Taiwan ranked 22/197 by economy size with a GDP of $802B and 35/197 by GDP per capita at $34,238. Taiwan has $211B in government debt, with a debt-to-GDP ratio of 26.3%.
In 2024, Taiwan made up 0.72% of the world's economy, compared to 0.13% in 1960.
Taiwan GDP & GDP growth by year
| Year | GDP | GDP growth |
|---|---|---|
| 2024 | $801,529,000,000 | 2.3% |
| 2023 | $757,328,000,000 | -3.25% |
| 2022 | $765,529,000,000 | -3.48% |
| 2021 | $777,062,000,000 | 12.7% |
| 2020 | $676,935,000,000 | 8.13% |
| 2019 | $613,453,000,000 | 0.5% |
| 2018 | $610,744,000,000 | 3.86% |
| 2017 | $591,734,000,000 | 10.1% |
| 2016 | $543,002,000,000 | 0.84% |
| 2015 | $534,474,000,000 | -3.43% |
| 2014 | $535,332,000,000 | 2.65% |
| 2013 | $512,957,000,000 | 1.96% |
| 2012 | $495,536,000,000 | 1.71% |
| 2011 | $483,957,000,000 | 11.3% |
| 2010 | $444,245,000,000 | 15.2% |
| 2009 | $390,788,000,000 | -6.14% |
| 2008 | $415,824,000,000 | 4.95% |
| 2007 | $406,940,000,000 | 5.85% |
| 2006 | $386,492,000,000 | 4.62% |
| 2005 | $374,042,000,000 | 9.49% |
| 2004 | $346,881,000,000 | 10.1% |
| 2003 | $317,374,000,000 | 4.71% |
| 2002 | $307,429,000,000 | 3.13% |
| 2001 | $299,303,000,000 | -8.92% |
| 2000 | $330,725,000,000 | 9.85% |
| 1999 | $303,827,000,000 | 10.7% |
| 1998 | $279,926,000,000 | -10.6% |
| 1997 | $303,315,000,000 | 1.47% |
| 1996 | $292,473,000,000 | 2.42% |
| 1995 | $279,013,000,000 | 6.38% |
| 1994 | $256,213,000,000 | 7.22% |
| 1993 | $234,943,000,000 | 1.84% |
| 1992 | $222,947,000,000 | 15.4% |
| 1991 | $187,100,000,000 | 8.65% |
| 1990 | $166,392,000,000 | 3.66% |
| 1989 | $152,687,000,000 | 17.8% |
| 1988 | $126,378,000,000 | 20.3% |
| 1987 | $104,956,000,000 | 33.9% |
| 1986 | $78,347,000,000 | 17.4% |
| 1985 | $63,599,000,000 | 4.19% |
| 1984 | $61,036,000,000 | 11.3% |
| 1983 | $54,155,000,000 | 6.48% |
| 1982 | $49,540,000,000 | -1.44% |
| 1981 | $49,047,000,000 | 4.8% |
| 1980 | $42,292,000,000 | 8.03% |
| 1979 | $33,875,000,000 | 11.7% |
| 1978 | $27,373,000,000 | 16.8% |
| 1977 | $22,252,000,000 | 11.4% |
| 1976 | $18,988,000,000 | 14.3% |
| 1975 | $15,836,000,000 | 6.18% |
| 1974 | $14,739,000,000 | 3.35% |
| 1973 | $10,940,000,000 | 18% |
| 1972 | $8,063,000,000 | 13.9% |
| 1971 | $6,727,000,000 | 13.4% |
| 1970 | $5,785,000,000 | 11.5% |
| 1969 | $5,017,000,000 | 9.56% |
| 1968 | $4,325,000,000 | 9.7% |
| 1967 | $3,709,000,000 | 11.2% |
| 1966 | $3,207,000,000 | 9.65% |
| 1965 | $2,869,000,000 | 11.8% |
| 1964 | $2,592,000,000 | 12.7% |
| 1963 | $2,218,000,000 | 10.7% |
| 1962 | $1,960,000,000 | 8.92% |
| 1961 | $1,778,000,000 | -2.66% |
| 1960 | $1,743,000,000 | 7.22% |
| 1959 | $1,444,000,000 | -25.9% |
| 1958 | $1,836,000,000 | 7.7% |
| 1957 | $1,636,000,000 | 7.82% |
| 1956 | $1,399,000,000 | -33.4% |
| 1955 | $1,940,000,000 | 7.78% |
| 1954 | $1,628,000,000 | 9.64% |
| 1953 | $1,481,000,000 | -27.4% |
| 1952 | $1,677,000,000 | 12% |
| 1951 | $1,197,000,000 | - |
Data sources: National Statistics, Taiwan (1951–2024, retrieved 2026-02-09).
GeoRank.org/economy/taiwan | CC BY 
Taiwan GDP per capita by year
| Year | Current $ | |
|---|---|---|
| GDP per capita | GDP per capita, PPP | |
| 2024 | $34,238 | - |
| 2023 | $32,444 | - |
| 2022 | $32,827 | - |
| 2021 | $33,111 | - |
| 2020 | $28,705 | - |
| 2019 | $25,998 | - |
| 2018 | $25,901 | - |
| 2017 | $25,121 | $50,500 |
| 2016 | $23,091 | - |
| 2015 | $22,780 | $46,800 |
| 2014 | $22,874 | - |
| 2013 | $21,973 | $39,600 |
| 2012 | $21,295 | $39,400 |
| 2011 | $20,866 | $38,200 |
| 2010 | $19,197 | $35,700 |
| 2009 | $16,933 | $32,000 |
| 2008 | $18,081 | $31,100 |
| 2007 | $17,757 | $30,100 |
| 2006 | $16,934 | $29,500 |
| 2005 | $16,456 | $27,500 |
| 2004 | $15,317 | $25,300 |
| 2003 | $14,066 | $23,400 |
| 2002 | $13,686 | $18,000 |
| 2001 | $13,397 | $17,200 |
| 2000 | $14,908 | $17,400 |
| 1999 | $13,804 | $16,100 |
| 1998 | $12,820 | - |
| 1997 | $14,020 | - |
| 1996 | $13,641 | - |
| 1995 | $13,119 | - |
| 1994 | $12,150 | - |
| 1993 | $11,242 | - |
| 1992 | $10,768 | - |
| 1991 | $9,125 | - |
| 1990 | $8,205 | - |
| 1989 | $7,613 | - |
| 1988 | $6,370 | - |
| 1987 | $5,350 | - |
| 1986 | $4,036 | - |
| 1985 | $3,314 | - |
| 1984 | $3,224 | - |
| 1983 | $2,903 | - |
| 1982 | $2,699 | - |
| 1981 | $2,720 | - |
| 1980 | $2,389 | - |
| 1979 | $1,950 | - |
| 1978 | $1,606 | - |
| 1977 | $1,330 | - |
| 1976 | $1,158 | - |
| 1975 | $985 | - |
| 1974 | $934 | - |
| 1973 | $706 | - |
| 1972 | $530 | - |
| 1971 | $451 | - |
| 1970 | $397 | - |
| 1969 | $357 | - |
| 1968 | $319 | - |
| 1967 | $280.8 | - |
| 1966 | $249.1 | - |
| 1965 | $229.3 | - |
| 1964 | $213.6 | - |
| 1963 | $188.6 | - |
| 1962 | $172 | - |
| 1961 | $161.2 | - |
| 1960 | $163.4 | - |
| 1959 | $140.4 | - |
| 1958 | $185.1 | - |
| 1957 | $170.5 | - |
| 1956 | $150.6 | - |
| 1955 | $216.3 | - |
| 1954 | $188.3 | - |
| 1953 | $177.7 | - |
| 1952 | $208.4 | - |
| 1951 | $154.3 | - |
Data sources: National Statistics, Taiwan (1951–2024, retrieved 2026-02-09); Central Intelligence Agency (CIA) (1999–2017, retrieved 2026-02-20).
GeoRank.org/economy/taiwan | CC BY
Taiwan has a GDP per capita of $34,238, ranking 35/197, a GDP per capita based on purchasing power parity (PPP) of $50,500, ranking 44/197, and a median annual after tax income of $18,163, ranking 50/197.
Taiwan GDP rankings by year
| Year | Rank | ||
|---|---|---|---|
| GDP | GDP per capita | GDP per capita, PPP | |
| 2024 | 22 | 32 | - |
| 2023 | 22 | 38 | - |
| 2022 | 21 | 36 | - |
| 2021 | 21 | 33 | - |
| 2020 | 21 | 32 | - |
| 2019 | 22 | 38 | - |
| 2018 | 21 | 38 | - |
| 2017 | 22 | 36 | 20 |
| 2016 | 22 | 37 | - |
| 2015 | 22 | 38 | 22 |
| 2014 | 25 | 40 | - |
| 2013 | 27 | 40 | 29 |
| 2012 | 27 | 42 | 28 |
| 2011 | 27 | 44 | 28 |
| 2010 | 25 | 46 | 30 |
| 2009 | 26 | 45 | 35 |
| 2008 | 26 | 50 | 35 |
| 2007 | 24 | 46 | 37 |
| 2006 | 21 | 42 | 35 |
| 2005 | 21 | 40 | 33 |
| 2004 | 21 | 40 | 35 |
| 2003 | 20 | 40 | 38 |
| 2002 | 18 | 35 | 46 |
| 2001 | 17 | 35 | 46 |
| 2000 | 16 | 32 | 45 |
| 1999 | 16 | 33 | 44 |
| 1998 | 18 | 34 | - |
| 1997 | 17 | 33 | - |
| 1996 | 18 | 32 | - |
| 1995 | 19 | 31 | - |
| 1994 | 19 | 31 | - |
| 1993 | 19 | 31 | - |
| 1992 | 21 | 35 | - |
| 1991 | 21 | 34 | - |
| 1990 | 21 | 37 | - |
| 1989 | 20 | 36 | - |
| 1988 | 22 | 37 | - |
| 1987 | 23 | 38 | - |
| 1986 | 26 | 44 | - |
| 1985 | 28 | 48 | - |
| 1984 | 27 | 48 | - |
| 1983 | 30 | 48 | - |
| 1982 | 32 | 52 | - |
| 1981 | 33 | 50 | - |
| 1980 | 35 | 54 | - |
| 1979 | 33 | 56 | - |
| 1978 | 32 | 56 | - |
| 1977 | 35 | 60 | - |
| 1976 | 36 | 61 | - |
| 1975 | 37 | 63 | - |
| 1974 | 37 | 62 | - |
| 1973 | 38 | 60 | - |
| 1972 | 43 | 62 | - |
| 1971 | 44 | 63 | - |
| 1970 | 42 | 66 | - |
| 1969 | 45 | 57 | - |
| 1968 | 44 | 56 | - |
| 1967 | 43 | 68 | - |
| 1966 | 43 | 71 | - |
| 1965 | 47 | 73 | - |
| 1964 | 47 | 71 | - |
| 1963 | 47 | 71 | - |
| 1962 | 48 | 71 | - |
| 1961 | 48 | 75 | - |
| 1960 | 49 | 70 | - |
Data sources: National Statistics, Taiwan (1960–2024, retrieved 2026-02-09); Central Intelligence Agency (CIA) (1999–2017, retrieved 2026-02-20).
GeoRank.org/economy/taiwan | CC BY
Compared with 2000, in 2024 Taiwan is ranked 22nd out of 182 by GDP (down from 16th), 32nd by GDP per capita (unchanged from 32nd), and 20th by GDP per capita PPP (up from 45th).
Economic indicators
Taiwan
|
Rank | |
|---|---|---|
| Gross domestic product |
$802B
2024 |
22/197 |
| GDP growth |
2.3%
2023-2024 |
127/194 |
| GDP per capita |
$34,238
2024 |
35/197 |
| GDP per capita, PPP |
$50,500
2017 |
44/197 |
| Government debt |
$211B
2024 |
39/185 |
| Debt-to-GDP ratio |
26.3%
2024 |
160/185 |
| Government debt per person |
$9,020
2024 |
59/185 |
| Average annual personal income after taxes |
$18,163
2026 |
50/197 |
| Number of millionaires |
759,000
2025 |
15/35 |
| Millionaire frequency |
1 in 26
2025 |
15/35 |
| Number of billionaires |
54
2025 |
10/78 |
| Billionaire frequency |
1 in 363,918
2025 |
13/78 |
| Government expenditure, % of GDP |
15.8%
2024 |
179/195 |
| Consumer prices inflation |
2.2%
2023-2024 |
133/195 |
| Central bank interest rate |
2%
2024 |
95/106 |
| Unemployment rate |
3.35%
2025 |
144/196 |
| Population |
23229461
|
60/197 |
Government spending, deficit, and debt by year
| Year | % of GDP | ||
|---|---|---|---|
| Government spending | Government debt | Government deficit/surplus | |
| 2024 | 15.8% | 26.3% | 0.43% |
| 2023 | 17.1% | 29% | -0.61% |
| 2022 | 16% | 29.5% | 0.17% |
| 2021 | 15.4% | 30.1% | -0.18% |
| 2020 | 16.2% | 32% | -1.03% |
| 2019 | 15.3% | 32.6% | 0.11% |
| 2018 | 15.4% | 33.8% | 0.02% |
| 2017 | 15.4% | 34.5% | -0.14% |
| 2016 | 15.6% | 35.4% | -0.31% |
| 2015 | 15.5% | 35.9% | 0.1% |
| 2014 | - | 37.5% | - |
| 2013 | - | 38.9% | - |
| 2012 | - | 39.2% | - |
| 2011 | 18.3% | 38.3% | -2.15% |
| 2010 | - | 36.9% | - |
| 2009 | - | 36.7% | - |
| 2008 | - | 33.4% | - |
| 2007 | - | 32.2% | - |
| 2006 | - | 33.3% | - |
| 2005 | - | 34.1% | - |
| 2004 | - | 33.4% | - |
| 2003 | - | 32.1% | - |
| 2002 | - | 29.8% | - |
| 2001 | 22.5% | 30.1% | -3.71% |
| 2000 | - | 26.2% | - |
| 1999 | - | 23.7% | - |
| 1998 | - | 23.7% | - |
| 1997 | - | 25% | - |
| 1996 | - | - | - |
| 1995 | - | - | - |
| 1994 | - | - | - |
| 1993 | - | - | - |
| 1992 | - | - | - |
| 1991 | 25.4% | - | -4.5% |
| 1990 | - | - | - |
| 1989 | - | - | - |
| 1988 | - | - | - |
| 1987 | - | - | - |
| 1986 | - | - | - |
| 1985 | - | - | - |
| 1984 | - | - | - |
| 1983 | - | - | - |
| 1982 | - | - | - |
| 1981 | 23.6% | - | -0.78% |
| 1980 | - | - | - |
| 1979 | - | - | - |
| 1978 | - | - | - |
| 1977 | - | - | - |
| 1976 | 21.4% | - | 1.39% |
Data sources: National Statistics, Taiwan (1976–2024, retrieved 2026-02-09); International Monetary Fund (IMF) | Fiscal Monitor (1997–2024, retrieved 2026-02-20).
GeoRank.org/economy/taiwan | CC BY
This chart shows Taiwan's government spending, budget balance, and debt over time, each expressed as a share of GDP.
Over the past 15 years, Taiwan recorded a fiscal deficit in 9 of them, with an average annual deficit equal to 0.75% of GDP. In 2024, government spending reached $127B (15.8% of GDP), with a surplus of 0.43%.
The national debt reached $211B, ranking 39th out of 185 countries by total size, with a debt-to-GDP ratio of 26.3%, ranking 160th.
Inflation rate by year
| Year | Inflation |
|---|---|
| 2024 | 2.2% |
| 2023 | 2.5% |
| 2022 | 2.9% |
| 2021 | 2% |
| 2020 | -0.2% |
| 2019 | 0.6% |
| 2018 | 1.4% |
| 2017 | 0.6% |
| 2016 | 1.4% |
| 2015 | -0.3% |
| 2014 | 1.2% |
| 2013 | 0.8% |
| 2012 | 1.9% |
| 2011 | 1.4% |
| 2010 | 1% |
| 2009 | -0.9% |
| 2008 | 3.5% |
| 2007 | 1.8% |
| 2006 | 0.6% |
| 2005 | 2.3% |
| 2004 | 1.6% |
| 2003 | -0.3% |
| 2002 | -0.2% |
| 2001 | 0% |
| 2000 | 1.2% |
| 1999 | 0.2% |
| 1998 | 1.7% |
| 1997 | 0.9% |
| 1996 | 3.1% |
| 1995 | 3.7% |
| 1994 | 4.1% |
| 1993 | 2.9% |
| 1992 | 4.5% |
| 1991 | 3.6% |
| 1990 | 4.1% |
| 1989 | 4.4% |
| 1988 | 1.3% |
| 1987 | 0.5% |
| 1986 | 0.7% |
| 1985 | -0.2% |
| 1984 | 0% |
| 1983 | 1.4% |
| 1982 | 3% |
| 1981 | 10.9% |
| 1980 | 19% |
Data sources: International Monetary Fund (IMF) | World Economic Outlook (1980–2024, retrieved 2026-02-20).
GeoRank.org/economy/taiwan | CC BY
Over the past 20 years, Taiwan has had an average annual inflation rate of 1.34%. In 2024, inflation was 2.2%. The bar chart above shows consumer price inflation by year.
Balance of trade
|
Taiwan
|
Rank | |
|---|---|---|
|
Current account balance
|
$113B
2024 |
4/190 |
| Current account balance, % of GDP |
+14.1%
2024 |
13/190 |
| Imports of goods and services, % of GDP |
50.2%
2024 |
78/181 |
| Exports of goods and services, % of GDP |
63.3%
2024 |
38/193 |
Economic freedom indices
|
Taiwan
|
Rank | |
|---|---|---|
| Economic freedom | 79.8 | 6/197 |
| Property rights | 83.4 | 35/182 |
| Government integrity | 74.3 | 23/182 |
| Judicial effectiveness | 94.3 | 15/182 |
| Tax burden | 78.9 | 91/182 |
| Government spending | 90 | 25/180 |
| Fiscal health | 92.9 | 41/181 |
| Business freedom | 78.6 | 36/182 |
| Labor freedom | 69 | 13/182 |
| Monetary freedom | 80.3 | 17/180 |
| Trade freedom | 86 | 9/181 |
| Investment freedom | 70 | 45/181 |
| Financial freedom | 60 | 65/181 |
Economic freedom by year
| Year | Index | ||||
|---|---|---|---|---|---|
| Economic freedom | Judicial effectiveness | Tax burden | Government spending | Fiscal health | |
| 2026 | 79.8 | 94.3 | 78.9 | 90 | 92.9 |
| 2025 | 79.7 | 94.4 | 79 | 90.1 | 91.3 |
| 2024 | 80 | 94 | 79.2 | 90.5 | 90.3 |
| 2023 | 80.7 | 76.3 | 79.3 | 91.1 | 93.6 |
| 2022 | 80.1 | 94.2 | 79.2 | 90.7 | 86.6 |
| 2021 | 78.6 | 72.9 | 79.2 | 91 | 93.7 |
| 2020 | 77.1 | 70.1 | 75 | 90.5 | 91 |
| 2019 | 77.3 | 70.1 | 75 | 90.6 | 91.6 |
| 2018 | 76.6 | 69.2 | 76.1 | 90.4 | 90.8 |
| 2017 | 76.5 | 67.7 | 75.3 | 89.5 | 83.7 |
| 2016 | 74.7 | - | 76.1 | 88.7 | - |
| 2015 | 75.1 | - | 80.4 | 87.1 | - |
| 2014 | 73.9 | - | 80.3 | 84.7 | - |
| 2013 | 72.7 | - | 80.5 | 84.9 | - |
| 2012 | 71.9 | - | 80.4 | 92.3 | - |
| 2011 | 70.8 | - | 78.3 | 89.7 | - |
| 2010 | 70.4 | - | 75.9 | 90.5 | - |
| 2009 | 69.5 | - | 76.2 | 89.4 | - |
| 2008 | 70.3 | - | 75.9 | 87.8 | - |
| 2007 | 69.4 | - | 77 | 86.8 | - |
| 2006 | 69.7 | - | 75.8 | 84 | - |
| 2005 | 71.3 | - | 76.3 | 82.9 | - |
| 2004 | 69.6 | - | 76.1 | 82.3 | - |
| 2003 | 71.7 | - | 76.1 | 81.3 | - |
| 2002 | 71.3 | - | 75.7 | 82.7 | - |
| 2001 | 72.8 | - | 75.3 | 79.7 | - |
| 2000 | 72.5 | - | 75.4 | 84.1 | - |
| 1999 | 71.5 | - | 75.2 | 78.3 | - |
| 1998 | 70.4 | - | 74.4 | 73.7 | - |
| 1997 | 70 | - | 74.4 | 71.4 | - |
| 1996 | 74.1 | - | 74.3 | 70 | - |
| 1995 | 74.2 | - | 74.1 | 69.9 | - |
Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).
GeoRank.org/economy/taiwan | CC BY
Taiwan is ranked 5/174 for economic freedom with a score of 79.8, compared to 29/162 and a score of 69.7 in 2006.
Other economic metrics
|
Taiwan
|
Rank | |
|---|---|---|
| Services, % of GDP |
58.8%
2024 |
83/191 |
| Industry, % of GDP |
39.8%
2024 |
17/194 |
| Agriculture, forestry, and fishing, % of GDP |
1.47%
2024 |
160/193 |
|
GNI, Atlas method
|
$832B
2024 |
21/194 |
| Poverty at national poverty lines |
1.5%
2020 |
174/176 |
|
Gross capital formation, % of GDP
|
26.7%
2024 |
53/178 |
Compare Taiwan vs other countries
GDP per capita map
Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); National Statistics, Taiwan (1985–2024, retrieved 2026-02-09); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).
GeoRank.org/economy/taiwan | CC BY
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Data sources:
- World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06)
- National Statistics, Taiwan (1951–2025, retrieved 2026-02-09)
- The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
- International Monetary Fund (IMF) | World Economic Outlook (1980–2024, retrieved 2026-02-20)
- U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
- Central Intelligence Agency (CIA) (1999–2020, retrieved 2026-02-20)
- United Nations | World Population Prospects (2026, retrieved 2026-03-10)
- LivingCost (2026, retrieved 2025-10-14)
Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.