Malaysia - Economy
How is the economy of Malaysia? Based on the information we have, Malaysia has a upper middle-income Southeast Asian economy; implementing key anticorruption policies; major electronics, oil, and chemicals exporter; trade sector employs over 40% of jobs; key economic equity initiative; high labor productivity. Key agricultural products in this country include: oil palm fruit, rice, chicken, eggs, tropical fruits, coconuts, vegetables, pineapples, rubber, bananas (2023).
More about the economy of Malaysia
| Labor force | 18.264 million (2024 est.) |
|---|---|
| Industrial production growth rate | 4.9% (2024 est.) |
| Industries | Peninsular Malaysia - rubber and oil palm processing and manufacturing, petroleum and natural gas, light manufacturing, pharmaceuticals, medical technology, electronics and semiconductors, timber processing; Sabah - logging, petroleum and natural gas production; Sarawak - agriculture processing, petroleum and natural gas production, logging |
| Population below poverty line | 6.2% (2021 est.) |
| Taxes and other revenues | 12.6% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | ringgits (MYR) per US dollar - |
| Exchange rates 2024 | 4.576 (2024 est.) |
| Exchange rates 2023 | 4.561 (2023 est.) |
| Exchange rates 2022 | 4.401 (2022 est.) |
| Exchange rates 2021 | 4.143 (2021 est.) |
| Exchange rates 2020 | 4.203 (2020 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $116.229 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $113.463 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $114.659 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | $7.15 billion (2024 est.) |
| Current account balance 2023 | $6.257 billion (2023 est.) |
| Current account balance 2022 | $12.738 billion (2022 est.) |
| Public debt | |
| Public debt 2023 | 64.3% of GDP (2023 est.) |
| Budget | |
| Revenues | $69.055 billion (2023 est.) |
| Expenditures | $89.046 billion (2023 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 0.4% of GDP (2024 est.) |
| Remittances 2023 | 0.4% of GDP (2023 est.) |
| Remittances 2022 | 0.4% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 2.3% (2021 est.) |
| Highest 10% | 30.9% (2021 est.) |
| Average household expenditures | |
| On food | 26.4% of household expenditures (2023 est.) |
| On alcohol and tobacco | 1.6% of household expenditures (2023 est.) |
| Imports | |
| Imports 2024 | $279.09 billion (2024 est.) |
| Imports 2023 | $253.665 billion (2023 est.) |
| Imports 2022 | $283.758 billion (2022 est.) |
| Imports (partners) | China 24%, Singapore 11%, USA 7%, Japan 5%, Taiwan 5% (2023) |
| Comodities Imports force | integrated circuits, refined petroleum, crude petroleum, coal, broadcasting equipment (2023) |
| Exports | |
| Imports 2024 | $279.09 billion (2024 est.) |
| Imports 2023 | $253.665 billion (2023 est.) |
| Imports 2022 | $283.758 billion (2022 est.) |
| Exports (partners) | China 21%, Singapore 12%, USA 12%, Japan 5%, Hong Kong 5% (2023) |
| Comodities Exports force | integrated circuits, refined petroleum, crude petroleum, natural gas, palm oil (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $1.212 trillion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $1.153 trillion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $1.113 trillion (2022 est.) |
| GDP (official exchange rate) | $421.972 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $34,100 (2024 est.) |
| Real GDP per capita 2023 | $32,800 (2023 est.) |
| Real GDP per capita 2022 | $32,100 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 8.2% (2024 est.) |
| Industry | 37.1% (2024 est.) |
| Services | 53.6% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 60.8% (2024 est.) |
| Government consumption | 12% (2024 est.) |
| Investment in fixed capital | 20.6% (2024 est.) |
| Investment in inventories | 1.3% (2024 est.) |
| Exports of goods and services | 71.4% (2024 est.) |
| Imports of goods and services | -66% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 3.9% (2024 est.) |
| Unemployment rate 2023 | 3.9% (2023 est.) |
| Unemployment rate 2022 | 4% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 12.3% (2024 est.) |
| Male | 11.3% (2024 est.) |
| Female | 13.8% (2024 est.) |
All Important Facts about Malaysia
Want to know more about Malaysia? Check all different factbooks for Malaysia below.
