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Malaysia:
Economy

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Economy - overview
Definition
Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Since coming to office in 2003, Prime Minister ABDULLAH has tried to move the economy farther up the value-added production chain by attracting investments in high technology industries, medical technology, and pharmaceuticals. The Government of Malaysia is continuing efforts to boost domestic demand to wean the economy off of its dependence on exports. Nevertheless, exports - particularly of electronics - remain a significant driver of the economy. As an oil and gas exporter, Malaysia has profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel forced Kuala Lumpur to reduce government subsidies. Malaysia "unpegged" the ringgit from the US dollar in 2005 and the currency appreciated 6% per year against the dollar in 2006-07. Although this has helped to hold down the price of imports, inflationary pressures began to build in 2007. Healthy foreign exchange reserves and a small external debt greatly reduce the risk that Malaysia will experience a financial crisis over the near term similar to the one in 1997. The government presented its five-year national development agenda in April 2006 through the Ninth Malaysia Plan, a comprehensive blueprint for the allocation of the national budget from 2006-10. With national elections expected within the year, ABDULLAH has unveiled a series of ambitious development schemes for several regions that have had trouble attracting business investment. Real GDP growth has averaged about 6% per year under ABDULLAH, but regions outside of Kuala Lumpur and the manufacturing hub Penang have not fared as well.
GDP (purchasing power parity)
Definition - World rank and map
$357.4 billion (2007 est.)
GDP (official exchange rate)
Definition
$186.5 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
6.3% (2007 est.)
GDP - per capita
Definition - World rank and map
$13,300 (2007 est.)
GDP - composition by sector
Definition
agriculture: 9.9%
industry: 45.3%
services: 44.8% (2007 est.)
Labor force
Definition
10.94 million (2007 est.)
Labor force - by occupation
Definition
agriculture: 13%
industry: 36%
services: 51% (2005 est.)
Unemployment rate
Definition - World rank and map
3.2% (2007 est.)
Population below poverty line
Definition
5.1% (2002 est.)
Household income or consumption by percentage share
Definition
lowest 10%: 1.4%
highest 10%: 39.2% (2003 est.)
Distribution of family income - Gini index
Definition - World rank and map
46.1 (2002)
Inflation rate (consumer prices)
Definition - World rank and map
2.1%
note: approximately 30% of goods are price-controlled (2007 est.)
Investment (gross fixed)
Definition - World rank and map
21.8% of GDP (2007 est.)
Budget
Definition
revenues: $40.69 billion
expenditures: $46.7 billion (2007 est.)
Public debt
Definition - World rank and map
41.6% of GDP (2007 est.)
Agriculture - products
Definition
Peninsular Malaysia - rubber, palm oil, cocoa, rice; Sabah - subsistence crops, rubber, timber, coconuts, rice; Sarawak - rubber, pepper, timber
Industries
Definition
Peninsular Malaysia - rubber and oil palm processing and manufacturing, light manufacturing, electronics, tin mining and smelting, logging, timber processing; Sabah - logging, petroleum production; Sarawak - agriculture processing, petroleum production and refining, logging
Industrial production growth rate
Definition - World rank and map
3.2% (2007 est.)
Electricity - production
Definition - World rank and map
82.36 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
78.72 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
3,114.7 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
751,800 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
501,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
19.8 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
611,200 bbl/day (2004)
Oil - imports
Definition - World rank and map
278,600 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
3 billion bbl (2007 est.)
Natural gas - production
Definition - World rank and map
60.9 billion cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
31.84 billion cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
1,260 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
29.06 billion cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
2.037 trillion cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
$26.05 billion (2007 est.)
Exports
Definition - World rank and map
$181.2 billion f.o.b. (2007 est.)
Exports - commodities
Definition
electronic equipment, petroleum and liquefied natural gas, wood and wood products, palm oil, rubber, textiles, chemicals
Exports - partners
Definition
US 15.6%, Singapore 14.6%, Japan 9.1%, China 8.8%, Thailand 5%, Hong Kong 4.6% (2006)
Imports
Definition - World rank and map
$145.7 billion f.o.b. (2007 est.)
Imports - commodities
Definition
electronics, machinery, petroleum products, plastics, vehicles, iron and steel products, chemicals
Imports - partners
Definition
Japan 13%, China 12.9%, Singapore 11.5%, US 10.8%, Taiwan 5.7%, Thailand 5.3%, South Korea 4.9%, Germany 4.6%, Indonesia 4.2% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$101.1 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$53.45 billion (31 December 2007)
Stock of direct foreign investment - at home
Definition
$86.31 billion (2007 est.)
Stock of direct foreign investment - abroad
Definition
$44.15 billion (2007 est.)
Market value of publicly traded shares
Definition
$235.4 billion (2006)
Economic aid - recipient
Definition
$31.6 million (2005)
Currency (code)
Definition
ringgit (MYR)
Exchange rates
Definition
ringgits per US dollar - 3.46 (2007), 3.6683 (2006), 3.8 (2005), 3.8 (2004), 3.8 (2003)
Fiscal year
Definition
calendar year


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