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    Taiwan Economy - 2004
    http://www.immigration-usa.com/wfb2004/taiwan/taiwan_economy.html
    SOURCE: 2004 CIA WORLD FACTBOOK

      Economy - overview:
      Taiwan has a dynamic capitalist economy with gradually decreasing guidance of investment and foreign trade by government authorities. In keeping with this trend, some large government-owned banks and industrial firms are being privatized. Exports have provided the primary impetus for industrialization. The trade surplus is substantial, and foreign reserves are the world's third largest. Agriculture contributes 2% to GDP, down from 32% in 1952. While Taiwan is a major investor throughout Southeast Asia, China has become the largest destination for investment and has overtaken the US to become Taiwan's largest export market. Because of its conservative financial approach and its entrepreneurial strengths, Taiwan suffered little compared with many of its neighbors from the Asian financial crisis in 1998. The global economic downturn, combined with problems in policy coordination by the administration and bad debts in the banking system, pushed Taiwan into recession in 2001, the first year of negative growth ever recorded. Unemployment also reached record levels. Output recovered moderately in 2002 in the face of continued global slowdown, fragile consumer confidence, and bad bank loans. Growing economic ties with China are a dominant long-term factor. Exports to China - mainly parts and equipment for the assembly of goods for export to developed countries - drove Taiwan's economic recovery in 2002. Although the SARS epidemic, Typhoon Maemi, corporate scandals, and a drop in consumer spending caused GDP growth to contract to 3.2% in 2003, increasingly strong export performance kept Taiwan's economy on track, and the government expects Taiwan's economy to grow 4.1% in 2004.

      GDP:
      purchasing power parity - $528.6 billion (2003 est.)

      GDP - real growth rate:
      3.2% (2003 est.)

      GDP - per capita:
      purchasing power parity - $23,400 (2003 est.)

      GDP - composition by sector:
      agriculture: 2%
      industry: 31%
      services: 67% (2002)

      Population below poverty line:
      1% (2000 est.)

      Household income or consumption by percentage share:
      lowest 10%: 6.7%
      highest 10%: 41.1% (2002 est.)

      Distribution of family income - Gini index:

      Inflation rate (consumer prices):
      -0.2% (2002 est.)

      Labor force:
      10 million (2003)

      Labor force - by occupation:
      services 57%, industry 35%, agriculture 8% (2001 est.)

      Unemployment rate:
      5.1% (September 2003 est.)

      Budget:
      revenues: $52.5 billion
      expenditures: $63 billion, including capital expenditures of $14.4 billion $NA (2002 est.)

      Industries:
      electronics, petroleum refining, chemicals, textiles, iron and steel, machinery, cement, food processing

      Industrial production growth rate:
      6% (2002)

      Electricity - production:
      151.1 billion kWh (2001)

      Electricity - production by source:
      fossil fuel: 71.4%
      hydro: 6%
      other: 0% (2001)
      nuclear: 22.6%

      Electricity - consumption:
      140.5 billion kWh (2001)

      Electricity - exports:
      0 kWh (2001)

      Electricity - imports:
      0 kWh (2001)

      Oil - production:
      1,100 bbl/day (2001 est.)

      Oil - consumption:
      988,000 bbl/day (2001 est.)

      Oil - exports:
      NA

      Oil - imports:
      NA

      Oil - proved reserves:
      2 million bbl (1 January 2002)

      Natural gas - production:
      750 million cu m (2001 est.)

      Natural gas - consumption:
      6.64 billion cu m (2001 est.)

      Natural gas - exports:
      410 million cu m (2001 est.)

      Natural gas - imports:
      6.3 billion cu m (2001 est.)

      Natural gas - proved reserves:
      38.23 billion cu m (1 January 2002)

      Agriculture - products:
      rice, corn, vegetables, fruit, tea; pigs, poultry, beef, milk, fish

      Exports:
      $143 billion f.o.b. (2003 est.)

      Exports - commodities:
      computer products and electrical equipment, metals, textiles, plastics and rubber products, chemicals (2002)

      Exports - partners:
      China 25.3%, US 20.5%, Japan 9.2% (2002)

      Imports:
      $119.6 billion f.o.b. (2003 est.)

      Imports - commodities:
      machinery and electrical equipment 44.5%, minerals, precision instruments (2002)

      Imports - partners:
      Japan 24.2%, US 16.1%, China 7.1%, South Korea 6.9% (2002)

      Debt - external:
      $45 billion (2002)

      Currency:
      new Taiwan dollar (TWD)

      Currency code:
      TWD

      Exchange rates:
      new Taiwan dollars per US dollar - 34.42 (2003), 34.58 (2002), 33.8 (2001), 33.09 (2000), 31.6 (1999)

      Fiscal year:
      1 July - 30 June (up to FY98/99); 1 July 1999 - 31 December 2000 for FY00; calendar year (after FY00)


      NOTE: The information regarding Taiwan on this page is re-published from the 2004 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Taiwan Economy 2004 information contained here. All suggestions for corrections of any errors about Taiwan Economy 2004 should be addressed to the CIA.

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    http://www.immigration-usa.com/wfb2004/taiwan/taiwan_economy.html

    Revised 21-May-04
    Copyright © 2004 Photius Coutsoukis (all rights reserved)


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