Economy of Taiwan
From Wikipedia, the free encyclopedia
The economy of Taiwan is a highly developed free-market economy. It is the 8th largest in Asia and 20th-largest in the world by purchasing power parity, allowing Taiwan to be included in the advanced economies group[20] by the International Monetary Fund. Taiwan is notable for its rapid economic development from an agriculture-based society to an industrialised, high-income country. This economic growth has been described as the Taiwan Miracle. It is gauged in the high-income economies group by the World Bank.[21] Taiwan is one of the most technologically advanced computer microchip and high-tech electronics industries makers in the world.[22][23][24]
"Economy of the Republic of China" redirects here. For the economic history of the Republic of China while based on the Chinese mainland, see Economic history of China (1912–49).
Quick Facts Currency, Fiscal year ...
Currency | New Taiwan dollar (TWD) |
---|---|
Calendar year | |
Trade organizations | WTO, APEC and ICC |
Country group | |
Statistics | |
Population | 23,196,178 (May 2022)[3] |
GDP | |
GDP rank | |
GDP growth | |
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
3% (July 2022 est.)[7] | |
Population below poverty line | 1.5% (2012 est.)[6] |
33.6 medium (2014)[6] | |
0.926 very high (2021)[note 1] | |
Labor force | 15 million (2022 est.)[6] |
Labor force by occupation |
|
Unemployment | 3.74% (2022)[7] |
Average gross salary | NT$ 45,520 US$1,407 per month (2023-07) |
NT$ 41,497 US$1,282 per month (2023-07) | |
Main industries |
|
External | |
Exports | $433 billion (2023)[13] |
Export goods | semiconductors, petrochemicals, automobile/auto parts, ships, wireless communication equipment, flat panel displays, steel, electronics, plastics, computers |
Main export partners |
|
Imports | $352 billion (2023)[13] |
Import goods | oil/petroleum, semiconductors, natural gas, coal, steel, computers, wireless communication equipment, automobiles, fine chemicals, textiles |
Main import partners |
|
FDI stock | |
$200 billion (2022 est.)[7] | |
Gross external debt | $300 billion (31 December 2021 est.)[6] |
Public finances | |
29% of GDP (2022)[6][note 2] | |
−0.2% (of GDP) (2022 est.)[6] | |
Revenues | 91.62 billion (2017 est.)[6] |
Expenses | 100 billion (2017 est.)[6] |
$568 billion (March 2024)[19] | |
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