Malaysia-Economy
Published:
29 Oct 2008 09:23:57 PST
Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. After coming to office in 2003, former Prime Minister ABDULLAH tried to move the economy farther up the value-added production chain by attracting investments in high technology industries, medical technology, and pharmaceuticals, an effort that continues under current Prime Minister NAJIB. The NAJIB administration also is continuing efforts to boost domestic demand and 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, combined with strained government finances, has forced Kuala Lumpur to reduce government subsidies. The government is also trying to lessen its dependence on state oil producer Petronas, which supplies 40% of government revenue. The central bank maintains healthy foreign exchange reserves and its well-developed regulatory regime has limited Malaysia's exposure to riskier financial instruments and the global financial crisis. Nevertheless, decreasing worldwide demand for consumer goods hurt Malaysia's exports and economic growth in 2009, although both began showing signs of recovery late in the year. In June 2010 NAJIB will introduce the Tenth Malaysia Plan, outlining new reforms. NAJIB already has introduced several reforms in the services sector in a bid to attract direct foreign investment, which has stagnated in recent years.
GDP (purchasing power parity):
$381.1 billion (2009 est.)
country comparison to the world: 30
$389.7 billion (2008 est.)
$372.6 billion (2007 est.)
note: data are in 2009 US dollars
GDP (official exchange rate):
$209.8 billion (2009 est.)
GDP - real growth rate:
-2.2% (2009 est.)
country comparison to the world: 148
4.6% (2008 est.)
6.2% (2007 est.)
GDP - per capita (PPP):
$14,800 (2009 est.)
country comparison to the world: 77
$15,400 (2008 est.)
$15,000 (2007 est.)
note: data are in 2009 US dollars
GDP - composition by sector:
agriculture: 9.4%
industry: 40.9%
services: 49.7% (2009 est.)
Labor force:
11.38 million (2009 est.)
country comparison to the world: 45
Labor force - by occupation:
agriculture: 13%
industry: 36%
services: 51% (2005 est.)
Unemployment rate:
3.7% (2009 est.)
country comparison to the world: 34
3.3% (2008 est.)
Population below poverty line:
5.1% (2002 est.)
Household income or consumption by percentage share:
lowest 10%: 2.6%
highest 10%: 28.5% (2005 est.)
Distribution of family income - Gini index:
46.1 (2002)
country comparison to the world: 36
49.2 (1997)
Investment (gross fixed):
20.4% of GDP (2009 est.)
country comparison to the world: 91
Budget:
revenues: $45.01 billion
expenditures: $58.46 billion (2009 est.)
Public debt:
53.7% of GDP (2009 est.)
country comparison to the world: 43
41.5% of GDP (2008 est.)
Inflation rate (consumer prices):
0.6% (2009 est.)
country comparison to the world: 39
5.4% (2008 est.)
note: approximately 30% of goods are price-controlled
Central bank discount rate:
NA%
Commercial bank prime lending rate:
6.08% (31 December 2008)
country comparison to the world: 133
6.41% (31 December 2007)
Stock of money:
$51.51 billion (31 December 2008)
country comparison to the world: 26
$49.41 billion (31 December 2007)
Stock of quasi money:
$200.9 billion (31 December 2008)
country comparison to the world: 17
$187.6 billion (31 December 2007)
Stock of domestic credit:
$246.7 billion (31 December 2008)
country comparison to the world: 29
$220 billion (31 December 2007)
Market value of publicly traded shares:
$263.4 billion (31 December 2009)
country comparison to the world: 26
$187.1 billion (31 December 2008)
$325.7 billion (31 December 2007)
Agriculture - products:
Peninsular Malaysia - rubber, palm oil, cocoa, rice; Sabah - subsistence crops, coconuts, rice; rubber, timber; Sarawak - rubber, timber; pepper
Industries:
Peninsular Malaysia - rubber and oil palm processing and manufacturing, light manufacturing, pharmaceuticals, medical technology, electronics, tin mining and smelting, logging, timber processing; Sabah - logging, petroleum production; Sarawak - agriculture processing, petroleum production and refining, logging
Industrial production growth rate:
-7% (2009 est.)
country comparison to the world: 125
Electricity - production:
103.2 billion kWh (2007 est.)
country comparison to the world: 32
Electricity - consumption:
99.25 billion kWh (2007 est.)
country comparison to the world: 30
Electricity - exports:
2.268 billion kWh (2007 est.)
Electricity - imports:
0 kWh (2008 est.)
Oil - production:
735,000 bbl/day (2008 est.)
country comparison to the world: 28
Oil - consumption:
547,000 bbl/day (2008 est.)
country comparison to the world: 30
Oil - exports:
511,900 bbl/day (2007 est.)
country comparison to the world: 30
Oil - imports:
314,600 bbl/day (2007 est.)
country comparison to the world: 35
Oil - proved reserves:
3 billion bbl (1 January 2009 est.)
country comparison to the world: 31
Natural gas - production:
57.3 billion cu m (2008 est.)
country comparison to the world: 16
Natural gas - consumption:
26.27 billion cu m (2008 est.)
country comparison to the world: 30
Natural gas - exports:
31.03 billion cu m (2008 est.)
country comparison to the world: 8
Natural gas - imports:
0 cu m (2008 est.)
country comparison to the world: 98
Natural gas - proved reserves:
2.35 trillion cu m (1 January 2009 est.)
country comparison to the world: 15
Current account balance:
$30.46 billion (2009 est.)
country comparison to the world: 11
$38.91 billion (2008 est.)
Exports:
$157.6 billion (2009 est.)
country comparison to the world: 24
$199.7 billion (2008 est.)
Exports - commodities:
electronic equipment, petroleum and liquefied natural gas, wood and wood products, palm oil, rubber, textiles, chemicals
Exports - partners:
Singapore 13.9%, China 12.2%, US 10.9%, Japan 9.8%, Thailand 5.4%, Hong Kong 5.2% (2009 est.)
Imports:
$119.3 billion (2009 est.)
country comparison to the world: 28
$148.5 billion (2008 est.)
Imports - commodities:
electronics, machinery, petroleum products, plastics, vehicles, iron and steel products, chemicals
Imports - partners:
China 13.9%, Japan 12.5%, US 11.2%, Singapore 11.1%, Thailand 6%, Indonesia 5.3%, South Korea 4.6%, Taiwan 4.2%, Germany 4.2% (2009 est.)
Reserves of foreign exchange and gold:
$95.5 billion (31 December 2009 est.)
country comparison to the world: 20
$91.21 billion (31 December 2008 est.)
Debt - external:
$48.26 billion (31 December 2009 est.)
country comparison to the world: 52
$75.33 billion (31 December 2008)
Stock of direct foreign investment - at home:
$88.2 billion (31 December 2009 est.)
country comparison to the world: 37
$84.12 billion (31 December 2008 est.)
Stock of direct foreign investment - abroad:
$79.96 billion (31 December 2009 est.)
country comparison to the world: 25
$73.38 billion (31 December 2008 est.)
Exchange rates:
ringgits (MYR) per US dollar - 3.55 (2009), 3.33 (2008), 3.46 (2007), 3.6683 (2006), 3.8 (2005)
