Economy of Taiwan

Economy of Taiwan
	Taipei, the capital city and financial centre of Taiwan
Currency	New Taiwan dollar (NTD)
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	$790.7 billion (nominal; 2023); $1.710 trillion (PPP; 2023);
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); $77,894 (PPP; 2024);
GDP per capita rank	30th (nominal, 2023); 12th (PPP, 2023);
GDP by sector	agriculture: 1.8%; industry: 36%; services: 62.1%; (2017 est.);
Inflation (CPI)	3% (July 2022 est.)
Population below poverty line	1.5% (2012 est.)
Gini coefficient	33.6 medium (2014)
Human Development Index	0.926 very high (2021)
Labor force	15 million (2022 est.)
Labor force by occupation	agriculture: 5%; industry: 30%; services: 65%; (2022 est.);
Unemployment	3.74% (2022)
Average gross salary	NT$ 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: Positive; Moody's:; Aa3; Outlook: Positive; Fitch:; AA; Outlook: Positive;
Foreign reserves	$547 billion (July 2022)
	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 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. Taiwan is one of the most technologically advanced computer microchip and high-tech electronics industries makers in the world.

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