GDP growth rate in Taiwan 2000-2025

In 2023, the annual growth rate of the real gross domestic product (GDP) in Taiwan amounted to approximately 1.3 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 3.1 percent between 2013 and 2023. 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 33,300 U.S. dollars in 2022.

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 -3.5 percent in the first quarter of 2023. However, the economy rebounded quickly an returned to positive growth in the second quarter.