals

Imports - partners:
Japan 20.7%, China 14%, US 10.3%, South Korea 6%, Saudi Arabia 4.8% (2009)

Reserves of foreign exchange and gold:
$382.8 billion (31 December 2010 est.)
country comparison to the world: 4

$353 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$91.41 billion (31 December 2010 est.)
country comparison to the world: 37

$75.3 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$65.38 billion (31 December 2010 est.)
country comparison to the world: 49

$107.2 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$122.5 billion (31 December 2010 est.)
country comparison to the world: 23

$145.3 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
New Taiwan dollars (TWD) per US dollar - 31.864 (2010), 33.061 (2009), 31.53 (2008), 32.84 (2007), 32.534 (2006)


NOTE: The information regarding Taiwan on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Taiwan Economy 2011 information contained here. All suggestions for corrections of any errors about Taiwan Economy 2011 should be addressed to the CIA.






This page was last modified 09-Feb-11
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