GDP

GDP of Taiwan in 2023 - Expenditure Approach, Sector Output, and Regional GDP

Last Updated: October 31, 2023
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GDP Summary

“Taiwan with a population of had a total GDP value of US dollars (calculated in current US dollars) for the whole of 2022. The GDP per capita is 32687, and the growth rate in 2022 is 2.4%.”

Population

23.375 million

Land Size

36187 km²

GDP

760.46 billion

GDP Per Capita

32687 USD

Real GDP Growth
Note: Real GDP Growth (%) | Forecast after 2023
GDP Per Capital (Nominal)
Note: Current USD | Forecast after 2023
GDP Per Capita (PPP)
Note: PPP | Forecast after 2023

GDP Structure (Expenditure Approach)

The latest GDP update was in October 2023, updating the data on the contribution of GDP output in various sectors for the year 2022, as a proportion of the total GDP. The data is sourced from the World Bank, IMF, and local government statistics. Predictions on the sources of GDP contribution are from the EIU.

Private Consumption
45.6%
Government Expneidutre
13.8%
Capital Formation
27.7%
Export
72%
Import
59.1%
GDP Growth(By Type)
Note: Real GDP Growth (%) | Forecast after 2023

GDP Structure By Sector

The latest GDP update was in October 2023, updating the data on the contribution of GDP output in various sectors for the year 2022, as a proportion of the total GDP. The data is sourced from the World Bank, IMF, and local government statistics. Predictions on the sources of GDP contribution are from the EIU.

Agriculture
1.6%
Industry
41.6%
Manufacturing
37%
Service
56.9%
Economic Growth(By Sector)
Note: Real GDP Growth (%) | Forecast after 2023

Economic Development

Taiwan’s economic health has experienced a noticeable downturn, occurring concurrently with a period of relative stability in external markets such as China and the US. China’s consumer market has proven robust, but the rate of growth is likely to decelerate. In the US, despite the apparent resilience of economic data, inventory burdens cast a shadow. Advanced economies’ previous monetary policy tightening and the increasingly restrictive credit conditions in the banking sector signify a dimmer global economic forecast. The weakening global growth outlook inevitably impacts Taiwan, leading to an expected significant cooling of its export momentum in the current year. The substantial tightening of global financial conditions and a squeeze on real incomes will most acutely affect goods exporters. Despite an anticipated moderation in the pace of contraction across Asia ove...

Unemployment

3.7 %

Inflation

2.9 %

Urbanization

78.9 %

TFR

1.2 人

Unemployment Rate
Unit: %
Inflation Rate
Unit: %