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, coconuts, tropical fruits, vegetables, rubber, bananas, pineapples (2022).
More about the economy of Malaysia
| Labor force | 17.308 million (2023 est.) |
|---|---|
| Industrial production growth rate | 1.43% (2023 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 | 11.65% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | ringgits (MYR) per US dollar - |
| 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.) |
| Exchange rates 2019 | 4.142 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $113.438 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $114.659 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $116.916 billion (2021 est.) |
| Current account balance | |
| Current account balance 2022 | $12.271 billion (2022 est.) |
| Current account balance 2021 | $14.493 billion (2021 est.) |
| Current account balance 2020 | $14.138 billion (2020 est.) |
| Public debt | |
| Public debt 2022 | 60.27% of GDP (2022 est.) |
| Budget | |
| Revenues | $66.883 billion (2022 est.) |
| Expenditures | $72.986 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.44% of GDP (2023 est.) |
| Remittances 2022 | 0.4% of GDP (2022 est.) |
| Remittances 2021 | 0.42% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.3% (2021 est.) |
| Highest 10% | 30.9% (2021 est.) |
| Average household expenditures | |
| On food | 24.5% of household expenditures (2022 est.) |
| On alcohol and tobacco | 1.8% of household expenditures (2022 est.) |
| Imports | |
| Imports 2022 | $283.601 billion (2022 est.) |
| Imports 2021 | $236.855 billion (2021 est.) |
| Imports 2020 | $186.613 billion (2020 est.) |
| Imports (partners) | China 28%, Singapore 12%, US 6%, Taiwan 6%, Japan 5% (2022) |
| Comodities Imports force | integrated circuits, refined petroleum, crude petroleum, coal, vehicle parts/accessories (2022) |
| Exports | |
| Imports 2022 | $283.601 billion (2022 est.) |
| Imports 2021 | $236.855 billion (2021 est.) |
| Imports 2020 | $186.613 billion (2020 est.) |
| Exports (partners) | Singapore 14%, China 13%, US 12%, Japan 6%, Hong Kong 6% (2022) |
| Comodities Exports force | integrated circuits, refined petroleum, natural gas, palm oil, crude petroleum (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $1.152 trillion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $1.111 trillion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $1.023 trillion (2021 est.) |
| GDP (official exchange rate) | $399.649 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $33,600 (2023 est.) |
| Real GDP per capita 2022 | $32,700 (2022 est.) |
| Real GDP per capita 2021 | $30,500 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 7.7% (2023 est.) |
| Industry | 37.7% (2023 est.) |
| Services | 53.5% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 60.4% (2023 est.) |
| Government consumption | 12% (2023 est.) |
| Investment in fixed capital | 19.2% (2023 est.) |
| Investment in inventories | 3.3% (2023 est.) |
| Exports of goods and services | 68.4% (2023 est.) |
| Imports of goods and services | -63.4% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 3.86% (2023 est.) |
| Unemployment rate 2022 | 3.93% (2022 est.) |
| Unemployment rate 2021 | 4.64% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 12.5% (2023 est.) |
| Male | 11.4% (2023 est.) |
| Female | 14.2% (2023 est.) |
All Important Facts about Malaysia
Want to know more about Malaysia? Check all different factbooks for Malaysia below.
