Diplomatic representation from the US: none; unofficial commercial and cultural relations with the people on Taiwan are maintained through a private institution, the American Institute in Taiwan (AIT), which has its headquarters in Rosslyn, Virginia (telephone: [1] (703) 525-8474 and FAX: [1] (703) 841-1385) and offices in Taipei at #7 Lane 134, Hsin Yi Road, Section 3, telephone [886] (22) 709-2000, FAX [886] (22) 702-7675, and in Kao-hsiung at #2 Chung Cheng 3d Road, telephone [886] (7) 224-0154 through 0157, FAX [886] (7) 223-8237, and the American Trade Center at Room 3207 International Trade Building, Taipei World Trade Center, 333 Keelung Road Section 1, Taipei 10548, telephone [886] (22) 720-1550, FAX [886] 757-7162
Flag description: red with a dark blue rectangle in the upper hoist-side corner bearing a white sun with 12 triangular rays
@Taiwan:Economy
Economy-overview: Taiwan has a dynamic capitalist economy with gradually decreasing guidance of investment and foreign trade by government authorities and partial government ownership of some large banks and industrial firms. Spillover from the Asian financial crisis hit Taiwan in the fourth quarter of 1997, wreaking havoc on the stock and currency markets. While the economy remains sound (the government forecasts 6% GDP growth for 1998), the New Taiwan Dollar depreciated 20% in 1997. Real growth in GDP has averaged about 8.5% a year during the past three decades. Export growth has been even faster and has provided the impetus for industrialization. Inflation and unemployment are low. Agriculture contributes only 3% to GDP, down from 35% in 1952. Traditional labor-intensive industries are steadily being moved off-shore and replaced with more capital- and technology-intensive industries. Taiwan has become a major investor in China, Thailand, Indonesia, the Philippines, Malaysia, and Vietnam. The tightening of labor markets has led to an influx of foreign workers, both legal and illegal.
GDP: purchasing power parity-$308 billion (1997 est.)
GDP-real growth rate: 6.8% (1997 est.)
GDP-per capita: purchasing power parity-$14,200 (1997 est.)
GDP-composition by sector: agriculture: 3.3% industry: 35.7% services: 61% (1996)
Inflation rate-consumer price index: 0.9% (1997)
Labor force: total: 9.4 million (1997) by occupation: services 52%, industry 38%, agriculture 10% (1996 est.)