Taiwan Economy - 2024

Economic overview

high-income East Asian economy; most technologically advanced computer microchip manufacturing; increasing Chinese interference threatens market capabilities; minimum wages rising; longstanding regional socioeconomic inequality

Real GDP (purchasing power parity)

$1.143 trillion (2019 est.)
$1.113 trillion (2018 est.)
$1.083 trillion (2017 est.)

note: data are in 2010 dollars

Real GDP growth rate

2.71% (2019 est.)
2.75% (2018 est.)
3.31% (2017 est.)

Real GDP per capita

$47,800 (2019 est.)
$46,600 (2018 est.)
$45,400 (2017 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$611.391 billion (2019 est.)

Inflation rate (consumer prices)

0.5% (2019 est.)
1.3% (2018 est.)
0.6% (2017 est.)

Credit ratings

Fitch rating: AA- (2016)

Moody's rating: Aa3 (1994)

Standard & Poors rating: AA- (2002)

note: The year refers to the year in which the current credit rating was first obtained.

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: 53% (2017 est.)

government consumption: 14.1% (2017 est.)

investment in fixed capital: 20.5% (2017 est.)

investment in inventories: -0.2% (2017 est.)

exports of goods and services: 65.2% (2017 est.)

imports of goods and services: -52.6% (2017 est.)

Agricultural products

rice, vegetables, pork, cabbages, poultry, sugar cane, milk, eggs, pineapples, tropical fruit

Industries

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

Industrial production growth rate

3.9% (2017 est.)

Labor force

11.498 million (2020 est.)

Unemployment rate

3.73% (2019 est.)
3.69% (2018 est.)

Population below poverty line

1.5% (2012 est.)

Gini Index coefficient - distribution of family income

33.6 (2014)

Average household expenditures

on food: 14.7% of household expenditures (2018 est.)

on alcohol and tobacco: 2.3% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 6.4% (2010)

highest 10%: 40.3% (2010)

Budget

revenues: $94.943 billion (2019 est.)

expenditures: $105.833 billion (2019 est.)

Budget surplus (+) or deficit (-)

-0.1% (of GDP) (2017 est.)

Public debt

35.7% of GDP (2017 est.)
36.2% of GDP (2016 est.)

note: data for central government

Taxes and other revenues

16% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

$65.173 billion (2019 est.)
$70.843 billion (2018 est.)

Exports

$388.49 billion (2019 est.)
$383.484 billion (2018 est.)
$382.736 billion (2017 est.)

Exports - partners

China 26%, United States 14%, Hong Kong 12%, Japan 7%, Singapore 7%, South Korea 5% (2019)

Exports - commodities

integrated circuits, office machinery/parts, computers, refined petroleum, liquid crystal displays (2019)

Imports

$308.744 billion (2019 est.)
$305.428 billion (2018 est.)
$303.067 billion (2017 est.)

Imports - partners

China 21%, Japan 16%, United States 11%, South Korea 6% (2019)

Imports - commodities

integrated circuits, crude petroleum, photography equipment, natural gas, refined petroleum (2019)

Reserves of foreign exchange and gold

$456.7 billion (31 December 2017 est.)
$439 billion (31 December 2016 est.)

Debt - external

$189.684 billion (2019 est.)
$196.276 billion (2018 est.)

Exchange rates

New Taiwan dollars (TWD) per US dollar -

Exchange rates:
28.211 (2020 est.)
30.472 (2019 est.)
30.8395 (2018 est.)
31.911 (2014 est.)
30.363 (2013 est.)