[37] Taiwan's accession to the WTO and its desire to become an Asia-Pacific "regional operations center" are spurring further economic liberalization. Once again, the transformation of Taiwan's economy cannot be understood without reference to the larger geopolitical framework. Risk and Public Policy in East Asia, edited by Raymond K.H. In, IMF. Directorate-General of Budget, Accounting and Statistics[34] and Ministry of Economic Affairs[35] release major economic indicators of the economy of Taiwan. [151] Over 430 companies (including many listed on TAIEX) employing over 130,000 people are located within the park, and paid in capital totaled US$36.10 billion in 2008. The Republic of China maintains cultural and trade offices in more than 60 countries with which it does not have official relations to represent Taiwanese interest. [109], Agriculture has served as a strong foundation for Taiwan's economic miracle. In terms of nominal GDP, Taiwan ranks close to Argentina and Sweden, while Taiwan’s GDP per capita expressed as purchasing power parity is similar to that of Austria and Denmark. The Employment Insurance Act in 2002 grants income security during unemployment, but at the same time requires beneficiaries to use all available resources to find jobs. Industrial output has gradually decreased from accounting for over half of Taiwan's GDP in 1986 to just 31% in 2002. • Health expenditure per capita in 2006: ranked 32 out of 194 countries. [67] Taiwan signed Economic Cooperation Framework Agreement with People's Republic of China on 29 June 2010. In addition to the WTO, Taiwan is a member of the Asian Development Bank as "Taipei, China" (a name resulting from PRC influence on the bank) and the Asia-Pacific Economic Cooperation (APEC) forum as "Chinese Taipei" (for the same reason as above). 1981-2020 Data | 2021-2022 Forecast | Historical | Chart. Learn more about how Statista can support your business. Historically, this was much smaller than the approximately 13% growth that the country experienced during one quarter of 2011, at the peak its financial expansion. [89]Due to its strong capabilities in OEM wafer manufacturing and a complete industry supply chain, Taiwan has been able to distinguish itself from its competitors. [115] Imported energy totaled US$11.52 billion in 2002, accounting for 4.1% of its GDP. Google’s data center in Changhua is believed to be the largest in Asia. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. The digital content production industry grew by 15% in 2009, reaching US$14.03 billion. source: World Bank 10Y 25Y Although self-sufficient in rice production, Taiwan imports large amounts of wheat, mostly from the United States. [133] Special occupational groups such as teachers were not allowed to unionize. In 2018, the US imported 300,000 metric tons of pipe and tube product. This depends heavily on Covid-19 cases globally. The "e-Taiwan" project launched by the government seeks to use US$1.83 billion to improve the information and communications infrastructure in Taiwan in five major areas: government, life, business, transport, and broadband. Taiwan exports steel to more than 130 countries and territories. [130] Taiwan is one of the largest fishing nations on earth and the associated fish processing industry is also significant.[131]. [113] Promotion of farm mechanization has helped to alleviate labor shortages while increasing productivity; both rice and sugar cane production are completely mechanized. About [52][53] Taiwan has the world's lowest fertility rate and high housing prices. [122] In 2010, the green energy sector generated US$10.97 billion in production value. [121] In 2010, Taiwan had over 1.66 million square meters of solar heat collectors installed, with an installation density that ranks it as third in the world. Between 1986 and 1992, unionized workers increased by 13%. The greater Taichung area is home to a cluster of machine tool manufacturers. [126], Taiwanese company Techman Robot Inc. is the world’s second largest producer of cobots. [64] These SMEs usually produce products on an original equipment manufacturer (OEM) or original design manufacturer (ODM) basis, resulting in less resources spent on research and development. [110] It contributes 3% to GDP and the service sector makes up 73% of the economy. [121] In order to further reduce emissions, the government also plans to increase energy efficiency by 2% each year through 2020.

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