Malaysia Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

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

Real GDP (purchasing power parity)

$884.106 billion (2021 est.)

$857.588 billion (2020 est.)

$907.832 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

3.09% (2021 est.)

-5.53% (2020 est.)

4.41% (2019 est.)

Real GDP per capita

$26,300 (2021 est.)

$25,800 (2020 est.)

$27,700 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$364.631 billion (2019 est.)

Inflation rate (consumer prices)

2.48% (2021 est.)

-1.14% (2020 est.)

0.66% (2019 est.)

note: approximately 30% of goods are price-controlled

Credit ratings

Fitch rating: BBB+ (2020)

Moody's rating: A3 (2004)

Standard & Poors rating: A- (2003)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 8.8% (2017 est.)

industry: 37.6% (2017 est.)

services: 53.6% (2017 est.)

GDP - composition, by end use

household consumption: 55.3% (2017 est.)

government consumption: 12.2% (2017 est.)

investment in fixed capital: 25.3% (2017 est.)

investment in inventories: 0.3% (2017 est.)

exports of goods and services: 71.4% (2017 est.)

imports of goods and services: -64.4% (2017 est.)

Agricultural products

oil palm fruit, rice, poultry, eggs, vegetables, rubber, coconuts, bananas, pineapples, pork

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

Industrial production growth rate

5.65% (2021 est.)

Labor force

16.74 million (2021 est.)

Labor force - by occupation

agriculture: 11%

industry: 36%

services: 53% (2012 est.)

Unemployment rate

4.61% (2021 est.)

4.5% (2020 est.)

3.26% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 15.6%

male: 14.2%

female: 17.8% (2021 est.)

Population below poverty line

5.6% (2018 est.)

Gini Index coefficient - distribution of family income

41.1 (2015 est.)

Average household expenditures

on food: 21.5% of household expenditures (2018 est.)

on alcohol and tobacco: 1.8% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 1.8%

highest 10%: 34.7% (2009 est.)

Budget

revenues: $77.736 billion (2019 est.)

expenditures: $85.851 billion (2019 est.)

Budget surplus (+) or deficit (-)

-3% (of GDP) (2017 est.)

Public debt

62.03% of GDP (2020 est.)

52.42% of GDP (2019 est.)

51.19% of GDP (2018 est.)

note: this figure is based on the amount of federal government debt, RM501.6 billion ($167.2 billion) in 2012; this includes Malaysian Treasury bills and other government securities, as well as loans raised externally and bonds and notes issued overseas; this figure excludes debt issued by non-financial public enterprises and guaranteed by the federal government, which was an additional $47.7 billion in 2012

Taxes and other revenues

10.89% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$14.143 billion (2021 est.)

$14.138 billion (2020 est.)

$12.795 billion (2019 est.)

Exports

$256.659 billion (2021 est.) note: data are in current year dollars

$208.217 billion (2020 est.) note: data are in current year dollars

$238.361 billion (2019 est.) note: data are in current year dollars

Exports - partners

Singapore 15%, China 14%, US 13%, Hong Kong 6%, Japan 6% (2021)

Exports - commodities

integrated circuits, refined petroleum, palm oil, rubber apparel, natural gas, semiconductors (2021)

Imports

$230.188 billion (2021 est.) note: data are in current year dollars

$186.613 billion (2020 est.) note: data are in current year dollars

$210.86 billion (2019 est.) note: data are in current year dollars

Imports - partners

China 29%, Singapore 11%, Japan 6%, US 6%, Taiwan 6% (2021)

Imports - commodities

integrated circuits, refined petroleum, crude petroleum, coal, gold, semiconductors (2021)

Reserves of foreign exchange and gold

$116.916 billion (31 December 2021 est.)

$107.644 billion (31 December 2020 est.)

$103.63 billion (31 December 2019 est.)

Debt - external

$224.596 billion (2019 est.)

$226.901 billion (2018 est.)

Exchange rates

ringgits (MYR) per US dollar -

4.143 (2021 est.)

4.203 (2020 est.)

4.142 (2019 est.)

4.035 (2018 est.)

4.3 (2017 est.)

NOTE: The information regarding Malaysia on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Malaysia 2023 information contained here. All suggestions for corrections of any errors about Malaysia 2023 should be addressed to the CIA or the source cited on each page.