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Malaysia Economy




Malaysia    Economy Top of Page
Economy - overview: GDP grew at 8.6% in 2000, mainly on the strength of double-digit export growth and continued government fiscal stimulus. As an oil exporter, Malaysia also benefited from higher petroleum prices. Higher export revenues allowed the country to register a current account surplus, but foreign exchange reserves have been declining - from a peak of $34.5 billion in April 2000 to $29.7 billion by December - as foreign investors pulled money out of the country. Despite this development, Kuala Lumpur is unlikely to abandon its currency peg soon. An economic slowdown in key Western markets, especially the United States, and lower world demand for electronics products will slow GDP growth to 3%-6% in 2001, according to private forecasters. Over the longer term, Malaysia's failure to make substantial progress on key reforms of the corporate and financial sectors clouds prospects for sustained growth and the return of critical foreign investment.
GDP: purchasing power parity - $223.7 billion (2000 est.)
GDP - real growth rate: 8.6% (2000 est.)
GDP - per capita: purchasing power parity - $10,300 (2000 est.)
GDP - composition by sector: agriculture:  14%

industry:  44%

services:  42% (2000)
Population below poverty line: 6.8% (1997 est.)
Household income or consumption by percentage share: lowest 10%:  1.4%

highest 10%:  20.4% (1997 est.)
Inflation rate (consumer prices): 1.7% (2000)
Labor force: 9.6 million (2000 est.)
Labor force - by occupation: local trade and tourism 28%, manufacturing 27%, agriculture, forestry, and fisheries 16%, services 10%, government 10%, construction 9% (2000 est.)
Unemployment rate: 2.8% (2000 est.)
Budget: revenues:  $16.4 billion

expenditures:  $17.8 billion, including capital expenditures of $43 billion (2000 est.)
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
Industrial production growth rate: 12.1% (2000 est.)
Electricity - production: 59.044 billion kWh (1999)
Electricity - production by source: fossil fuel:  91.61%

hydro:  8.39%

nuclear:  0%

other:  0% (1999)
Electricity - consumption: 54.872 billion kWh (1999)
Electricity - exports: 50 million kWh (1999)
Electricity - imports: 11 million kWh (1999)
Agriculture - products: Peninsular Malaysia - rubber, palm oil, cocoa, rice; Sabah - subsistence crops, rubber, timber, coconuts, rice; Sarawak - rubber, pepper; timber
Exports: $97.9 billion (2000 est.)
Exports - commodities: electronic equipment, petroleum and liquefied natural gas, chemicals, palm oil, wood and wood products, rubber, textiles
Exports - partners: US 21%, Singapore 18%, Japan 13%, Hong Kong 5%, Netherlands 4%, Taiwan 4%, Thailand 3% (2000 est.)
Imports: $82.6 billion (2000 est.)
Imports - commodities: machinery and transport equipment, chemicals, food, fuel and lubricants
Imports - partners: Japan 21%, US 17%, Singapore 14%, Taiwan 6%, South Korea 5%, Thailand 4%, China 4% (2000 est.)
Debt - external: $41.8 billion (2000 est.)
Currency: ringgit (MYR)
Currency code: MYR
Exchange rates: ringgits per US dollar - 3.8000 (January 2001), 3.8000 (2000), 3.8000 (1999), 3.9244 (1998), 2.8133 (1997), 2.5159 (1996)
Fiscal year: calendar year

 

Countryfacts Information Courtesy: CIA Worldbook








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