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![]() ![]() Taiwan Economy 1998 https://greekorthodoxchurch.org/wfb1998/taiwan/taiwan_economy.html SOURCE: 1998 CIA WORLD FACTBOOK Economy - overview Taiwan has a dynamic capitalist economy with gradually decreasing guidance of investment and foreign trade by government authorities and partial government ownership of some large banks and industrial firms. Spillover from the Asian financial crisis hit Taiwan in the fourth quarter of 1997, wreaking havoc on the stock and currency markets. While the economy remains sound (the government forecasts 6% GDP growth for 1998), the New Taiwan Dollar depreciated 20% in 1997. Real growth in GDP has averaged about 8.5% a year during the past three decades. Export growth has been even faster and has provided the impetus for industrialization. Inflation and unemployment are low. Agriculture contributes only 3% to GDP, down from 35% in 1952. Traditional labor-intensive industries are steadily being moved off-shore and replaced with more capital- and technology-intensive industries. Taiwan has become a major investor in China, Thailand, Indonesia, the Philippines, Malaysia, and Vietnam. The tightening of labor markets has led to an influx of foreign workers, both legal and illegal. GDP purchasing power parity - $308 billion (1997 est.) GDP - real growth rate 6.8% (1997 est.) GDP - per capita purchasing power parity - $14,200 (1997 est.) GDP - composition by sector
Inflation rate - consumer price index 0.9% (1997) Labor force
Unemployment rate 2.7% (1997) Budget
Industries electronics, textiles, chemicals, clothing, food processing, plywood, sugar milling, cement, shipbuilding, petroleum refining Industrial production growth rate 7% (1997) Electricity - capacity 23.763 million kW (1996) Electricity - production 124.973 billion kWh (1996) Electricity - consumption per capita 5,500 kWh (1995) Agriculture - products rice, wheat, corn, soybeans, vegetables, fruit, tea; pigs, poultry, beef, milk; fish Exports
Imports
Debt - external $80 million (1997 est.) Economic aid $NA Currency 1 New Taiwan dollar (NT$) = 100 cents Exchange rates New Taiwan dollars per US$1 - 32.45 (yearend 1997), 27.5 (1996), 27.4 (1995), 26.2 (1994), 26.6 (1993), 25.4 (1992) Fiscal year
1 July - 30 June
NOTE: The information regarding Taiwan on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Taiwan Economy 1998 information contained here. All suggestions for corrections of any errors about Taiwan Economy 1998 should be addressed to the CIA. |
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