In 2024, the annual growth rate of the real gross domestic product (GDP) in Taiwan amounted to approximately *** percent. GDP refers to the total market value of all goods and services that are produced within a country per year. It is an important indicator of the economic strength of a country. GDP development in Taiwan The GDP of Taiwan displayed a comparatively stable development over the last decade with growth rates averaging *** percent between 2014 and 2024. This strong economic performance was mainly due to the successful development of high-tech industries, especially in the electronics sector, and the firm integration into global value chains. The industrial sector of Taiwan is still comparatively large and produces many intermediate products for the global market. Despite the island’s small size, Taiwan is among the leading exporters and has one of the highest trade surpluses in the world. GDP per capita reached around ****** U.S. dollars in 2023. Current economic development Taiwan was among few to be able to maintain strong economic growth during the global spread of the coronavirus pandemic in 2020 and 2021. At the end of 2022, the country was hit by the global economic downturn, and quarterly GDP growth dropped to **** percent in the first quarter of 2023. However, the economy rebounded quickly and returned to positive growth in the second quarter.

In 2024, the growth of the real gross domestic product (GDP) in Taiwan stood at approximately 4.30 percent. Between 1980 and 2024, the figure dropped by around 3.74 percentage points, though the decline followed an uneven course rather than a steady trajectory. The forecast shows the growth will steadily decline by about 2.22 percentage points from 2024 to 2030.This indicator describes the annual change in the gross domestic product at constant prices, expressed in national currency units. Here the gross domestic product represents the total value of the final goods and services produced during a year.

The Gross Domestic Product (GDP) in Taiwan expanded 7.96 percent in the second quarter of 2025 over the same quarter of the previous year. This dataset provides - Taiwan GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2024, the gross domestic product (GDP) of Taiwan amounted to around **** trillion New Taiwan dollars or ***** billion U.S. dollars (at current prices). Annual GDP growth increased to *** percent in 2024 and was forecasted to reach *** percent in 2025. Quarterly GDP growth reached *** percent in the fourth quarter of 2024. Taiwan’s economic development Gross domestic product (GDP) measures the value of all goods and services produced in an economy over a certain time, normally a year. It is a primary indicator of economic strength. Although Taiwan is a comparatively small island, it has a highly developed economy with a high per capita GDP in comparison to other economies in Asia-Pacific.Taiwan is highly integrated in international value chains and is well known for its computer and chip industries. Over the last decade, Taiwan experienced stable economic growth averaging more than three percent, and had comparatively low inflation and unemployment rates. Important economic sectors Taiwan maintains a significant industrial sector. Manufacturing alone contributes around one third to the total GDP, while wholesale and retail trade made up for around ** percent in 2023. This is due to a high export orientation of the economy, with electronic parts being the leading export products. The service sector has been stable at around ** percent of the GDP over the last decade.

The Gross Domestic Product (GDP) in Taiwan expanded 6.64 percent in the fourth quarter of 2024 over the previous quarter. This dataset provides - Taiwan GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2024, Taiwan’s gross domestic product amounted to around 782.44 billion U.S. dollars. Gross domestic product (GDP) denotes the aggregate value of all services and goods produced within a country in any given year. Taiwan’s GDP is projected to reach 960.13 billion U.S. dollars by 2030. Taiwan has the largest economy of any nation not a member of the United Nations (UN). Analyzing Taiwan’s economy Taiwan’s services sector generates the highest share of its GDP, at around 62 percent, though its industry sector also contributes about 35 percent to overall GDP in Taiwan. During the last decade, Taiwan has consistently held a trade surplus, and is known for its exports of electronics, machinery, and petrochemicals. Taiwan’s population Taiwan is a densely populated state, with a total population of about 23 million people, most of whom are between the ages of 15-64 years. Many members of the population are working; the unemployment rate was at only 3.8 percent in 2017. As one of the world’s technology hardware centers, Taiwan’s work force is comprised of high-skilled workers capable of navigating new technologies, such as artificial intelligence and blockchain.

Key information about Taiwan Real GDP Growth

• The Gross Domestic Product (GDP) in Taiwan contracted 0.5 % YoY in Dec 2022, following a growth of 3.7 % in the previous quarter.
• Real GDP Growth YoY data in Taiwan is updated quarterly, available from Mar 1983 to Dec 2022, with an average rate of 5.9 %.
• The data reached an all-time high of 14.4 % in Jun 1987 and a record low of -8.0 % in Mar 2009.

• In the latest reports, Nominal GDP of Taiwan reached 182.4 USD bn in Dec 2022.
• Its GDP deflator (implicit price deflator) increased 1.5 % in Dec 2022.
• GDP Per Capita in Taiwan reached 32,811.0 USD in Dec 2022.
• Its Gross Savings Rate was measured at 37.6 % in Dec 2022.
• For Nominal GDP contributions, Investment accounted for 26.2 % in Dec 2022.
• Public Consumption accounted for 15.1 % in Dec 2022.
• Private Consumption accounted for 47.1 % in Dec 2022.

The Gross Domestic Product (GDP) in Taiwan was worth 756.59 billion US dollars in 2023, according to official data from the World Bank. The GDP value of Taiwan represents 0.72 percent of the world economy. This dataset provides - Taiwan GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The gross domestic product (GDP) per capita in Taiwan stood at about 33.44 thousand U.S. dollars in 2024. Between 1980 and 2024, the GDP per capita rose by approximately 31.07 thousand U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. The GDP per capita will steadily rise by around 7.80 thousand U.S. dollars over the period from 2024 to 2030, reflecting a clear upward trend.This indicator describes the gross domestic product per capita at current prices. Thereby, the gross domestic product was first converted from national currency to U.S. dollars at current exchange rates and then divided by the total population. The gross domestic product is a measure of a country's productivity. It refers to the total value of goods and service produced during a given time period (here a year).

Taiwan Contribution to(GDP) Gross Domestic ProductGrowth: AE: DD: Private Final Consumption data was reported at -0.530 % in Mar 2020. This records a decrease from the previous number of 1.450 % for Dec 2019. Taiwan Contribution to(GDP) Gross Domestic ProductGrowth: AE: DD: Private Final Consumption data is updated quarterly, averaging 0.460 % from Dec 2019 (Median) to Mar 2020, with 2 observations. The data reached an all-time high of 1.450 % in Dec 2019 and a record low of -0.530 % in Mar 2020. Taiwan Contribution to(GDP) Gross Domestic ProductGrowth: AE: DD: Private Final Consumption data remains active status in CEIC and is reported by Directorate-General of Budget, Accounting and Statistics, Executive Yuan. The data is categorized under Global Database’s Taiwan – Table TW.AA013: SNA 08: Reference Year=2016: GDP: by Expenditure: Chain Linked: Advance Estimate.

Taiwan Contribution to(GDP) Gross Domestic ProductGrowth: AE: DD: Gross Capital Formation data was reported at 0.730 % in Mar 2020. This records a decrease from the previous number of 2.340 % for Dec 2019. Taiwan Contribution to(GDP) Gross Domestic ProductGrowth: AE: DD: Gross Capital Formation data is updated quarterly, averaging 1.535 % from Dec 2019 (Median) to Mar 2020, with 2 observations. The data reached an all-time high of 2.340 % in Dec 2019 and a record low of 0.730 % in Mar 2020. Taiwan Contribution to(GDP) Gross Domestic ProductGrowth: AE: DD: Gross Capital Formation data remains active status in CEIC and is reported by Directorate-General of Budget, Accounting and Statistics, Executive Yuan. The data is categorized under Global Database’s Taiwan – Table TW.AA013: SNA 08: Reference Year=2016: GDP: by Expenditure: Chain Linked: Advance Estimate.

Taiwan Contribution to(GDP) Gross Domestic ProductGrowth: AE: Domestic Demand (DD) data was reported at 0.680 % in Mar 2020. This records a decrease from the previous number of 4.090 % for Dec 2019. Taiwan Contribution to(GDP) Gross Domestic ProductGrowth: AE: Domestic Demand (DD) data is updated quarterly, averaging 2.385 % from Dec 2019 (Median) to Mar 2020, with 2 observations. The data reached an all-time high of 4.090 % in Dec 2019 and a record low of 0.680 % in Mar 2020. Taiwan Contribution to(GDP) Gross Domestic ProductGrowth: AE: Domestic Demand (DD) data remains active status in CEIC and is reported by Directorate-General of Budget, Accounting and Statistics, Executive Yuan. The data is categorized under Global Database’s Taiwan – Table TW.AA013: SNA 08: Reference Year=2016: GDP: by Expenditure: Chain Linked: Advance Estimate.

GDP from Agriculture in Taiwan decreased to 66027 TWD Million in the first quarter of 2025 from 69434 TWD Million in the fourth quarter of 2024. This dataset provides - Taiwan Gdp From Agriculture- actual values, historical data, forecast, chart, statistics, economic calendar and news.

In the second quarter of 2024, the total importing and exporting trade accounted for about 118.59 percent of Taiwan's nominal GDP in that quarter. This indicated a slight increase compared to the previous year.

Taiwan: Insurance company assets, percent of GDP: The latest value from 2020 is 162.72 percent, an increase from 157.28 percent in 2019. In comparison, the world average is 26.96 percent, based on data from 85 countries. Historically, the average for Taiwan from 2003 to 2020 is 99.75 percent. The minimum value, 43.61 percent, was reached in 2003 while the maximum of 162.72 percent was recorded in 2020.

Taiwan Contribution to(GDP) Gross Domestic ProductGrowth: AE: DD: Government Final Consumption data was reported at 0.480 % in Mar 2020. This records an increase from the previous number of 0.300 % for Dec 2019. Taiwan Contribution to(GDP) Gross Domestic ProductGrowth: AE: DD: Government Final Consumption data is updated quarterly, averaging 0.390 % from Dec 2019 (Median) to Mar 2020, with 2 observations. The data reached an all-time high of 0.480 % in Mar 2020 and a record low of 0.300 % in Dec 2019. Taiwan Contribution to(GDP) Gross Domestic ProductGrowth: AE: DD: Government Final Consumption data remains active status in CEIC and is reported by Directorate-General of Budget, Accounting and Statistics, Executive Yuan. The data is categorized under Global Database’s Taiwan – Table TW.AA013: SNA 08: Reference Year=2016: GDP: by Expenditure: Chain Linked: Advance Estimate.

For a long time, governments of all countries have attached great importance to the development of underground economic activities. The reason is that the characteristics of the underground economy are hidden and the information disclosure is not sufficient, which not only distorts the economic data indicators, but more importantly, the existence of the underground economy has led to the loss of a large amount of tax base, affecting the long-term economic development of the country. Whether raising the tax burden rate boosts the tax revenue or expand the scale of the underground economy. In this paper, we use Kuznet Tax Curve (KTC) method to analyze the relationship between GDP and TTR/DTR/ITR. We find that the tax base erosion rate of indirect tax is lower than that of direct tax. In addition, we explore the relationship among economic growth, tax rate and tax revenue and adopt SUR-OLS method and Threshold approach to estimate the response of economic growth on total tax revenue(TTR), direct tax revenue(DTR) and indirect tax revenue (ITR) in Taiwan from 1991-2020. Our empirical research shows that when DTR tax rates are between 12.59% and 13%, an increase in income leads to a decrease, not an increase, in DTR, leading to severe tax base erosion. That is, the relationship between GDP and DTR presents a N-shaped relationship. However, ITR does not exist any tax rate threshold effect. Obviously, with the increase of GDP, ITR also increases. This reflects that the difference of tax structure between direct tax and indirect tax plays a key role in the relationship between tax rate and tax base erosion.

For a long time, governments of all countries have attached great importance to the development of underground economic activities. The reason is that the characteristics of the underground economy are hidden and the information disclosure is not sufficient, which not only distorts the economic data indicators, but more importantly, the existence of the underground economy has led to the loss of a large amount of tax base, affecting the long-term economic development of the country. Whether raising the tax burden rate boosts the tax revenue or expand the scale of the underground economy. In this paper, we use Kuznet Tax Curve (KTC) method to analyze the relationship between GDP and TTR/DTR/ITR. We find that the tax base erosion rate of indirect tax is lower than that of direct tax. In addition, we explore the relationship among economic growth, tax rate and tax revenue and adopt SUR-OLS method and Threshold approach to estimate the response of economic growth on total tax revenue(TTR), direct tax revenue(DTR) and indirect tax revenue (ITR) in Taiwan from 1991-2020. Our empirical research shows that when DTR tax rates are between 12.59% and 13%, an increase in income leads to a decrease, not an increase, in DTR, leading to severe tax base erosion. That is, the relationship between GDP and DTR presents a N-shaped relationship. However, ITR does not exist any tax rate threshold effect. Obviously, with the increase of GDP, ITR also increases. This reflects that the difference of tax structure between direct tax and indirect tax plays a key role in the relationship between tax rate and tax base erosion.

Key information about Taiwan GDP Per Capita

• Taiwan Gross Domestic Product (GDP) per Capita reached 32,756.000 USD in Dec 2022, compared with 33,059.000 USD in Dec 2021.
• Taiwan GDP Per Capita data is updated yearly, available from Dec 1951 to Dec 2022, with an average number of 4,693.000 USD.
• The data reached an all-time high of 33,059.000 USD in Dec 2021 and a record low of 140.000 in Dec 1959.

• In the latest reports, Taiwan GDP contracted 2.500 % YoY in Mar 2023.
• Taiwan Nominal GDP reached 185.233 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) increased 0.460 % in Mar 2023.
• Gross Savings Rate of Taiwan was measured at 36.490 % in Mar 2023.

For a long time, governments of all countries have attached great importance to the development of underground economic activities. The reason is that the characteristics of the underground economy are hidden and the information disclosure is not sufficient, which not only distorts the economic data indicators, but more importantly, the existence of the underground economy has led to the loss of a large amount of tax base, affecting the long-term economic development of the country. Whether raising the tax burden rate boosts the tax revenue or expand the scale of the underground economy. In this paper, we use Kuznet Tax Curve (KTC) method to analyze the relationship between GDP and TTR/DTR/ITR. We find that the tax base erosion rate of indirect tax is lower than that of direct tax. In addition, we explore the relationship among economic growth, tax rate and tax revenue and adopt SUR-OLS method and Threshold approach to estimate the response of economic growth on total tax revenue(TTR), direct tax revenue(DTR) and indirect tax revenue (ITR) in Taiwan from 1991-2020. Our empirical research shows that when DTR tax rates are between 12.59% and 13%, an increase in income leads to a decrease, not an increase, in DTR, leading to severe tax base erosion. That is, the relationship between GDP and DTR presents a N-shaped relationship. However, ITR does not exist any tax rate threshold effect. Obviously, with the increase of GDP, ITR also increases. This reflects that the difference of tax structure between direct tax and indirect tax plays a key role in the relationship between tax rate and tax base erosion.