International Trade is officially assisted by Taiwan External Trade Development Council. GDP per capita (current US$) Taiwan, China. [50] Industrial output for November 2010 reached another high, up 19.37% from a year earlier, indicating strong exports and a growing local economy. The following table shows the main economic indicators in 19802021 (with IMF staff estimates in 20212027). [141] In 2018 Taiwan was the fourth largest yacht building nation by feet of yacht built after Italy, The Netherlands and Turkey. Home World India. Profit from the additional features of your individual account. [146] The right to strike and collective bargaining were also hamstrung by law. [140], In 2017 Taiwan exported one hundred and sixty two yachts. The electronics sector is Taiwan's most important industrial export sector and is the largest recipient of United States investment. From 2021 onward, Spain would again reclaim its spot ahead of Taiwan and would maintain that spot for the foreseeable future. Between 1986 and 1992, unionized workers increased by 13%. [71] In 1960, the electronics industry in Taiwan was virtually nonexistent. [108] In 1987, TSMC pioneered the fabless foundry model, reshaping the global semiconductor industry. DataBank. Private Taiwanese investment in mainland China is estimated to total in excess of US$150 billion,[27][bettersourceneeded] and official tallies cite Taiwan as having invested a comparable amount in Southeast Asia. [167] Both Taiwan Semiconductor Manufacturing Company and United Microelectronics Corporation, the world's largest and second largest contract chipmakers,[107] are headquartered within the park. Meat production and consumption has risen sharply, reflecting a high standard of living. [158] The act defined the standard work week as 40 labor hours with an eight-hour limit per day, permitting an overtime-included maximum of forty-eight labor hours per week. Industrial and science parks in Taiwan include: "Economy of the Republic of China" redirects here. [149] Other labor issues were also regulated by the law, including contract, wage, overtime payment, compensations for occupational accidents, etc. Use Ask Statista Research Service. [150], In Taiwan, companies with at least a single employee have the compulsion to contribute to the insurer's employment service insurance premium. Find out how good a country could be if it upgraded it's GDP data. [51] Private consumption is also increasing, with retail sales up 6.4% compared to 2009. Taiwan has historically benefited from the flight of many well-educated, wealthy Chinese to settle on the island[failed verification]: during the early Qing Dynasty, the preceding Ming dynasty supporters survived for a brief period of time in exile in Taiwan, and in 1949, as the Chinese Communist Party gained control of mainland China, two million Kuomintang (KMT) supporters fled to the island. Answer (1 of 6): Difficult task. IMFDataMapper. [106][109] From ITRI's first 3-inch wafer fabrication plant built in 1977[106] and the founding of UMC in 1980,[110] the industry has developed into a world leader with 40 fabs in operation by 2002. Sports World India. [42] The economy has since slowly recovered; by November 2010, Taiwan's unemployment rate had fallen to a two-year low of 4.73%,[48] and continued dropping to a 40-month low of 4.18% by the end of 2011. [147], Taiwan's labor rights and employment protections increased with its democratization progress in the 1980s, and it still has relatively high level of employment protection comparing to other East Asia countries. [53], According to the National Development Council, Taiwan's economy declined in May 2019 due to the ongoing China-United States trade war.[54]. The economy of Taiwan has grown at an average annual growth rate of 0.0% in the last four years and is ranked the 12th largest economy in Asia-Pacific, ahead of Vietnam. 2030 is only 8 years away, by making very modest assumptions about economic growth it is possible to project forward economic data to 2030. "Unemployment and the Government's Role in a Risk Society: A Case Study in Taiwan". DataBank. Taiwan, as an independent economy, became a member of the World Trade Organization (WTO) as Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu (often shortened to "Chinese Taipei" - both names resulting from PRC interference in the WTO) in January 2002. (2018) Being Employed as a Nyusheng: Gendered and Heteronormative Management in the Workplace. [58][59] Mainland China has recently become Taiwan's largest import and export partner. Thanks for watching.If you have a good idea or opinion for this channel, please leave a comment.I hope that your everything will be better than today! With the prospect of continued relocation of labor-intensive industries to economies with cheaper workforces, such as in mainland China, the Philippines and Vietnam, Taiwan's future development will have to rely on further transformation to a high technology and service-oriented economy. Taiwan - GDP per capita (U.S. [104] 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. Please create an employee account to be able to mark statistics as favorites. Article World India. GDP in Taiwan averaged 325.97 USD Billion from 1980 until 2021, reaching an all time high of 774.70 USD Billion in 2021 and a record low of 42.30 USD Billion in 1980. [134] In 2010, the green energy sector generated US$10.97 billion in production value. [47], Taiwan recovered quickly from the global financial crisis of 20072010, and its economy has been growing steadily since. [133] 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. On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures. Taiwan's data is highlighted in the table below, use the filter and sort order options to allow easy comparison with other countries. [167] These three science parks alone have attracted over NT$4 trillion (US$137 billion) worth of capital inflow,[163] and in 2010 total revenue within the parks reached NT$2.16 trillion (US$72.8 billion). The amended Labor Union Law lifted the limitations on special occupational groups from collective representation. Ranking. [150] Penalties for employer violation were also clear in the law, stating fines and criminal liabilities. Close. Download all data featured on World Economics in a simple and consiatant format. (Taiwan)-Agriculture", "Sustainable Development of Renewable Energy", "AEC approves plan to shutter fourth nuclear facility", "Per Capita GDP and Primary Energy Consumption in Major Countries (2007)", "Taiwan's Green Energy Production Value Surges to NT$340B. GDP per capita of Taiwan in nominal and ppp terms. In the latest reports, Taiwan GDP expanded 3.002 % YoY in Mar 2022. In 2018, Taiwan exported 12.2 million metric tons of steel, a one percent increase from 12.0 million metric tons in 2017. [139], The automotive industry in Taiwan is significant with Taiwanese firms increasingly invested in automotive electrification, 75% of Tesla, Inc.s suppliers are Taiwanese. ", IMF, Gross domestic product (GDP) per capita at current prices in Taiwan from 1985 to 2020 with forecasts until 2026 (in U.S. dollars) Statista, https://www.statista.com/statistics/727592/gross-domestic-product-gdp-per-capita-in-taiwan/ (last visited November 08, 2022), Gross domestic product (GDP) per capita at current prices in Taiwan from 1985 to 2020 with forecasts until 2026, Population of Taiwan 2011-2021, by gender, Population in Taiwan 2011-2021, by broad age group, Life expectancy at birth in Taiwan 1990-2030, Children and old-age dependency ratio in Taiwan 1960-2060, Daily per capita domestic water consumption in Taiwan 2010-2020, Annual electricity consumption per capita in Taiwan 2010-2020, Volume of railway freight traffic in Taiwan 2010-2020, Share of households owning automobiles in Taiwan 2009-2019, Gross domestic product (GDP) of Taiwan 2011-2023, Quarterly GDP growth rate in Taiwan Q3 2019-Q3 2022, Gross domestic product (GDP) growth of Taiwan 2011-2021, by sector, Distribution of GDP across economic sectors in Taiwan 2011-2021, Gross domestic product (GDP) per capita in Taiwan 1985-2026, Disposable income per capita in Taiwan 2011-2021, Value of goods imported to Taiwan 2011-2021, Value of goods exported from Taiwan 2011-2021, Merchandise trade balance of Taiwan 2011-2021, Value of goods imported to Taiwan 2021, by category, Value of goods exported from Taiwan 2021, by category, Value of goods imported to Taiwan 2021, by origin, Value of goods exported from Taiwan 2021, by destination, Share of workforce in the industrial sector of Taiwan 2011-2021, Share of workforce in the service sector of Taiwan 2011-2021, Public readiness to take a COVID-19 vaccine in Taiwan 2022, Transportation equipment manufacturing industry LPI in Japan 2012-2021, Science and research institutions LPI Japan 2011-2020, Manufacturing sector PPI in Japan 2012-2021, Textiles IPI on yen basis in Japan 2012-2018, GDP based on purchasing-power-parity per capita in the MENA region by country 2017, Gross national savings across India 2011-2019, Motor vehicles, parts and accessory manufacturing LPI in Japan 2012-2021, PPI for chemicals and chemical products Thailand 2012-2021, PPI for intermediate industrial materials Thailand 2012-2021, Gross domestic product (GDP) per capita in Finland 2019, by region, Index of all industry production South Korea 2011-2021, Regional gross domestic product per capita in Finland 2019, Gross domestic product in Czechia 2010-2020, PPI for vehicles, parts and accessories Thailand 2012-2021, Gross domestic product (GDP) per capita at current prices in Taiwan from 1985 to 2020 with forecasts until 2026 (in U.S. dollars), Find your information in our database containing over 20,000 reports, Find a brief overview of all Outlooks here, Tools and Tutorials explained in our Media Centre. Although the Taiwan Power Company (Taipower), state-owned enterprise, is in charge of providing electricity for the Taiwan area, a 1994 measure has allowed independent power producers (IPPs) to provide up to 20% of the island's energy needs. Taiwan's business overseas is 'brand-less'. If you are an admin, please authenticate by logging in again. The statistic shows gross domestic product (GDP) per capita in Taiwan from 1985 to 2020, with projections up until 2026. [145], Article 25 of the Labor Standards Act upholds there will be no sexual discrimination in the conditions of workers,[158] however, because the Taiwanese culture and thus political economy traditionally "categorizes female employees as naturally marriage- and family-oriented," women are assumed to obtain employment in fields that are limited to these ideals. [145] Special occupational groups such as teachers were not allowed to unionize. On the whole, PPP per capita figures are less spread than nominal GDP per capita figures. According to IMF's October 2020 World Economic Outlook Database, from which the data you sourced per Wikipedia originally comes from, Taiwan's lead in nominal GDP per capita is only to last for a single year, 2020. The digital content production industry grew by 15% in 2009, reaching US$14.03 billion. This places Taiwan in 94th place in the World Economics Global Wealth rankings and 18th for Asia-Pacific. [87][88] The Institute for Information Industry[89][90] is responsible for the development of the IT and ICT industry[91] in Taiwan. Explore Our DataBank. According to the 2019 Forbes Global 2000 index, Taiwan's largest publicly traded companies are: According to the 2022 Fortune Global 500 Rankings, Taiwan's largest publicly traded companies are: The Labor Union Laws, legislated by the Kuomintang (KMT) on the mainland, gave Taiwan workers the right to unionize. [126] Taiwan's main crops are rice, sugar cane, fruits (many of them tropical), and vegetables. Imports of agriculture products are expected to increase due to the WTO accession, which is opening previously protected agricultural markets. Current GDP per Capita in Taiwan is estimated to be US dollars at the end of 2019. Taiwan ASEAN Studies Center; ASEAN Outlook Magazine; May 2013. [130] It currently has three operational nuclear power plants. [95] In 2010, Taiwan's software market grew by 7.1% to reach a value of US$4 billion, accounting for 3.3% of the Asia-Pacific region market value. Country. You only have access to basic statistics. However, prior to the democratization of Taiwan, the functions of trade unions were limited under strict regulation and state corporatism. [147] The Collective Bargaining Agreement in 1930 stipulated that collective bargains were not legally valid without government approval. A fourth plant under construction was mothballed in 2014. Chin TF. [35]. [31][bettersourceneeded] Taiwan moved from cheap, labor-intensive manufactures, such as textiles and toys, into an expansion of heavy industry and infrastructure in the 1970s, and then to advanced electronics in the subsequent decade. Data source: World Economics Research, London, GROSS DOMESTIC PRODUCT PER CAPITA (REAL PPP IN 2017 PRICES), Environmental, Social & Governance Indexes, Data for individual countries and underlying data click on the country name, GDP Per Capita (PPP, Int$, 2017 Constant Prices): All Countries, 1 Ivory Square, Plantation Wharf, London, SW11 3UE. US aid was also important to stabilize post-war Taiwan, and it constituted more than 30 percent of domestic investment from 1951 to 1962. This results in human resource talents seeking career opportunities elsewhere. Taiwan real GDP growth rate, nominal GDP, GDP PPP, GDP per capita, projected GDP According to the International Monetary Fund (IMF), real GDP of Taiwan is forecast to grow by 3.3 percent in 2022 and 2.6 percent in 2023. [93], 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. Find out how good a country could be if it upgraded it's GDP data. [42] The stimulus package focused on infrastructure development, small and medium-sized businesses, tax breaks for new investments, and low-income households. [85], Industrial output has gradually decreased from accounting for over half of Taiwan's GDP in 1986 to just 31% in 2002. Economy World Country India. [71] Twenty of the top information and communication technology (ICT) companies have International Procurement Offices set up in Taiwan. 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