Cityscape at night in Taiwan

Taiwan Economy

Taiwan's economy in numbers:

Nominal GDP of USD 761 billion in 2022.

GDP per capita of USD 32,698 compared to the global average of USD 10,589.

Average real GDP growth of 3.2% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 62% of overall GDP, manufacturing 32%, other industrial activity 4%, and agriculture 2%. Looking at GDP by expenditure, private consumption accounted for 45% of GDP in 2021, government consumption 14%, fixed investment 26%, and net exports 15%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up % of total merchandise exports, mineral fuels %, food %, ores and metals % and agricultural raw materials %, with other categories accounting for 31% of the total. In the same period, manufactured products made up % of total merchandise imports, mineral fuels %, food %, ores and metals % and agricultural raw materials 69%, with other goods accounting for 2% of the total. Total exports were worth USD 432 billion in 2023, while total imports were USD 352 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 3.1% in the decade to 2022. To read more about GDP growth in Taiwan, go to our dedicated page.

Fiscal policy:

Taiwan's fiscal deficit averaged 0.5% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 3.9% in the decade to 2022. For more information on Taiwan's unemployment click here.

Inflation:

Inflation averaged 1.1% in the decade to 2022. Go to our Taiwan inflation page for extra insight.

Monetary Policy:

Taiwan's monetary policy rate ended 2022 at 1.75%, down from 1.88% a decade earlier. See our Taiwan monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the Taiwan dollar weakened by 5.5% vs the U.S. dollar. For more info on the Taiwan dollar, click here.
Year-on-year GDP growth in the first quarter increased to 6.5%, up from 4.9% in the previous quarter and reaching an over two-year high. This surge was driven by tourism and an upcycle in the global electronics sector. However, a favorable base of comparison flattered the GDP reading, with the economy slowing on a quarterly basis. In Q2, year-on-year growth is expected to decelerate due to a higher comparison base, though rising tourist inflows, tech exports and wages should be stoking underlying activity. Looking at available data, merchandise exports were up in annual terms in April thanks to a more than doubling of IT shipments, though the reading undershot market expectations. In the same month, the non-manufacturing PMI survey suggested buoyant services sector activity.
Projections out to 2033.

47 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 29 expert analysts.

Want to get insight on the economic outlook for Taiwan in the coming years? FocusEconomics collects projections out to 2033 on 47 economic indicators for Taiwan from a panel of 29 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Taiwan economy. To download a sample report on the Taiwan's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Taiwan Economic Data

2018 2019 2020 2021 2022
Population (million) 23.6 23.6 23.6 23.4 23.3
GDP (USD bn) 609 612 676 775 761
GDP per capita (USD) 25,835 25,919 28,707 33,176 32,602
GDP (TWD bn) 18,375 18,909 19,915 21,663 22,680
Economic Growth (Nominal GDP, ann. var. %) 2.2 2.9 5.3 8.8 4.7
Economic Growth (GDP, ann. var. %) 2.8 3.1 3.4 6.6 2.6
Domestic Demand (ann. var. %) 3.6 3.3 0.9 5.2 4.3
Private Consumption (ann. var. %) 2.1 2.3 -2.6 -0.2 3.7
Government Consumption (ann. var. %) 4.0 0.5 2.8 3.8 4.8
Fixed Investment (ann. var. %) 3.2 11.1 6.1 14.3 7.8
Exports (G&S, ann. var. %) 0.2 0.7 1.2 15.2 1.8
Imports (G&S, ann. var. %) 0.8 0.5 -3.5 15.5 4.3
Industrial Production (ann. var. %) 3.4 1.0 8.8 14.7 -1.7
Retail Sales (ann. var. %) 2.2 3.1 0.2 3.3 7.4
Unemployment (% of active population, eop) 3.7 3.7 3.7 3.6 3.5
Unemployment (% of active population, aop) 3.7 3.7 3.8 4.0 3.7
Fiscal Balance (% of GDP) 0.0 0.1 -1.0 -0.2 0.2
Public Debt (% of GDP) 33.9 32.7 32.1 30.2 27.5
Money (ann. var. of M2 %) 2.7 4.5 9.4 7.3 6.7
Inflation (CPI, ann. var. %, eop) -0.1 1.2 0.0 2.6 2.7
Inflation (CPI, ann. var. %, aop) 1.4 0.6 -0.2 2.0 2.9
Inflation (Core, ann. var. %, aop) 1.2 0.5 0.4 1.3 2.6
Discount Rate (%, eop) 1.38 1.38 1.13 1.13 1.75
31-90 Day CP Rate (%, eop) 0.67 0.67 0.48 0.48 1.36
10-Year Bond Yield (%, eop) 0.86 0.67 0.32 0.74 1.28
Stock Market (ann. var. of TAIEX %) -8.6 23.3 22.8 23.7 -22.4
Exchange Rate (TWD per USD, eop) 30.74 29.98 28.10 27.67 30.74
Exchange Rate (TWD per USD, aop) 30.15 30.91 29.44 27.93 29.81
Current Account Balance (USD bn) 70.7 65.7 97.6 118.3 101.0
Current Account Balance (% of GDP) 11.6 10.7 14.4 15.3 13.3
Merchandise Trade Balance (USD bn) 49.2 43.5 59.0 64.4 51.3
Merchandise Exports (USD bn) 334 329 345 446 479
Merchandise Imports (USD bn) 285 286 286 382 428
Merchandise Exports (ann. var. %) 5.9 -1.5 4.9 29.3 7.4
Merchandise Imports (ann. var. %) 10.7 0.3 0.2 33.5 12.1
Foreign Direct Investment (USD bn) 7.1 8.2 6.1 5.4 10.2
International Reserves (USD bn) 462 478 530 548 555
International Reserves (months of imports) 19.5 20.1 22.2 17.2 15.6
External Debt (USD bn) 191 185 190 214 202
External Debt (% of GDP) 31.4 30.2 28.1 27.5 26.6

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