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Malaysia Economy 1996

Overview:

The Malaysian economy, a mixture of private enterprise and a soundly managed public sector, has posted a remarkable record of 9% average annual growth in 1988-94. The official growth target for 1995 is 8.5%. This growth has resulted in a substantial reduction in poverty and a marked rise in real wages. Manufactured goods exports expanded rapidly, and foreign investors continued to commit large sums in the economy. The government is aware of the inflationary potential of this rapid development and is closely monitoring fiscal and monetary policies.

National product:

GDP - purchasing power parity - $166.8 billion (1994 est.)

National product real growth rate:

8.7% (1994)

National product per capita:

$8,650 (1994 est.)

Inflation rate (consumer prices):

3.7% (1994)

Unemployment rate:

2.9% (1994)

Budget:

revenues:

$18.7 billion

expenditures:

$19.1 billion, including capital expenditures of $4.8 billion (1994)

Exports:

$56.6 billion (f.o.b., 1994)

commodities:

electronic equipment, petroleum and petroleum products, palm oil, wood and wood products, rubber, textiles

partners:

Singapore 22%, US 20%, Japan 13%, UK 4%, Germany 4%, Thailand 4% (1993)

Imports:

$55.2 billion (c.i.f., 1994)

commodities:

machinery and equipment, chemicals, food, petroleum products

partners:

Japan 27%, US 17%, Singapore 15%, Taiwan 5%, Germany 4%, UK 3%, South Korea 3% (1993)

External debt:

$35.5 billion (1994 est.)

Industrial production:

growth rate 12% (1994); accounts for 38% of GDP (1993 est.)

Electricity:

capacity:

6,700,000 kW

production:

31 billion kWh

consumption per capita:

1,528 kWh (1993)

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

Agriculture:

accounts for 16% of GDP (1993 est.)

Peninsular Malaysia:

natural rubber, palm oil, rice

Sabah:

mainly subsistence, but also rubber, timber, coconut, rice

Sarawak:

rubber, timber, pepper; deficit of rice in all areas

Illicit drugs:

transit point for Golden Triangle heroin going to the US, Western Europe, and the Third World despite severe penalties for drug trafficking; increasing indigenous abuse of methamphetamine

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-84), $170 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $4.7 million; OPEC bilateral aid (1979-89), $42 million

Currency:

1 ringgit (M$) = 100 sen

Exchange rates:

ringgits (M$) per US$1 - 2.5542 (January 1995), 2.6242 (1994), 2.5741 (1993), 2.5474 (1992), 2.7501 (1991), 1.7048 (1990)

Fiscal year:

calendar year

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