The economy of Taiwan is a dynamic capitalist economy. Real growth in GDP has averaged about 8% during the past three decades. The service sector makes up 73% of the economy.
Taipei is the largest city in Taiwan and is the de facto capital of the Republic of China. As the capital of the Republic of China, Taipei has been at the center of rapid economic development in the country and has now become one of the global cities in the production of high technology and its components.
Taipei has an overall cost of living index which equates it with high cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups.
The latest cost of living rank for each of the 13 Basket Groups is now available.