Economy of Taiwan
Taiwan is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Taiwan is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Taiwan exports around $305.8 billion and imports roughly $268.5 billion. 3.9% of population in the country are unemployed. The total number of unemployed people in Taiwan is 924,069. In Taiwan, 1.5% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Taiwan is low, indicating that it has a stable economy. Investors should consider Taiwan to be a safe location for investments and other financial ventures. Government expenditure on education is 5.5% of GDP. The Gini Index of the country is 33.8. Taiwan is experiencing good equality. The majority of citizens in Taiwan fall within a narrow range of income, although some cases may show significant differences. The Global Peace Index (GPI) for Taiwan is 1.657. Due to strong law enforcement presence and high social responsibility, Taiwan is very safe by international standards.
Currency
The currency of Taiwan is New Taiwan dollar. The plural form of the word New Taiwan dollar is dollars. The symbol used for this currency is $, and it is abbreviated as TWD. The New Taiwan dollar is divided into Cent; there are 100 in one dollar.
Credit rating
The depth of credit information index for Taiwan is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Taiwan has a credit rating score of AA-, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Taiwan has a credit rating score of A+, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Taiwan has a credit rating score of Aa3, and the prospects of this rating are stable.
Central bank
In Taiwan, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of the Republic of China (Taiwan). Locally, the central bank of Taiwan is called 中華民國中央銀行.
Public debt
Taiwan has a government debt of 36% of the country's Gross Domestic Product (GDP), as assessed in 2012.
Tax information
The corporate tax in Taiwan is set at 17%. Personal income tax ranges from 6% to 40%, depending on your specific situation and income level. VAT in Taiwan is 5%.
Finances
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Taiwan is $1078792 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Taiwan was last recorded at $46 million. PPP in Taiwan is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Taiwan is 505 billion. Based on this statistic, Taiwan is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Taiwan was last recorded at $0 million. The average citizen in Taiwan has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Taiwan averaged 3.5% in 2014. According to this percentage, Taiwan is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Taiwan.
Industry
Major industries in the country are electronics, communications and information technology products, petroleum refining, chemicals, textiles, iron and steel, machinery, cement, food processing, vehicles, consumer products, pharmaceuticals. The total labor force of Taiwan is 11,780,000 people, wherein 3.9% of population in the country are unemployed. The total number of unemployed people in Taiwan is 924,069. The Industrial Production growth rate of Taiwan is 26.4%.To read more about industrial information within Taiwan click on industry of Taiwan.
Agriculture
There are 7742 km2 of arable land in Taiwan, and it comprises 22% of the country's total territory. There are 8065 km2 of cultivated land in Taiwan. The country's major agricultural crops and products are rice, vegetables, fruit, tea, flowers, pigs, poultry, fish.To read more about agriculture click on agriculture of Taiwan.