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Malaysia Economy 1999
Economyoverview: After a decade of 8% average GDP growth, the Malaysian economyseverely hit by the regional financial crisisdeclined 7% in 1998. Malaysia will likely remain in recession for the first half of 1999; official statistics continue to show anemic exports, and some private financial analysts forecast a further drop in GDP of 1% in 1999. Prime Minister MAHATHIR has imposed capital controls to protect the local currency while cutting interest rates to stimulate the economy. Kuala Lumpur also announced an expansionary budget for 1999 to combat rising unemployment. Malaysia continues to seek funding from domestic and international sources to help finance its budget deficit and recapitalize its weakened banking sector. GDP: purchasing power parity$215.4 billion (1998 est.) GDPreal growth rate: -7% (1998 est.) GDPper capita: purchasing power parity$10,300 (1998 est.)
GDPcomposition by sector:
Population below poverty line: 15.5% (1989 est.)
Household income or consumption by percentage share:
Inflation rate (consumer prices): 5.3% (1998) Labor force: 8.398 million (1996 est.) Labor forceby occupation: manufacturing 25%, agriculture, forestry, and fisheries 21%, local trade and tourism 17%, services 12%, government 11%, construction 8% (1996) Unemployment rate: 2.6% (1996 est.)
Budget:
Industries: Peninsular Malaysiarubber and oil palm processing and manufacturing, light manufacturing industry, electronics, tin mining and smelting, logging and processing timber; Sabahlogging, petroleum production; Sarawakagriculture processing, petroleum production and refining, logging Industrial production growth rate: 14.4% (1995) Electricityproduction: 48 billion kWh (1996)
Electricityproduction by source:
Electricityconsumption: 47.977 billion kWh (1996) Electricityexports: 174 million kWh (1996) Electricityimports: 151 million kWh (1996) Agricultureproducts: Peninsular Malaysiarubber, palm oil, rice; Sabahsubsistence crops, rubber, timber, coconuts, rice; Sarawakrubber, pepper; timber Exports: $74.3 billion (f.o.b., 1998) Exportscommodities: electronic equipment, petroleum and petroleum products, palm oil, wood and wood products, rubber, textiles Exportspartners: US 21%, Singapore 20%, Japan 12%, Hong Kong 5%, UK 4%, Thailand 4%, Germany 3% (1995) Imports: $59.3 billion (f.o.b., 1998) Importscommodities: machinery and equipment, chemicals, food Importspartners: Japan 27%, US 16%, Singapore 12%, Taiwan 5%, Germany 4%, South Korea 4% (1995) Debtexternal: $39.8 billion (1998) Economic aidrecipient: $125 million (1995) Currency: 1 ringgit (M$) = 100 sen Exchange rates: ringgits (M$) per US$13.8000 (January 1999), 3.9244 (1998), 2.8133 (1997), 2.5159 (1996), 2.5044 (1995), 2.6243 (1994) Fiscal year: calendar year
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