Malaysia, a middle-income country, transformed itself from 1971 through the late 1990s from a producer of raw materials into an emerging multi-sector economy. Growth was almost exclusively driven by exports - particularly of electronic. As an oil and glass exporter, Malaysia has profited from higher world energy prices, although the cost of government subsidies for domestic gasoline and diesel fuel has risen and offset some of the benefit. Healthy foreign exchange resources, low inflation, and a small external debt are all strengths that make it unlikely that Malaysia will experience a financial crisis over the near term 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.
GDP per capita (as per 2022) : USD 12,364
Labor force : 16.66 million (as at August 2022)
Unemployment rate : 3.7% (as at August 2022)
Inflation rate (consumer prices) : 3.4%
Agriculture products : Peninsular Malaysia - rubber, palm oil, cocoa, rice; Sabah - subsistence crops, rubber, timer, coconuts, rice; Sarawak - rubber, pepper, timber.
Peninsular Malaysia - rubber and oil palm processing and manufacturing, light manufacturing industry, electronics, tin mining and smelting, logging, timber processing;
Sabah - logging, petroleum production;
Sarawak - agriculture processing, petroleum production and refining, logging.
Industrial productions growth rate : 3.0%
Oil production : 573,000 bbl/day
Natural gas production : 74.2 billion cu m.
Exports : USD 358.26 billion
Exports commodities : electronic equipment, petroleum and liquefied natural gas, wood and wood products, palm oil, rubber, textiles, chemicals.
Import commodities : Electronics, machinery, petroleum products, plastics, vehicles, iron and steel products, chemicals.
Debt - external : USD 260 billion (Dec 2022)
Currency code : Ringgit (MYR)
Important facts on Malaysia Economics:
Note: All values are estimated from 2021-2022