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Taiwan Economy 2015
http://www.theodora.com/wfbcurrent/taiwan/taiwan_economy.html
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on June 19, 2014

Economy - overview:
Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are other major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, and following the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, Taiwan in July 2013 signed a free trade deal with New Zealand™??Taipei™??s first-ever with a country with which it does not maintain diplomatic relations™??and in November inked a trade pact with Singapore. Negotiations continue on follow-on components of ECFA regarding trade in goods and a dispute resolution mechanism; a trade in services agreement is under review in the legislature. Taiwan's Total Fertility rate of just over one 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 11.2% of the island's total population as of 2012. The island runs a large overall trade surplus largely because of its surplus with China, and its foreign reserves are the world's sixth largest, behind China, Japan, Saudi Arabia, Russia, and Switzerland. In 2006 China overtook 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. Taiwan since 2009 has gradually loosened rules governing Chinese investment on the island, and has also secured greater market access for its investors in the mainland. In August 2012, Taiwan Central Bank signed a memorandum of understanding on cross-Strait currency settlement with its Chinese counterpart. The MOU allows for the direct settlement of Chinese RMB and the New Taiwan dollar across the Strait, which could help develop Taiwan into a local RMB hub. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also poses new challenges as the island becomes more economically dependent on China while political differences remain unresolved.

GDP (purchasing power parity):
$926.4 billion (2013 est.)
country comparison to the world: 21

$906.6 billion (2012 est.)
$894.7 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$484.7 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.2% (2013 est.)
country comparison to the world: 138

1.3% (2012 est.)
4.1% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$39,600 (2013 est.)
country comparison to the world: 28

$38,900 (2012 est.)
$38,500 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
31.3% of GDP (2013 est.)
country comparison to the world: 25

30.3% of GDP (2012 est.)
29.6% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 59.5%
government consumption: 12.2%
investment in fixed capital: 19.4%
investment in inventories: 0.3%
exports of goods and services: 73.1%
imports of goods and services: -64.5%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 2%
industry: 29.4%
services: 68.6% (2013 est.)

Agriculture - products:
rice, vegetables, fruit, tea, flowers; pigs, poultry; fish

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:
1.8% (2013 est.)
country comparison to the world: 129
[see also: Industrial production growth rate country ranks ]

Labor force:
11.55 million (2013 est.)
country comparison to the world: 47
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 5%
industry: 36.2%
services: 58.8% (2012 est.)

Unemployment rate:
4.1% (2013 est.)
country comparison to the world: 33

4.2% (2012 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
1.5% (2012 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 6.4%
highest 10%: 40.3% (2010)

Distribution of family income - Gini index:
34.2 (2011)
country comparison to the world: 94

32.6 (2000)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $78.24 billion
expenditures: $90.38 billion (2013 est.)

Taxes and other revenues:
16.1% of GDP (2013 est.)
country comparison to the world: 189
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.5% of GDP (2013 est.)
country comparison to the world: 107
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
38.9% of GDP (2013 est.)
country comparison to the world: 94

35.8% of GDP (2012 est.)
note: data for central government
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.1% (2013 est.)
country comparison to the world: 27

1.9% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.88% (31 December 2012)
country comparison to the world: 113

1.88% (31 December 2011)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
2.9% (31 December 2013 est.)
country comparison to the world: 170

2.88% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$450.1 billion (31 December 2013 est.)
country comparison to the world: 14

$426.2 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.189 trillion (31 December 2013 est.)
country comparison to the world: 16

$1.152 trillion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$753.5 billion (31 December 2013 est.)
country comparison to the world: 20

$743.1 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$831.9 billion (31 December 2012)
country comparison to the world: 17

$784.1 billion (31 December 2011)
$738.3 billion (31 December 2010)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$56.66 billion (2013 est.)
country comparison to the world: 9

$49.92 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$305.8 billion (2013 est.)
country comparison to the world: 20

$299.8 billion (2012 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 27.1%, Hong Kong 13.2%, US 10.3%, Japan 6.4%, Singapore 4.4% (2012 est.)

Imports:
$268.5 billion (2013 est.)
country comparison to the world: 19

$268.8 billion (2012 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Japan 17.6%, China 16.1%, US 9.5% (2012 est.)

Reserves of foreign exchange and gold:
$414.5 billion (31 December 2013 est.)
country comparison to the world: 7

$408.5 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$146.8 billion (31 December 2013 est.)
country comparison to the world: 38

$130.8 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$62.94 billion (31 December 2013 est.)
country comparison to the world: 51

$59.36 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$240.3 billion (31 December 2013 est.)
country comparison to the world: 22

$226.1 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
New Taiwan dollars (TWD) per US dollar -

29.77 (2013 est.)
29.616 (2012 est.)
31.648 (2010 est.)
33.061 (2009)
31.53 (2008)


NOTE: The information regarding Taiwan on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Taiwan Economy 2015 information contained here. All suggestions for corrections of any errors about Taiwan Economy 2015 should be addressed to the CIA.



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