Gross domestic product (GDP) in Taiwan 2029

In 2022, Taiwan’s gross domestic product amounted to around 760.91 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 1,005.19 billion U.S. dollars by 2029. 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.