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Economy of Malaysia

Malaysia has a newly industrialised market economy, which is relatively open and state-oriented. The economy of Malaysia is the third largest in Southeast Asia, after the much more populous Indonesia and Thailand, and 35th largest in the world. Malaysia is also the third richest in Southeast Asia by GDP per capita values, after the city-states of Singapore and Brunei. Malaysia's economy is one of the most competitive in the world, ranking 14th in 2015.

Sectors

Agriculture sector

Agriculture is now a minor sector of the Malaysian economy, accounting for 7.1% of Malaysia's GDP in 2014 and employing 11.1% of Malaysia's labour force. Despite its minor contribution to Malaysia's GDP, Malaysia has a significant foothold in the world's agricultural sector, being the world's second largest producer of palm oil in 2012 producing 18.79 million tonnes of crude palm oil on roughly 5,000,000 hectares (19,000 sq mi) of land. Though Indonesia produces more palm oil, Malaysia is the world's largest exporter of palm oil having exported 18 million tonnes of palm oil products in 2011.

Industry Sector

Malaysia's industrial sector accounts for 36.8%, over a third of the country's GDP in 2014, and employs 36% of the labour force in 2012. The industrial sector mostly contributed by the Electronics industry, Automotive industry and Construction industry.

Electrical and electronics

The electrical & electronics (E&E) industry is the leading sector in Malaysia's manufacturing sector, contributing significantly to the country's exports (32.8 per cent) and employment (27.2 per cent) in 2013. Malaysia benefits from the global demand in the usage of mobile devices (smartphones, tablets), storage devices (cloud computing, data centres), optoelectronics (photonics, fibre optics, LEDs) and embedded technology (integrated circuits, PCBs, LEDs).

Electronic components

Within the electronic components sub-sector, the semiconductor devices is the leading contributor of exports for the E&E industry. Exports of semiconductor devices were RM111.19 billion or 47% of the total E&E products exported in 2013.

Photovoltaics

In 2014, Malaysia was the world's third largest manufacturer of photovoltaics equipment, behind China and the European Union.

Malaysia is a major hub for solar equipment manufacturing, with factories of companies like First Solar, Panasonic, TS Solar tech, Jinko Solar, JA Solar, Sun Power, Hanwha Q Cells,and Sun Edison in locations like Kulim, Penang, Malacca, Cyberjaya and Ipoh.

Automotive

In 2014, Malaysia's automotive industry produced 545,122 passenger cars and 51,296 commercial vehicles for a total of 596,418 vehicles, making Malaysia the 22nd largest automotive manufacturer in the world.

Construction

Malaysia has a large construction industry of over RM102.2 (US$32 billion). The highest percentage share was contributed by construction of non-residential buildings which recorded 34.6 per cent. This was followed by civil engineering sub-sector (30.6%) residential buildings (29.7%), and special trades (5.1%).

Defence

Malaysia has a relatively new defence industry that was created after the government created the Malaysia Defence Industry Council to encourage local companies to participate in the country's defence sector in 1999.

The land sector of the defence industry is dominated by Def Tech, a subsidiary of Malaysia's largest automotive manufacturer, DRB-HICOM. The sea sector of the defence industry is dominated by Boustead Heavy Industries, who builds warships for the Royal Malaysian Navy(RMN) through transfer of technology with foreign companies.

Service Sector

Finance and banking

Kuala Lumpur has a large financial sector, and is ranked the 22nd in the world in the Global Financial Centres Index. There are currently 27 commercial banks (8 domestic and 19 foreign), 16 Islamic banks (10 domestic and 6 foreign), 15 investment banks (all domestic) and 2 other financial institutions (both domestic) operating in Malaysia.

Tourism

Tourism is a huge sector of the Malaysian economy, with over 57.1 million domestic tourists generating RM37.4 billion (US$11 billion) in tourist receipts in 2014, and attracting 27,437,315 international tourist arrivals, a growth of 6.7% compared to 2013. Total international tourist receipts increased by 3.9% to RM60.6 billion (US$19 billion) in 2014.

Oil and gas

Malaysia has a vibrant oil and gas industry. The national oil company, Petronas is ranked the 69th biggest company in the world in the Fortune 500 list in 2014, with a revenue of over US100.7 billion and total assets of over US$169 billion. Petronas provides around 30% of the Malaysian government's revenue, although the government has been actively cutting down on its reliance of petroleum, with a target of 20%.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Malaysia"

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