In 2008 fiscal Malaysia GDP as per purchasing power parity was estimated to be $397.5 billion, while GDP as per official exchange was $214.7 billion for 2008. Statistical research work shows that real growth rate of Malaysia GDP of 2008 is approximately 5.5%. Malaysia GDP per capita has been shown to be $15,700 in 2008.
Malaysia has a developing multi sector economy, which is evolving much after Prime Minister Abdullah has taken charge of office. Economic conditions in Malaysia have developed steadily as value added production has been encouraged by authorities. Overall economical condition of Malaysia has improved as a result of investment in high technology industries, pharmaceuticals and medical technology.
Contribution to Malaysia GDP has varied over years with respect to individual sectors of Malaysian economy. Agriculture, industry and service sectors have different contributions to Malaysia Gross Domestic Product. In financial year 2008, contribution of agricultural sector to Malaysia GDP was 9.7%, 44.6% came from industrial sector and for service sector, it was 45.7%.
According to International Monetary Fund (IMF), growth in Malaysian GDP was slow in 2008. It was forecast that rate of growth would be about 5.6 percent, which is comparatively lower from 2007, which had a growth rate of 5.8 percent. Slower pace of growth of Malaysia GDP is because of higher private consumption and fixed gross investment. IMF World Economic Outlook reports that Asian countries with slow export growth have been seen to be developing in later stages.
Asian Development Bank (ADB), which is a Manila-based institution, shows GDP for Malaysia to be 5.7 percent in 2008. However, interestingly, higher official growth targets for Malaysia GDP have been predicted by IMF and ADB compared to some other financial organizations.. Export rate in Malaysian economy has shown trends for slowing down and it is a downside risk to forecasts that have been made by Malaysian government.
To improve and encourage Malaysia’s domestic economy certain incentives were announced by national government so as to sustain Malaysian economy from after effects any economic setbacks. Slowdown of electronic export market led to low Malaysia GDP in 2008. National government of Malaysia had set target for Malaysia GDP to be between 6 and 6.5 in 2008 but that can be a risk if there is an expansion in ultimate mortgage crisis in US.
|