Is Taiwan a wealthy country?
Taiwan has a dynamic and export-oriented economy that ranks among the largest in Asia. Here is an overview of the Taiwanese economy:
High-Tech Industry: Taiwan is renowned for its high-tech industry, particularly in the fields of semiconductors, electronics, and information technology. It is a global leader in the production of computer hardware, integrated circuits, and electronic components. Taiwan's technology companies, such as TSMC and Foxconn, play a crucial role in the global supply chain.
Export-Oriented Economy: Taiwan is heavily reliant on exports and has a strong focus on international trade. Major export products include electronic components, machinery, chemicals, textiles, and plastics. The economy is highly integrated into global markets, with significant trading relationships with countries such as China, the United States, Japan, and Europe.
SMEs and Entrepreneurship: Small and Medium Enterprises (SMEs) are the backbone of Taiwan's economy. The country has a vibrant entrepreneurial ecosystem, with a high number of startups and innovative ventures. SMEs contribute to job creation, innovation, and economic growth, particularly in sectors like technology, manufacturing, and services.
Strong Financial Sector: Taiwan has a well-developed financial sector that supports economic activities. The banking system is sound, and there is an established stock market (Taiwan Stock Exchange) where many domestic and international companies are listed. The government has implemented policies to encourage the development of financial technology (FinTech) and digital payment systems.
Economic Integration: While Taiwan is not a member of the United Nations, it maintains extensive economic ties with countries worldwide. It has signed free trade agreements (FTAs) with several nations and is an active participant in regional economic frameworks, such as the Asia-Pacific Economic Cooperation (APEC) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Economic Challenges: Taiwan faces several economic challenges, including an aging population, income inequality, and regional geopolitical tensions. The government is implementing measures to address these challenges, such as promoting innovation, investing in education and skills development, and diversifying trade partners.
Resilience and Adaptability: Despite challenges, Taiwan's economy has demonstrated resilience and adaptability over the years. The country has successfully transitioned from labor-intensive industries to high-value manufacturing and knowledge-based sectors. Its ability to innovate, invest in research and development, and nurture human capital has been key to its economic success.
What is the GDP of Taiwan?
|Currency Name and Code||New Taiwan Dollar (TWD)|
|GDP - Gross Domestic Product (PPP)||$1,143,277,000,000 (USD)|
|GDP - official exchange rate||$518,800,000,000 (USD)|
|GDP - real growth rate||2.2%|
|GDP Per Capita||$47,500.00 (USD)|
|GDP by Sector- agriculture||1.9%|
|GDP by Sector- Industry||34.8%|
|GDP by Sector- services||63.2%|
|GDP - composition, by end use||
household consumption: 53%
government consumption: 14.1%
investment in fixed capital: 21.2%
investment in inventories: 0.3%
exports of goods and services: 64.7%
imports of goods and services: -53.3%
|Population Below Poverty Line||1.16%|
|Labor Force By Occupation- agriculture||5%|
|Labor Force By Occupation- industry||36.2%|
|Labor Force By Occupation- services||58.8%|
|Fiscal Year||1 July - 30 June|
|Annual Budget||$72,240,000,000 (USD)|
|Budget Surplus or Deficit - percent of GDP||-2.5%|
|Public Debt (% of GDP)||33.3%|
|Taxes and other revenues - percent of GDP||16.1%|
|Major Industries||electronics, petroleum refining, chemicals, textiles, iron and steel, machinery, cement, food processing|
|Industrial Growth Rate||26.4%|
|Agriculture Products||rice, corn, vegetables, fruit, tea; pigs, poultry, beef, milk, fish|
|Exchange Rate per US Dollar||new Taiwan dollar (TWD)|
|Commercial Bank Prime Lending Rate||2.9%|