Gross domestic product (GDP) of Taiwan 2013-2024

In 2023, the gross domestic product (GDP) of Taiwan amounted to around 23.6 trillion New Taiwan dollars or 805.4 billion U.S. dollars (at current prices). Annual GDP growth dropped to 1.3 percent in 2023 but was forecasted to grow to 3.1 percent in 2024. Quarterly GDP growth reached 6.5 percent in the first 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 16 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 62 percent of the GDP over the last decade.