Malaysia, a middle-income country, transformed itself from 1971 through the late 1990's from a producer of raw materials into an emerging multi-sector economy.
Growth was almost exclusively driven by exports - particularly of electronics. As a result, Malaysia was hard hit by the global economic downturn and the slump in the information technology (IT) sector in 2001 and 2002. GDP in 2001 grew only 0.5% due to an estimated 11% contraction in exports, but a substantial fiscal stimulus package equal to US $1.9 billion mitigated the worst of the recession and the economy rebounded in 2002 with a 4.1% increase.
The economy grew 4.9% in 2003, notwithstanding a difficult first half, when external pressures from SARS and the Iraq War led to caution in the business community. Growth topped 7% in 2004. Healthy foreign exchange reserves, low inflation, and a small external debt are all strengths that make it unlikely that Malaysia will experience a financial crisis similar to the one in 1997.
The economy remains dependent on continued growth in the US, China, and Japan, top export destinations and key sources of foreign investment.
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GDP (purchasing power parity: |
$229.3 billion (2004 est.) |
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GDP - real growth rate: |
7.1% (2004 est.) |
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GDP - per capita: |
Purchasing power parity - $9,700 (2004 est.) |
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GDP - composition by sector: |
Agriculture: 7.2%
Industry: 33.6%
Services: 59.1% (2004 est.) |
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Labour force - by occupation:: |
Agriculture 14.5%
Industry 36%
Services 49.5% (2000 est.) |
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Unemployment rate: |
3% (2004 est.) |
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Population below poverty line: |
8% (1998 est.) |
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Household income or consumption by percentage share: |
Lowest 10%: 1.4%
Highest 10%: 39.2% (2003 est.) |
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Distribution of family income - Gini index: |
49.2 (1997) |
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Inflation rate (consumer prices): |
1.3% (2004 est.) |
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Investment (gross fixed): |
21.7% of GDP (2004 est.) |
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Budget: |
Revenues: $25.33 billion
Expenditures: $29.33 billion, incl. capital expenditures of $9.4 billion (2004 est.) |
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Public debt: |
45.4% of GDP (2004 est.) |
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Agriculture - products: |
Peninsular Malaysia - rubber, palm oil, cocoa, rice; Sabah - subsistence crops, rubber, timber, coconuts, rice; Sarawak - rubber, pepper, timber |
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Industries: |
Peninsular Malaysia - rubber and oil palm processing and manufacturing, light manufacturing industry, electronics, tin mining and smelting, logging and processing timber; Sabah - logging, petroleum production; Sarawak - agriculture processing, petroleum production and refining, logging |
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Industrial production growth rate: |
10.2% (2004 est.) |
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Electricity - production: |
75.33 billion kWh (2002) |
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Electricity - consumption: |
68.4 billion kWh (2002) |
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Electricity - exports: |
70 million kWh (2002) |
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Electricity - imports: |
0 kWh (2002) |
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Oil - production: |
785,000 bbl/day (2004 est.) |
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Oil - consumption: |
460,000 bbl/day (2003 est.) |
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Oil - exports: |
230,200 bbl/day (2003) |
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Oil - imports: |
N/A |
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Oil - proved reserves: |
3.2 billion bbl (2004 est.) |
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Natural gas - production: |
53.66 billion cu m (2001 est.) |
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Natural gas - consumption: |
31.25 billion cu m (2001 est.) |
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Natural gas - exports: |
22.41 billion cu m (2001 est.) |
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Natural gas - imports: |
0 cu m (2001 est.) |
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Natural gas - proved reserves: |
2.23 trillion cu m (2004) |
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Current account balance: |
$11.81 billion (2004 est.) |
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Exports: |
$123.5 billion f.o.b. (2004 est.) |
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Exports - commodities: |
Electronic equipment, petroleum and liquefied natural gas, wood and wood products, palm oil, rubber, textiles, chemicals |
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Exports - partners: |
US 18.8%, Singapore 15%, Japan 10.1%, China 6.7%, Hong Kong 6%, Thailand 4.8% (2004) |
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Imports: |
$99.3 billion f.o.b. (2004 est.) |
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Imports - commodities: |
Electronics, machinery, petroleum products, plastics, vehicles, iron and steel products, chemicals |
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Imports - partners: |
Japan 16.1%, US 14.6%, Singapore 11.2%, China 9.9%, Thailand 5.6%, Taiwan 5.5%, South Korea 5%, Germany 4.5%, Indonesia 4% (2004) |
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Reserves of foreign exchange and gold: |
$55.27 billion (2004 est.) |
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Debt - external: |
$53.36 billion (2004 est.) |
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Currency: |
Malaysian Ringgit (MYR) |
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Currency exchange calculator |
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Exchange rates: |
Ringgits per US dollar
3.8 (2004)
3.8 (2003)
3.8 (2002)
3.8 (2001)
3.8 (2000) |
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Fiscal year: |
Calendar year |
