An Overview of the Economy
Once dominated by the raw material trade, the economy of
Malaysia is now driven by many sectors. Exports continue to fuel
the economy's growth, especially in electronics, and investments in
high technology industries, medical technology and pharmaceuticals
are growing. Malaysia does export oil and gas and is profiting from
high international energy prices, but the rising cost of fuel
within the country is forcing authorities to decrease fuel
subsidies. The GDP grew at a rate of 6.1% in 2007, higher than
predictions from the previous year and has positively withstood
setbacks such as political unrest in areas along the Thai border
and health scares such as SARS. The country is moving forward with
a policy of creating a strong knowledge base in the fields of
technology, research and development. Free Trade Zones and
high-spec technology parks have also been set up across the country
to aid businesses and research companies. Tourism has helped fuel
the steady economic growth. Over 19.1 million tourists visited
Malaysia in 2007, nearly 20% more than the figures recorded for
2006.
| statistics |
|
| GDP (PPP) (IMF) (US$Billions) |
357.4 |
| GDP (PPP) (CIA) (US$Billions) |
357.4 |
| GDP Growth (IMF) (%) |
6.3% |
| GDP Growth (CIA) (%) |
6.3% |
| GDP Per Capita (PPP) (IMF) (US$) |
13,315 |
| GDP Per Capita (PPP) (CIA) (US$) |
13,300 |
| GDP Per Sector (%) |
Agriculture: 9.9%
Services: 44.8%
Industry: 45.3% |
| Inflation (%) |
2.1% |
| Population Below the Poverty Line (%) |
5.1% |
| Labour Force (Millions) |
10.9 |
| Labour Force by Occupation (%) |
Agriculture: 13%
Services: 51%
Industry: 36% |
| Unemployment (%) |
3.2% |
| Main Industries |
Peninsula Malaysia: rubber and oil palm processing
and manufactoring, light manufactoring, electronics,
tin mining and smelting, logging, timber processing. |
Sources: CIA world Factbook, IMF
GDP
| economic indicators |
2003 |
2004 |
2005 |
2006 |
2007 |
| GDP (US$Billions) |
104.0 |
118.5 |
130.4 |
149.0 |
186.5 |
| GDP Growth (%) |
4.2% |
5.2% |
7.1% |
5.2% |
6.3% |
| GDP Per Capita (US$) |
4,161 |
4,651 |
5,042 |
5,643 |
6,947 |
| GDP Per Capita (PPP) (US$) |
10,185 |
10,902 |
11,543 |
12,404 |
13,300 |
| Inflation (%) |
1.9% |
1.1% |
1.3% |
3.0% |
2.1% |
| Unemployment (%) |
3.8% |
3.6% |
3.0% |
3.6% |
3.2% |
Foreign-Exchange
& Gold Reserves (US$Billions) |
44.6 |
55.3 |
70.2 |
82.3 |
104.8 |
| Mobile Phone Users |
5,000,000 |
11,124,100 |
11,124,100 |
19,545,000 |
19,464,000 |
| Internet Users |
5,700,000 |
8,692,100 |
8,692,100 |
11,016,000 |
11,292,000 |
Sources: CIA World Factbook,IMF
Major Exports & Imports
Foreign trade accounts for more than half of the country's GDP.
The country's main exports are electronic goods and electrical
machinery. With much of the domestic production based on
manufacturing and exports, about three quarters of the country's
main imports are used to produce its exports. Malaysia's main
imports are electronics and machinery. Malaysia's main trading
partners are the USA, Singapore and Japan.
Major exports 2007
Electronic equipment, petroleum, and liquefied natural gas, wood
and wood products, palm oil, rubber, textiles, chemicals.
major imports 2007
Electronics, machinery, petroleum products, plastics, vehicles,
iron and steel products, chemicals.
| export partners |
% of total |
| US |
18.8% |
| Singapore |
15.4% |
| Japan |
8.9% |
| China |
7.2% |
| Thailand |
5.3% |
| Hong Kong |
4.9% |
| import partners |
% of total |
| Japan |
13.3% |
| US |
12.6% |
| China |
12.2% |
| Sinagpore |
11.7% |
| Thailand |
5.5% |
| Taiwan |
5.5% |
| South Korea |
5.4% |
| Germany |
4.4% |
Source: CIA World Factbook
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