Economy
Taiwan
Economy - overview:
Taiwan has a dynamic capitalist economy with gradually decreasing guidance of investment and foreign trade by the authorities. In keeping with this trend, some large, state-owned banks and industrial firms are being privatized. Exports have provided the primary impetus for industrialization. The island runs a large trade surplus, and its foreign reserves are among the world's largest. Despite restrictions on cross-strait links, China has overtaken the US to become Taiwan's largest export market and its second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Strong trade performance in 2007 pushed Taiwan's GDP growth rate above 5%, and unemployment is below 4%.
GDP (purchasing power parity):
$698.6 billion (2007 est.)
GDP (official exchange rate):
$383.3 billion (2007 est.)
GDP - real growth rate:
5.7% (2007 est.)
GDP - per capita (PPP):