Economy ::Taiwan
Economy - overview:
Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. In keeping with this trend, some large, state-owned banks and industrial firms have been 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. Recently opened cross-strait travel, transportation, and tourism links are likely to increase Taiwan and China's economic interdependence. In 2008 China overtook the US to become Taiwan's second-largest source of imports, after Japan. China is also the island's number one destination for foreign direct investment. Growth fell to 0.1% in 2008 because of the global slowdown.
GDP (purchasing power parity):
$713.7 billion (2008 est.) country comparison to the world: 20 $713 billion (2007 est.)
$674.5 billion (2006 est.)
note: data are in 2008 US dollars
GDP (official exchange rate):
$391.4 billion (2008 est.)
GDP - real growth rate: