Economy of Taiwan information

Economy of Taiwan
	Taipei, the capital city and financial centre of Taiwan
Currency	New Taiwan dollar (TWD)
Fiscal year	Calendar year
Trade organizations	WTO, APEC and ICC
Country group	Developed/Advanced; High-income economy;
Statistics
Population	23,196,178 (May 2022)
GDP	$791.61 billion (nominal; 2024); $1.77 trillion (PPP; 2024);
GDP rank	21st (nominal, 2023); 20th (PPP, 2023);
GDP growth	2.5% (2022); 2.1% (2023f); 2.6% (2024f);
GDP per capita	$35,129 (nominal; 2024); $77,894 (PPP; 2024);
GDP per capita rank	30th (nominal, 2024); 12th (PPP, 2024);
GDP by sector	agriculture: 1.8%; industry: 36%; services: 62.1%; (2017 est.);
Inflation (CPI)	3% (July 2022 est.)
Population below poverty line	1.5% (2012 est.)
Gini coefficient	33.6 medium (2014)
Human Development Index	0.926 very high (2021)
Labor force	15 million (2022 est.)
Labor force by occupation	agriculture: 5%; industry: 30%; services: 65%; (2022 est.);
Unemployment	3.74% (2022)
Average gross salary	NT$ 45,520; US$1,407 per month (2023-07)
Average net salary	NT$ 41,497; US$1,282 per month (2023-07)
Main industries	Electronics, communications and information technology products, petroleum refining, chemicals, textiles, iron and steel, machinery, cement, food processing, vehicles, consumer products, pharmaceuticals; Agricultural: Rice, corn, vegetables, fruit, tea; pigs, poultry, beef, milk; fish; Natural: Small deposits of coal, natural gas, limestone, marble, and asbestos;
External
Exports	$433 billion (2023)
Export goods	semiconductors, petrochemicals, automobile/auto parts, ships, wireless communication equipment, flat panel displays, steel, electronics, plastics, computers
Main export partners	China 35.2% Hong Kong 13.1%; ; ASEAN 17.6%; United States 15.7%; European Union 8.5%; Japan 7.3%; South Korea 4.2%; (2023);
Imports	$352 billion (2023)
Import goods	oil/petroleum, semiconductors, natural gas, coal, steel, computers, wireless communication equipment, automobiles, fine chemicals, textiles
Main import partners	China 20.0%; Japan 12.6%; ASEAN 11.7%; United States 11.5%; European Union 10.5%; South Korea 8.1%; Australia 5.0%; (2023);
FDI stock	$200 billion (31 December 2021 est.); Abroad: $500 billion (31 December 2021 est.);
Current account	$200 billion (2022 est.)
Gross external debt	$300 billion (31 December 2021 est.)
Public finances
Government debt	29% of GDP (2022)
Budget balance	−0.2% (of GDP) (2022 est.)
Revenues	91.62 billion (2017 est.)
Expenses	100 billion (2017 est.)
Credit rating	Standard & Poor's:; AA+ (Domestic); AA+ (Foreign); AAA (T&C Assessment); Outlook: Stable; Moody's:; Aa3; Outlook: Stable; Fitch:; AA; Outlook: Stable;
Foreign reserves	$568 billion (March 2024)
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

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]

^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Archived from the original on 17 June 2019. Retrieved 29 September 2019.
^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on 28 October 2019. Retrieved 29 September 2019.
^ "民國111年5月戶口統計資料分析". 10 June 2022.
^ ^a ^b ^c ^d "Report for Selected Countries and Subjects: March 2024". imf.org. International Monetary Fund.
^ ^a ^b ^c "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund. 11 April 2023.
^ ^a ^b ^c ^d ^e ^f ^g ^h ⁱ ^j ^k ^l "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 12 May 2019.
^ ^a ^b ^c "GDP: Preliminary Estimate for 2022Q1 and Outlook for 2022". Directorate-General of Budget Accounting and Statistics Executive Yuan. 24 February 2022. Retrieved 24 July 2022.
^ "Human Development Report 2020: Reader's Guide". United Nation Development Program. 2020. Retrieved 12 March 2021.
^ "What is the human development index (HDI)? How are relevant data queried?" (PDF). Directorate General of Budget, Accounting and Statistics, Executive Yuan, Taiwan (ROC). Retrieved 14 March 2021.
^ "人類發展指數(Human Development Index, HDI)" (PDF) (in Chinese (Taiwan)). Directorate General of Budget, Accounting and Statistics, Executive Yuan, Taiwan (ROC). 6 January 2011. Archived from the original (PDF) on 14 April 2021. Retrieved 13 March 2021.
^ "國情統計通報（第 195 號）" (PDF). Directorate General of Budget, Accounting and Statistics, Executive Yuan, Taiwan (ROC). 14 October 2021. Retrieved 16 October 2022.
^ "National Statistics, Republic of China (Taiwan)". Directorate General of Budget, Accounting and Statistics, Executive Yuan, Taiwan (ROC). 14 October 2022. Retrieved 16 October 2022.
^ ^a ^b ^c ^d "Export/Import Value (By Country)". Bureau of Foreign Trade. 2022. Retrieved 13 May 2023.
^ "Sovereign Ratings List". S&P Global. Retrieved 27 April 2024.
^ Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Archived from the original on 1 August 2013. Retrieved 28 May 2011.
^ "Moody's - credit ratings, research, tools and analysis for the global capital markets". Moody's. 24 February 2021. Retrieved 11 August 2021.
^ "Taiwan - Credit Rating". fitchratings.com. Retrieved 11 September 2021.
^ "Taiwan Credit Rating".
^ "Latest Indicator 2021". dgbas.gov.tw. Directorate-General of Budget Accounting and Statistics Executive Yuan. February 2005. Retrieved 22 February 2021.
^ "Select Aggregates". Imf.org. Archived from the original on 14 March 2019. Retrieved 27 July 2018.
^ "World Bank Country and Lending Groups – World Bank Data Help Desk". datahelpdesk.worldbank.org. Archived from the original on 11 January 2018. Retrieved 27 July 2018.
^ "TSMC is about to become the world's most advanced chipmaker". The Economist. Archived from the original on 1 March 2019. Retrieved 27 August 2019.
^ "Taiwan's TSMC Could be About to Dethrone Intel". Bloomberg News. 28 November 2018. Archived from the original on 9 August 2019. Retrieved 27 August 2019.
^ "TSMC set to beat Intel to become the world's most advanced chipmaker - PCMag India". Archived from the original on 12 May 2019. Retrieved 27 August 2019.

Cite error: There are <ref group=note> tags on this page, but the references will not show without a {{reflist|group=note}} template (see the help page).

[1] "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Archived from the original on 17 June 2019. Retrieved 29 September 2019.

[2] "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on 28 October 2019. Retrieved 29 September 2019.

[3] "民國111年5月戶口統計資料分析". 10 June 2022.

[IMFWEODE-4] "Report for Selected Countries and Subjects: March 2024". imf.org. International Monetary Fund.

[IMF_forecast-5] "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund. 11 April 2023.

[CIATW-6] ^ ^a ^b ^c ^d ^e ^f ^g ^h ⁱ ^j ^k ^l "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 12 May 2019.

[DGBASTW-7] "GDP: Preliminary Estimate for 2022Q1 and Outlook for 2022". Directorate-General of Budget Accounting and Statistics Executive Yuan. 24 February 2022. Retrieved 24 July 2022.

[8] "Human Development Report 2020: Reader's Guide". United Nation Development Program. 2020. Retrieved 12 March 2021.

[9] "What is the human development index (HDI)? How are relevant data queried?" (PDF). Directorate General of Budget, Accounting and Statistics, Executive Yuan, Taiwan (ROC). Retrieved 14 March 2021.

[10] "人類發展指數(Human Development Index, HDI)" (PDF) (in Chinese (Taiwan)). Directorate General of Budget, Accounting and Statistics, Executive Yuan, Taiwan (ROC). 6 January 2011. Archived from the original (PDF) on 14 April 2021. Retrieved 13 March 2021.

[HDI_2021-11] "國情統計通報（第 195 號）" (PDF). Directorate General of Budget, Accounting and Statistics, Executive Yuan, Taiwan (ROC). 14 October 2021. Retrieved 16 October 2022.

[12] "National Statistics, Republic of China (Taiwan)". Directorate General of Budget, Accounting and Statistics, Executive Yuan, Taiwan (ROC). 14 October 2022. Retrieved 16 October 2022.

[Trade_Profile-14] "Export/Import Value (By Country)". Bureau of Foreign Trade. 2022. Retrieved 13 May 2023.

[16] "Sovereign Ratings List". S&P Global. Retrieved 27 April 2024.

[guardian-17] Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Archived from the original on 1 August 2013. Retrieved 28 May 2011.

[18] "Moody's - credit ratings, research, tools and analysis for the global capital markets". Moody's. 24 February 2021. Retrieved 11 August 2021.

[FitchTW-19] "Taiwan - Credit Rating". fitchratings.com. Retrieved 11 September 2021.

[20] "Taiwan Credit Rating".

[DGBASTW1-21] "Latest Indicator 2021". dgbas.gov.tw. Directorate-General of Budget Accounting and Statistics Executive Yuan. February 2005. Retrieved 22 February 2021.

[22] "Select Aggregates". Imf.org. Archived from the original on 14 March 2019. Retrieved 27 July 2018.

[23] "World Bank Country and Lending Groups – World Bank Data Help Desk". datahelpdesk.worldbank.org. Archived from the original on 11 January 2018. Retrieved 27 July 2018.

[24] "TSMC is about to become the world's most advanced chipmaker". The Economist. Archived from the original on 1 March 2019. Retrieved 27 August 2019.

[25] "Taiwan's TSMC Could be About to Dethrone Intel". Bloomberg News. 28 November 2018. Archived from the original on 9 August 2019. Retrieved 27 August 2019.

[26] "TSMC set to beat Intel to become the world's most advanced chipmaker - PCMag India". Archived from the original on 12 May 2019. Retrieved 27 August 2019.

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