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Economy of Luxembourg vs Malaysia compared: GDP & Debt

Updated on by Georank team

Luxembourg has a GDP of $93.3B compared to $422B for Malaysia, ranking 74/197 and 38/197 by economy size, respectively.

Luxembourg has $24.5B in government debt (26.3% of GDP), compared to $296B (70.1% of GDP) in Malaysia.

Luxembourg vs Malaysia GDP by year

Luxembourg
Malaysia
1x
Year GDP, current $
Luxembourg Malaysia
2024 $93,279,851,863 $422,227,005,429
2023 $88,788,881,539 $399,949,418,753
2022 $80,801,680,397 $407,830,525,990
2021 $86,386,759,695 $373,784,553,030
2020 $73,670,782,100 $337,456,163,961
2019 $69,872,035,114 $365,177,721,022
2018 $71,085,623,495 $358,788,845,713
2017 $65,712,180,343 $319,109,094,160
2016 $62,216,885,436 $301,256,033,870
2015 $60,071,584,216 $301,355,266,965
2014 $68,804,811,898 $338,066,095,097
2013 $65,203,276,467 $323,276,235,524
2012 $59,776,383,527 $314,443,047,642
2011 $61,696,281,326 $297,951,668,675
2010 $56,213,985,987 $255,017,638,456
2009 $54,467,289,898 $202,257,453,037
2008 $58,844,277,702 $230,811,614,370
2007 $51,587,401,416 $193,549,569,478
2006 $42,910,146,296 $162,692,258,307
2005 $37,672,280,120 $143,534,405,819
2004 $35,064,843,793 $124,749,473,684
2003 $29,667,268,248 $110,202,368,421
2002 $23,649,833,332 $100,845,526,316
2001 $21,387,533,703 $92,783,947,368
2000 $21,230,182,989 $93,789,736,842
1999 $21,899,317,599 $79,148,421,053
1998 $20,150,053,345 $72,167,498,981
1997 $19,563,836,265 $100,005,323,302
1996 $20,895,314,658 $100,855,393,910
1995 $20,853,093,870 $88,705,342,903
1994 $17,701,798,891 $74,478,356,958
1993 $15,925,521,222 $66,894,966,969
1992 $15,518,702,635 $59,167,550,163
1991 $13,834,219,728 $49,143,148,094
1990 $12,778,792,854 $44,024,585,240
1989 $10,037,674,038 $38,847,965,293
1988 $9,418,167,855 $35,272,109,220
1987 $8,320,902,215 $32,181,210,158
1986 $6,685,595,088 $27,734,111,400
1985 $4,577,211,767 $31,199,633,353
1984 $4,438,435,493 $33,942,897,422
1983 $4,524,217,751 $30,347,442,111
1982 $4,602,316,793 $26,804,493,635
1981 $5,053,665,797 $25,004,285,792
1980 $6,019,805,490 $24,488,224,677
1979 $5,516,982,664 $21,213,264,962
1978 $4,718,539,772 $16,358,079,862
1977 $3,789,321,328 $13,139,488,633
1976 $3,423,586,207 $11,050,234,599
1975 $3,123,333,333 $9,298,800,799
1974 $3,183,637,117 $9,496,204,302
1973 $2,609,875,802 $7,662,902,678
1972 $1,901,697,370 $5,043,347,250
1971 $1,518,773,421 $4,244,395,956
1970 $1,457,768,455 $3,864,145,667
1969 $1,245,432,991 $3,664,552,041
1968 $1,075,561,623 $3,330,371,551
1967 $983,052,315 $3,188,924,677
1966 $976,717,015 $3,143,517,944
1965 $929,477,285 $2,956,337,669
1964 $910,877,686 $2,674,423,922
1963 $797,902,154 $2,510,110,348
1962 $747,846,862 $2,001,489,602
1961 $710,163,719 $1,901,856,123
1960 $709,941,874 $1,916,229,477

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/luxembourg/malaysia | CC BY

GDP per capita in Luxembourg vs Malaysia by year

Luxembourg
GDP per capita

GDP per capita, PPP
Malaysia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Luxembourg Malaysia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $137,782 $155,941 $11,874 $38,779
2023 $133,231 $150,508 $11,386 $36,467
2022 $123,720 $146,919 $11,755 $34,420
2021 $134,966 $136,772 $10,903 $29,823
2020 $116,860 $122,067 $9,958 $27,475
2019 $112,697 $121,372 $10,920 $28,934
2018 $116,927 $116,638 $10,902 $27,794
2017 $110,193 $114,986 $9,863 $26,416
2016 $106,899 $113,365 $9,477 $25,286
2015 $105,462 $107,860 $9,649 $24,526
2014 $123,679 $105,296 $11,013 $24,307
2013 $120,000 $100,925 $10,714 $23,161
2012 $112,585 $96,636 $10,601 $22,639
2011 $119,025 $94,475 $10,217 $21,324
2010 $110,886 $90,336 $8,899 $20,193
2009 $109,420 $86,919 $7,191 $18,923
2008 $120,422 $90,971 $8,372 $19,480
2007 $107,475 $85,126 $7,169 $18,617
2006 $90,789 $78,861 $6,158 $17,426
2005 $80,988 $68,788 $5,556 $16,371
2004 $76,545 $64,686 $4,939 $15,416
2003 $65,689 $60,192 $4,465 $14,387
2002 $53,006 $58,576 $4,184 $13,656
2001 $48,440 $56,136 $3,944 $13,072
2000 $48,660 $55,136 $4,084 $13,027
1999 $50,872 $49,845 $3,528 $11,980
1998 $47,445 $44,270 $3,294 $11,398
1997 $46,642 $42,488 $4,679 $12,469
1996 $50,444 $39,722 $4,837 $11,709
1995 $51,032 $38,345 $4,363 $10,720
1994 $43,933 $37,551 $3,758 $9,806
1993 $40,067 $35,899 $3,462 $9,018
1992 $39,571 $34,108 $3,141 $8,224
1991 $35,747 $33,191 $2,679 $7,583
1990 $33,465 $29,949 $2,469 $6,887
1989 $26,618 - $2,244 -
1988 $25,219 - $2,100 -
1987 $22,443 - $1,977 -
1986 $18,150 - $1,760 -
1985 $12,482 - $2,046 -
1984 $12,127 - $2,300 -
1983 $12,374 - $2,124 -
1982 $12,591 - $1,938 -
1981 $13,837 - $1,866 -
1980 $16,531 - $1,886 -
1979 $15,204 - $1,680 -
1978 $13,034 - $1,327 -
1977 $10,486 - $1,092 -
1976 $9,491 - $940 -
1975 $8,701 - $811 -
1974 $8,967 - $848 -
1973 $7,447 - $701 -
1972 $5,487 - $472 -
1971 $4,435 - $407 -
1970 $4,298 - $380 -
1969 $3,690 - $368 -
1968 $3,203 - $342 -
1967 $2,935 - $335 -
1966 $2,925 - $339 -
1965 $2,804 - $326 -
1964 $2,779 - $303 -
1963 $2,462 - $291.8 -
1962 $2,332 - $238.8 -
1961 $2,241 - $232.9 -
1960 $2,261 - $240.8 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/luxembourg/malaysia | CC BY

Luxembourg's GDP per capita is $137,782, ranking 3/197, compared to $11,874 in Malaysia, ranking 79/197. Adjusted for purchasing power (GDP per capita PPP), Luxembourg ranks 1st at $155,941, while Malaysia ranks 60th at $38,779.

Economic indicators

Luxembourg Malaysia
Gross domestic product
$93.3B
2024
$422B
2024
GDP rank
74/197
2024
38/197
2024
GDP growth
0.36%
2023-2024
5.11%
2023-2024
GDP per capita
$137,782
2024
$11,874
2024
GDP per capita rank
3/197
2024
79/197
2024
GDP per capita, PPP
$155,941
2024
$38,779
2024
GDP per capita PPP rank
1/197
2024
60/197
2024
Government debt
$24.5B
2024
$296B
2024
Debt-to-GDP ratio
26.3%
2024
70.1%
2024
Government debt per person
$36,221
2024
$8,322
2024
Government debt per person rank
19/185
2024
62/185
2024
Average annual personal income after taxes
$69,593
2026
$11,005
2026
Market capitalization of domestic companies
$41.9B
2024
$449B
2024
Number of billionaires
1
2025
19
2025
Income share by richest 10%
25%
2023
30.9%
2021
Income share by poorest 10%
2.8%
2023
2.3%
2021
Government expenditure, % of GDP
46.9%
2024
23.9%
2024
Consumer prices inflation
2.05%
2023-2024
1.83%
2023-2024
Central bank interest rate n/a
2.75%
2025
Unemployment rate
6.42%
2024
3.93%
2022
Population
693885
36512221

Spending and national debt comparison by year

Luxembourg
Spending

Debt
Malaysia
Spending

Debt
1x
Year % of GDP
Luxembourg Malaysia
Government spending Government debt Government spending Government debt
2024 46.9% 26.3% 23.9% 70.1%
2023 46.4% 24.7% 24.9% 69.7%
2022 44.3% 24.9% 24.6% 65.5%
2021 42.4% 24.2% 24.5% 69.2%
2020 47% 24.5% 25% 67.7%
2019 43.1% 22.3% 23.6% 57.1%
2018 42.3% 20.9% 22.8% 55.6%
2017 41.3% 21.8% 22% 54.4%
2016 40% 19.6% 22.9% 55.8%
2015 40.4% 21.1% 24.7% 57%
2014 40.6% 21.9% 26% 55.4%
2013 41.2% 22.4% 27.8% 55.7%
2012 41.8% 20.8% 28.5% 53.8%
2011 41.5% 18.5% 27.1% 51.9%
2010 42% 19.1% 26.6% 51.2%
2009 42.7% 15.3% 30.9% 50.4%
2008 37.9% 14.6% 26.9% 39.4%
2007 37.4% 8.09% 25.9% 39.3%
2006 39.4% 8.21% 25.6% 39.7%
2005 43.4% 7.95% 24.5% 40.8%
2004 43.7% 7.83% 25.9% 42%
2003 43.3% 7.43% 28.1% 41.4%
2002 41.8% 7.45% 27.1% 39.5%
2001 38.1% 7.62% 28.2% 38.1%
2000 38% 7.49% 25.6% 32.5%
1999 41.7% 8.39% 24.6% 34.4%
1998 43.9% 9.51% 23.1% 33.6%
1997 44.2% 10.1% 21.2% 29.6%
1996 42.5% 10.2% 22.4% 32.8%
1995 42% 10.3% 22.6% 38.2%
1994 - - 23.3% 43.7%
1993 - - 24.6% 51.1%
1992 - - 28.2% 59.1%
1991 - - 27.4% 67.3%
1990 - - 30.5% 74.1%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/luxembourg/malaysia | CC BY

In 2024, Luxembourg's government spending was $43.7B, accounting for 46.9% of its GDP, while Malaysia spent $101B, or 23.9% of GDP.

Debt-to-GDP ratio is 26.3% in Luxembourg and 70.1% in Malaysia, ranking 162/185 and 58/185, respectively.

Government deficit by year

Deficit/surplus
Luxembourg

Malaysia
1x
Year Deficit/surplus, % of GDP
Luxembourg Malaysia
2024 1.03% -3.95%
2023 -0.78% -3.97%
2022 0.18% -4.56%
2021 1% -6.03%
2020 -3.09% -4.9%
2019 2.68% -2.01%
2018 3.17% -2.64%
2017 1.37% -2.41%
2016 1.89% -2.6%
2015 1.3% -2.55%
2014 1.33% -2.63%
2013 0.84% -3.48%
2012 0.5% -3.1%
2011 0.65% -3.57%
2010 -0.26% -4.32%
2009 -0.21% -5.88%
2008 3.37% -3.4%
2007 4.35% -2.57%
2006 1.9% -2.6%
2005 -0.21% -2.83%
2004 -1.39% -3.35%
2003 0.28% -4.6%
2002 2.03% -3.96%
2001 5.62% -4.36%
2000 5.55% -6.05%
1999 3.24% -3%
1998 2.98% -0.63%
1997 2.65% 4.84%
1996 2.37% 3.27%
1995 2.71% 3.1%
1994 - 5.45%
1993 - 3.44%
1992 - 1.81%
1991 - 1.6%
1990 - 0.15%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/luxembourg/malaysia | CC BY

In 2024, Luxembourg's government surplus, the difference between spending and revenue, was $961M, equivalent to 1.03% of GDP. This compares to Malaysia's deficit of $16.7B, or 3.95% of GDP.

Over the past 30 years, Luxembourg recorded a fiscal deficit in 6 of those years, while Malaysia ran a deficit in 27 years. On average, Luxembourg posted an annual surplus equal to 1.57% of GDP, compared to deficit of 2.83% of GDP for Malaysia.

Inflation comparison by year

Inflation
Luxembourg

Malaysia
1x
Year Consumer prices inflation
Luxembourg Malaysia
2024 2.05% 1.83%
2023 3.74% 2.49%
2022 6.34% 3.38%
2021 2.53% 2.48%
2020 0.82% -1.14%
2019 1.74% 0.66%
2018 1.53% 0.88%
2017 1.73% 3.87%
2016 0.29% 2.09%
2015 0.47% 2.1%
2014 0.63% 3.14%
2013 1.73% 2.11%
2012 2.66% 1.66%
2011 3.41% 3.17%
2010 2.27% 1.62%
2009 0.37% 0.58%
2008 3.4% 5.44%
2007 2.31% 2.03%
2006 2.67% 3.61%
2005 2.49% 2.98%
2004 2.23% 1.42%
2003 2.05% 1.09%
2002 2.07% 1.81%
2001 2.66% 1.42%
2000 3.15% 1.53%
1999 1.03% 2.74%
1998 0.96% 5.27%
1997 1.37% 2.66%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/luxembourg/malaysia | CC BY

Over the past 28 years, Luxembourg has recorded an average annual inflation rate of 2.1%, compared with 2.25% in Malaysia. In 2024, inflation was 2.05% in Luxembourg and 1.83% in Malaysia.

Top exports between countries

Luxembourg
Export category Export value
Business & finance services $27M
Transport & tourism services $14.1M
Machinery & equipment $5.84M
Metals $1.95M
Processed food, beverages & tobacco $1.29M
Chemicals & pharma $619K
Textiles & consumer goods $147K
Raw materials & minerals $99K
Animal & marine products $29K
Miscellaneous $21K
Malaysia
Export category Export value
Machinery & equipment $12.4M
Miscellaneous $6.5M
Chemicals & pharma $1.3M
Textiles & consumer goods $913K
Metals $865K
Raw materials & minerals $26K
Processed food, beverages & tobacco $11K
Precious metals & jewellery $4K
Wood & paper products $1K

Balance of trade

Luxembourg Malaysia
Current account balance
$4.1B
2024
$7.15B
2024
Current account balance ranking
35/190
2024
26/190
2024
Current account balance, % of GDP
+4.4%
2024
+1.69%
2024
Goods imports
$29.4B
2024
$223B
2024
Goods exports
$31.3B
2024
$248B
2024
Service imports
$117B
2024
$56.4B
2024
Service exports
$150B
2024
$53.4B
2024
Imports of goods and services, % of GDP
159.7%
2024
66%
2024
Exports of goods and services, % of GDP
191.5%
2024
71.3%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Luxembourg Malaysia
Economic freedom 79.7 68
Economic freedom ranking 7/197 51/197
Property rights 96.6 62.7
Government integrity 88.7 52.9
Judicial effectiveness 99.1 63.4
Tax burden 62.3 83.5
Government spending 36.9 82
Fiscal health 98.6 62.5
Business freedom 89.5 79.6
Labor freedom 56.7 55.4
Monetary freedom 74.1 80.8
Trade freedom 79.4 83
Investment freedom 95 60
Financial freedom 80 50

Economic freedom comparison by year

Luxembourg
Malaysia
1x
Year Economic freedom index
Luxembourg Malaysia
2026 79.7 68
2025 79.5 67.1
2024 79.2 65.7
2023 78.4 67.3
2022 80.6 68.1
2021 76 74.4
2020 75.8 74.7
2019 75.9 74
2018 76.4 74.5
2017 75.9 73.8
2016 73.9 71.5
2015 73.2 70.8
2014 74.2 69.6
2013 74.2 66.1
2012 74.5 66.4
2011 76.2 66.3
2010 75.4 64.8
2009 75.2 64.6
2008 74.7 63.9
2007 74.6 63.8
2006 75.3 61.6
2005 76.3 61.9
2004 78.9 59.9
2003 79.9 61.1
2002 79.4 60.1
2001 80.1 60.2
2000 76.4 66
1999 72.4 68.9
1998 72.7 68.2
1997 72.8 66.8
1996 72.5 69.9
1995 - 71.9

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/luxembourg/malaysia | CC BY

The Economic Freedom Index for Luxembourg is 79.7, ranking 7/197, compared to 68 for Malaysia, ranking 51/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Luxembourg Malaysia
Services, % of GDP
81.2%
2024
53.7%
2024
Industry, % of GDP
9.66%
2024
37%
2024
Agriculture, forestry, and fishing, % of GDP
0.21%
2024
8.13%
2024
GNI, Atlas method
$57.3B
2024
$414B
2024
GNI per capita, PPP
$110,650
2024
$37,450
2024
Total reserves including gold
$2.79B
2024
$116B
2024
Total reserves ranking
119/177
2024
24/177
2024
Net foreign direct investment
$21.4B
2024
-$2.55B
2024
Net inflows of foreign direct investment
$106B
2024
$15.6B
2024
Net outflows of foreign direct investment
$109B
2024
$13B
2024
Poverty at national poverty lines
17.3%
2021
5.8%
2023
Gross capital formation, % of GDP
15.8%
2024
22%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/luxembourg/malaysia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2023–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.