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Taiwan:
Economy

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Economy - overview
Definition
Taiwan has a dynamic capitalist economy with gradually decreasing guidance of investment and foreign trade by the authorities. In keeping with this trend, some large, state-owned banks and industrial firms are being privatized. Exports have provided the primary impetus for industrialization. The island runs a large trade surplus, and its foreign reserves are among the world's largest. Despite restrictions on cross-strait links, China has overtaken the US to become Taiwan's largest export market and 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 2007 pushed Taiwan's GDP growth rate above 5%, and unemployment is below 4%.
GDP (purchasing power parity)
Definition - World rank and map
$695.4 billion (2007 est.)
GDP (official exchange rate)
Definition
$383.3 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
5.7% (2007 est.)
GDP - per capita
Definition - World rank and map
$30,100 (2007 est.)
GDP - composition by sector
Definition
agriculture: 1.4%
industry: 27.5%
services: 71.1% (2007 est.)
Labor force
Definition
10.78 million (2007 est.)
Labor force - by occupation
Definition
agriculture: 5.3%
industry: 36.8%
services: 57.9% (2007 est.)
Unemployment rate
Definition - World rank and map
3.9% (2007 est.)
Population below poverty line
Definition
0.95% (2007 est.)
Household income or consumption by percentage share
Definition
lowest 10%: 6.7%
highest 10%: 41.1% (2002 est.)
Inflation rate (consumer prices)
Definition - World rank and map
1.8% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
21.2% of GDP (2007 est.)
Budget
Definition
revenues: $76.2 billion
expenditures: $75.65 billion (2007 est.)
Public debt
Definition - World rank and map
27.9% of GDP (2007 est.)
Agriculture - products
Definition
rice, corn, vegetables, fruit, tea; pigs, poultry, beef, milk; fish
Industries
Definition
electronics, petroleum refining, armaments, chemicals, textiles, iron and steel, machinery, cement, food processing, vehicles, consumer products, pharmaceuticals
Industrial production growth rate
Definition - World rank and map
7.5% (2007 est.)
Electricity - production
Definition - World rank and map
235 billion kWh (2006)
Electricity - consumption
Definition - World rank and map
221 billion kWh (2006)
Electricity - consumption per capita
Definition - World rank and map
9,641.9 kWh (2006)
Electricity - exports
Definition
0 kWh (2007 est.)
Electricity - imports
Definition
0 kWh (2007)
Oil - production
Definition - World rank and map
406 bbl/day (2006 est.)
Oil - consumption
Definition - World rank and map
816,700 bbl/day (2006 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
35.6 bbl/day (2006 est.)
Oil - exports
Definition - World rank and map
289,200 bbl/day (2006)
Oil - imports
Definition - World rank and map
1.208 million bbl/day (2006)
Oil - proved reserves
Definition - World rank and map
2.24 million bbl (1 January 2007 est.)
Natural gas - production
Definition - World rank and map
462.9 million cu m (2006)
Natural gas - consumption
Definition - World rank and map
10.28 billion cu m (2006)
Natural gas - consumption per capita
Definition - World rank and map
448 cu m (2006)
Natural gas - exports
Definition - World rank and map
0 cu m (2007)
Natural gas - imports
Definition - World rank and map
10.16 billion cu m (2006)
Natural gas - proved reserves
Definition - World rank and map
13.55 billion cu m (2007 est.)
Current account balance
Definition - World rank and map
$31.7 billion (2007)
Exports
Definition - World rank and map
$246.7 billion f.o.b. (2007 est.)
Exports - commodities
Definition
electronic and electrical products, metals, textiles, plastics, chemicals, auto parts (2002)
Exports - partners
Definition
China 32.3%, US 12.8%, Hong Kong 8.8%, Japan 6.4%, Singapore 5% (2007 est.)
Imports
Definition - World rank and map
$219.3 billion f.o.b. (2007 est.)
Imports - commodities
Definition
electronic and electrical products, machinery, petroleum, precision instruments, organic chemicals, metals (2002)
Imports - partners
Definition
Japan 22.1%, US 13%, China 10.9%, South Korea 7.3%, Saudi Arabia 4.8%, Singapore 4.5% (2007 est.)
Reserves of foreign exchange and gold
Definition - World rank and map
$274.7 billion (31 December 2007)
Debt - external
Definition - World rank and map
$98.44 billion (31 December 2007)
Stock of direct foreign investment - at home
Definition
$92.83 billion (2007)
Stock of direct foreign investment - abroad
Definition
$108.9 billion (2007)
Market value of publicly traded shares
Definition
$654 billion (28 December 2007)
Currency (code)
Definition
New Taiwan dollar (TWD)
Exchange rates
Definition
New Taiwan dollars per US dollar - 32.84 (2007), 32.534 (2006), 31.71 (2005), 34.418 (2004), 34.575 (2003)
Fiscal year
Definition
calendar year


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