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Malaysia:
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Other pages in this profile of Malaysia:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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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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