Taiwan Economy 2008

Economy - overview:
Taiwan has a dynamic capitalist economy with gradually decreasing guidance of investment and foreign trade by government authorities. In keeping with this trend, some large, government-owned banks and industrial firms are being privatized. Exports have provided the primary impetus for industrialization. The island runs a 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, as of 2006-07, 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 4%, and unemployment is below 4%.

GDP (purchasing power parity):
$690.1 billion (2007 est.)

GDP (official exchange rate):
$371.3 billion (2007 est.)

GDP - real growth rate:
4.6% (2007 est.)

GDP - per capita (PPP):
$29,800 (2007 est.)

GDP - composition by sector:
agriculture: 1.5%
industry: 26.8%
services: 71.7% (2007 est.)

Labor force:
10.63 million (2007 est.)

Labor force - by occupation:
agriculture: 5.3%
industry: 36.8%
services: 57.9% (2007 est.)

Unemployment rate:
3.9% (2007 est.)

Population below poverty line:
0.95% (2007 est.)

Household income or consumption by percentage share:
lowest 10%: 6.7%
highest 10%: 41.1% (2002 est.)

Inflation rate (consumer prices):
1.1% (2007 est.)

Investment (gross fixed):
21.2% of GDP (2007 est.)

Budget:
revenues: $71.06 billion
expenditures: $78.71 billion (2007 est.)

Public debt:
31.1% of GDP (2007 est.)

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

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

Industrial production growth rate:
4.9% (2007 est.)

Electricity - production:
210.3 billion kWh (2005)

Electricity - consumption:
201.6 billion kWh (2005)

Electricity - exports:
0 kWh (2005 est.)

Electricity - imports:
0 kWh (2005)

Oil - production:
10,600 bbl/day (2005 est.)

Oil - consumption:
970,000 bbl/day (2005 est.)

Oil - exports:
277,300 bbl/day (2004)

Oil - imports:
1.201 million bbl/day (2004)

Oil - proved reserves:
2.38 million bbl (1 January 2006 est.)

natural gas - production:
767.3 million cu m (2005 est.)

natural gas - consumption:
9.984 billion cu m (2005 est.)

natural gas - exports:
0 cu m (2005)

natural gas - imports:
9.217 billion cu m (2005)

natural gas - proved reserves:
76.46 billion cu m (1 January 2005 est.)

Current account balance:
$23.8 billion (2007 est.)

Exports:
$235.5 billion f.o.b. (2007 est.)

Exports - commodities:
computer products and electrical equipment, metals, textiles, plastics, chemicals, auto parts (2002)

Exports - partners:
China 22.5%, Hong Kong 15.7%, US 15%, Japan 7.3% (2006 est.)

Imports:
$214.3 billion f.o.b. (2007 est.)

Imports - partners:
Japan 23%, China 11.9%, US 10.9%, South Korea 7.2%, Saudi Arabia 4.9% (2006 est.)

Reserves of foreign exchange and gold:
$282.9 billion (31 December 2007 est.)

Debt - external:
$96.72 billion (31 December 2007 est.)

Stock of direct foreign investment - at home:
$50.39 billion (2006 est.)

Stock of direct foreign investment - abroad:
$113.9 billion (2006 est.)

Market value of publicly traded shares:
$679 billion (7 December 2007 est.)

Currency (code):
new Taiwan dollar (TWD)

Exchange rates:
new Taiwan dollars per US dollar - 32.93 (2007), 32.534 (2006), 31.71 (2005), 34.418 (2004), 34.575 (2003)