Economy of Taiwan

Economy of Taiwan
Currency	New Taiwan dollar (NT$) 1 $ USD = 32.84 TWD (2007 avg. exchange rate)
Fiscal year	Calendar year
Trade organisations	WTO, APEC, and others (as Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu)
Statistics
GDP	Nominal: $423.0 billion Nominal rank: 23rd (2010) PPP: $810.5 billion PPP rank: 19th (2010)
GDP growth	10.5% (2010)[1]
GDP per capita	Nominal: $16.372 (2009) Nominal rank: 37th; $18,300 (2010 IMF estimate) PPP: $31,776 (2009) PPP rank: 24th; $34,740 (2010 IMF estimate, 21st)
GDP by sector	(2009) services (tertiary) (69.2%) industry (secondary) (29.2%) agriculture (primary) (1.6%)
Inflation (CPI)	-0.87% (2009)[2]
Population below poverty line	1.08% (2008)
Labour force	10.92 million (2009)
Labour force by occupation	agriculture (5.1%), industry (36.8%), services (58%) (2008)
Main industries	Electronics, communications and information technology products, petroleum refining, armaments, 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	$203.6 billion (2009)[2]
Export goods	Electronics, flat panels, machinery; metals; textiles, plastics, chemicals; optical, photographic, measuring, and medical instruments (2009)
Main export partners	China 26.64%, Hong Kong 14.46%, US 11.59%, Japan 7.12%, Singapore 4.23% (2009)
Imports	$174.3 billion (2009)[2]
Import goods	Electronics, machinery, crude petroleum, precision instruments, organic chemicals, metals (2009)
Main import partners	Japan 20.77%, China 14.01%, US 10.49%, South Korea 6.03%, Saudi Arabia 4.97% (2009)
FDI stock	21.2% of GDP (gross fixed; 2007) $92.83 billion (at home; 2006) $108.9 billion (abroad; 2006)
Gross external debt	$75.3 billion (2009)
Public finances
Public debt	33% of GDP (2009)
Revenues	$53.3 billion (2009)
Expenses	$57.2 billion (2009)
Credit rating	Standard & Poor's:[3] AA- (Domestic) AA- (Foreign) AA+ (T&C Assessment) Outlook: Stable[4] Moody's:[4] Aa3 Outlook: Stable Fitch:[4] A+ Outlook: Stable

Economy of Taiwan

Taiwan has a developed capitalist economy that ranks as the 19th largest in the world in GDP and 23rd in nominal terms with gradually decreasing guidance of investment and foreign trade by the Republic of China (ROC) government which governs Taiwan. In keeping with this trend, most large government-owned banks and industrial firms have been privatized. Real growth in GDP has averaged about 8% during the past three decades. Exports have grown even faster and since World War II, have provided the primary impetus for industrialization. Inflation and unemployment are low; the trade surplus is substantial; and foreign reserves are the world's fourth largest. Agriculture contributes 3% to GDP, down from 35% in 1952, and the service sector makes up 73% of the economy. Traditional labor-intensive industries are steadily being moved off-shore and replaced with more capital- and technology-intensive industries, as well as creative industries.
Taiwanese investors and businesses have become major investors in mainland China, Vietnam, Thailand, Indonesia, the Philippines, and Malaysia. The tightening of labor markets has led to an influx of foreign workers, both legal and illegal. Because of its conservative financial approach and its entrepreneurial strengths, Taiwan suffered little from the Asian Financial Crisis of 1997-1999 compared to many of its neighbors. Unlike neighboring Japan and South Korea, small and medium-sized businesses make up a large proportion of businesses in Taiwan.
Taiwan is a member of the Asian Development Bank (ADB), the World Trade Organization (WTO), and the Asia-Pacific Economic Cooperation (APEC) forum. Taiwan is also an observer at the Organisation for Economic Co-operation and Development (OECD). Taiwan's top five trade partners in 2010 are China, Japan, USA, the European Union, and Hong Kong.^[5][6]