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Malaysia's economy ranking: GDP & GDP per capita, debt

Updated on by Georank team

Malaysia ranked 39/197 by economy size with a GDP of $422B and 81/197 by GDP per capita at $11,867. Malaysia has $297B in government debt, with a debt-to-GDP ratio of 70.1%.

In 2025, Malaysia made up 0.38% of the world's economy, compared to 0.14% in 1960.

The chart below shows GDP in nominal terms, GDP adjusted for inflation (in constant dollars), and a bar chart of year-over-year inflation-adjusted growth.

GDP, current $
GDP, constant 2015 $
GDP growth
Year GDP GDP growth
Current $ Constant $
1960 $1,916,229,477 $10,075,053,650 -
1961 $1,901,856,123 $10,840,555,622 -0.75%
1962 $2,001,489,602 $11,536,630,908 5.24%
1963 $2,510,110,348 $12,383,281,584 25.4%
1964 $2,674,423,922 $13,046,897,051 6.55%
1965 $2,956,337,669 $14,049,533,277 10.5%
1966 $3,143,517,944 $15,147,744,694 6.33%
1967 $3,188,924,677 $15,732,015,397 1.44%
1968 $3,330,371,551 $16,987,114,742 4.44%
1969 $3,664,552,041 $17,817,535,563 10%
1970 $3,864,145,667 $18,884,189,212 5.45%
1971 $4,244,395,956 $20,779,153,503 9.84%
1972 $5,043,347,250 $22,729,992,899 18.8%
1973 $7,662,902,678 $25,389,647,919 51.9%
1974 $9,496,204,302 $27,501,726,906 23.9%
1975 $9,298,800,799 $27,722,034,465 -2.08%
1976 $11,050,234,599 $30,927,669,086 18.8%
1977 $13,139,488,633 $33,325,509,326 18.9%
1978 $16,358,079,862 $35,542,952,797 24.5%
1979 $21,213,264,962 $38,865,898,972 29.7%
1980 $24,488,224,677 $41,758,231,850 15.4%
1981 $25,004,285,792 $44,657,131,817 2.11%
1982 $26,804,493,635 $47,311,173,245 7.2%
1983 $30,347,442,111 $50,269,176,995 13.2%
1984 $33,942,897,422 $54,170,965,010 11.8%
1985 $31,199,633,353 $53,615,577,054 -8.08%
1986 $27,734,111,400 $54,280,729,183 -11.1%
1987 $32,181,210,158 $57,098,947,793 16%
1988 $35,272,109,220 $62,773,281,162 9.6%
1989 $38,847,965,293 $68,460,289,887 10.1%
1990 $44,024,585,240 $74,627,553,680 13.3%
1991 $49,143,148,094 $81,751,102,498 11.6%
1992 $59,167,550,163 $89,014,784,404 20.4%
1993 $66,894,966,969 $97,822,746,879 13.1%
1994 $74,478,356,958 $106,834,219,205 11.3%
1995 $88,705,342,903 $117,335,045,631 19.1%
1996 $100,855,393,910 $129,071,719,045 13.7%
1997 $100,005,323,302 $138,523,307,833 -0.84%
1998 $72,167,498,981 $128,328,802,477 -27.8%
1999 $79,148,421,053 $136,205,126,471 9.67%
2000 $93,789,736,842 $148,271,359,065 18.5%
2001 $92,783,947,368 $149,038,923,296 -1.07%
2002 $100,845,526,316 $157,073,594,224 8.69%
2003 $110,202,368,421 $166,165,798,104 9.28%
2004 $124,749,473,684 $177,437,551,536 13.2%
2005 $143,534,405,819 $186,898,768,709 15.1%
2006 $162,692,258,307 $197,336,779,112 13.3%
2007 $193,549,569,478 $209,766,600,384 19%
2008 $230,811,614,370 $219,902,039,819 19.3%
2009 $202,257,453,037 $216,573,759,299 -12.4%
2010 $255,017,638,456 $232,654,030,399 26.1%
2011 $297,951,668,675 $244,970,531,974 16.8%
2012 $314,443,047,642 $258,378,881,826 5.53%
2013 $323,276,235,524 $270,506,469,604 2.81%
2014 $338,066,095,097 $286,755,041,078 4.57%
2015 $301,355,266,965 $301,355,266,965 -10.9%
2016 $301,256,033,870 $314,764,917,575 -0.03%
2017 $319,109,094,160 $333,061,328,477 5.93%
2018 $358,788,845,713 $349,191,778,300 12.4%
2019 $365,177,721,022 $364,602,265,936 1.78%
2020 $337,456,163,961 $344,706,479,641 -7.59%
2021 $373,784,823,673 $356,134,704,342 10.8%
2022 $407,605,841,348 $387,694,727,479 9.05%
2023 $399,705,137,434 $401,479,163,711 -1.94%
2024 $421,972,102,254 $422,011,432,357 5.57%

Economic Statistics of Malaysia

Malaysia Rank
Gross domestic product
$422B
2024
39/197
GDP growth
5.57%
2023-2024
101/196
GDP per capita
$11,867
2024
81/197
GDP per capita, PPP
$38,729
2024
60/197
Government debt
$297B
2024
32/185
Debt-to-GDP ratio
70.1%
2025
55/185
Government debt per person
$8,353
2024
63/185
Average annual personal income after taxes
$9,650
2025
74/197
Listed domestic companies
1,031
2024
9/103
Market capitalization of domestic companies
$449B
2024
23/100
Number of billionaires
19
2025
24/78
Billionaire frequency
1 in 1,315,935
2025
36/78
Income share by richest 10%
30.9%
2021
50/169
Income share by poorest 10%
2.3%
2021
116/169
Government expenditure, % of GDP
23.1%
2025
137/195
Consumer prices inflation
1.83%
2023-2024
146/195
Central bank interest rate
2.75%
2025
88/105
Unemployment rate
3.93%
2022
128/196
Population
36304998
44/197

Malaysia's GDP per capita

Malaysia has a GDP per capita of $11,867, ranking 81/197, a GDP per capita based on purchasing power parity (PPP) of $38,729, ranking 60/197, and a median annual after tax income of $9,650, ranking 74/197.

GDP per capita
GDP per capita, PPP
Year Current $
GDP per capita GDP per capita, PPP
1960 $240.8 -
1961 $232.9 -
1962 $238.8 -
1963 $291.8 -
1964 $303 -
1965 $326 -
1966 $339 -
1967 $335 -
1968 $342 -
1969 $368 -
1970 $380 -
1971 $407 -
1972 $472 -
1973 $701 -
1974 $848 -
1975 $811 -
1976 $940 -
1977 $1,092 -
1978 $1,327 -
1979 $1,680 -
1980 $1,886 -
1981 $1,866 -
1982 $1,938 -
1983 $2,124 -
1984 $2,300 -
1985 $2,046 -
1986 $1,760 -
1987 $1,977 -
1988 $2,100 -
1989 $2,244 -
1990 $2,469 $6,887
1991 $2,679 $7,583
1992 $3,141 $8,224
1993 $3,462 $9,018
1994 $3,758 $9,806
1995 $4,363 $10,720
1996 $4,837 $11,709
1997 $4,679 $12,469
1998 $3,294 $11,398
1999 $3,528 $11,980
2000 $4,084 $13,027
2001 $3,944 $13,072
2002 $4,184 $13,656
2003 $4,465 $14,387
2004 $4,939 $15,416
2005 $5,556 $16,371
2006 $6,158 $17,426
2007 $7,169 $18,617
2008 $8,372 $19,480
2009 $7,191 $18,923
2010 $8,899 $20,193
2011 $10,217 $21,324
2012 $10,601 $22,639
2013 $10,714 $23,161
2014 $11,013 $24,307
2015 $9,649 $24,526
2016 $9,477 $25,286
2017 $9,863 $26,416
2018 $10,902 $27,794
2019 $10,920 $28,934
2020 $9,958 $27,475
2021 $10,903 $29,823
2022 $11,748 $34,366
2023 $11,379 $36,417
2024 $11,867 $38,729

Malaysia's government spending, deficit, and chart

This chart shows Malaysia's government spending, budget balance, and debt over time, each expressed as a share of GDP.

Over the past 36 years, Malaysia recorded a fiscal deficit in 28 years — average annual deficit equal to -2.1% of GDP. In 2024, government spending reached $101B (23.1% of GDP), with a deficit of -3.36%.

The national debt reached $297B, ranking 32nd out of 185 countries by total size, with a debt-to-GDP ratio of 70.1%, ranking 55th.

Government spending
Government debt
Deficit/surplus
Year % of GDP
Government spending Government debt Government deficit/surplus
1990 30.5% 74.1% 0.15%
1991 27.4% 67.3% 1.6%
1992 28.2% 59.1% 1.81%
1993 24.6% 51.1% 3.44%
1994 23.3% 43.7% 5.45%
1995 22.6% 38.2% 3.1%
1996 22.4% 32.8% 3.27%
1997 21.2% 29.6% 4.84%
1998 23.1% 33.6% -0.63%
1999 24.6% 34.4% -3%
2000 25.6% 32.5% -6.05%
2001 28.2% 38.1% -4.36%
2002 27.1% 39.5% -3.96%
2003 28.1% 41.4% -4.6%
2004 25.9% 42% -3.35%
2005 24.5% 40.8% -2.83%
2006 25.6% 39.7% -2.6%
2007 25.9% 39.3% -2.57%
2008 26.9% 39.4% -3.4%
2009 30.9% 50.4% -5.88%
2010 26.6% 51.2% -4.32%
2011 27.1% 51.9% -3.57%
2012 28.5% 53.8% -3.1%
2013 27.8% 55.7% -3.48%
2014 26% 55.4% -2.63%
2015 24.7% 57% -2.55%
2016 22.9% 55.8% -2.6%
2017 22% 54.4% -2.41%
2018 22.8% 55.6% -2.64%
2019 23.6% 57.1% -2.01%
2020 25% 67.7% -4.9%
2021 24.5% 69.2% -6.03%
2022 24.7% 65.5% -4.56%
2023 24.9% 69.7% -3.97%
2024 23.9% 70.4% -3.95%
2025 23.1% 70.1% -3.36%

Inflation rate by year

Over the past 20 years, Malaysia has had an average annual inflation rate of 2.25%. In 2024, inflation was 1.83%. The bar chart below shows consumer price inflation by year.

Year Inflation
1960 0.06%
1961 -0.18%
1962 0.11%
1963 3.11%
1964 -0.4%
1965 -0.11%
1966 0.97%
1967 4.58%
1968 -0.16%
1969 -0.41%
1970 1.84%
1971 1.61%
1972 3.23%
1973 10.6%
1974 17.3%
1975 4.49%
1976 2.63%
1977 4.79%
1978 4.86%
1979 3.65%
1980 6.67%
1981 9.7%
1982 5.82%
1983 3.7%
1984 3.9%
1985 0.35%
1986 0.74%
1987 0.29%
1988 2.56%
1989 2.81%
1990 2.62%
1991 4.36%
1992 4.77%
1993 3.54%
1994 3.72%
1995 3.45%
1996 3.49%
1997 2.66%
1998 5.27%
1999 2.74%
2000 1.53%
2001 1.42%
2002 1.81%
2003 1.09%
2004 1.42%
2005 2.98%
2006 3.61%
2007 2.03%
2008 5.44%
2009 0.58%
2010 1.62%
2011 3.17%
2012 1.66%
2013 2.11%
2014 3.14%
2015 2.1%
2016 2.09%
2017 3.87%
2018 0.88%
2019 0.66%
2020 -1.14%
2021 2.48%
2022 3.38%
2023 2.49%
2024 1.83%

Balance of trade

Malaysia Rank
Current account balance
$7.15B
2024
25/189
Current account balance, % of GDP
+1.69%
2024
61/189
Goods imports
$223B
2024
25/188
Goods exports
$248B
2024
27/188
Service imports
$56.4B
2024
30/188
Service exports
$53.4B
2024
31/188
Imports of goods and services, % of GDP
66%
2024
42/180
Exports of goods and services, % of GDP
71.4%
2024
27/193

Malaysia's top 10 trading partners

Malaysia's biggest trading partner accounting for 17.4%% of all exports and imports is China, with a trade balance between the two of -$26.4B — Malaysia exports $42.3B worth of goods and services to China and imports $68.7B.

Below is the list of the top 10 trade partners of Malaysia.

Rank Country Trade value Share of total trade Export to Import from Top export to Top import from
1 China $111B 17.4% $42.3B $68.7B Machinery & equipment Machinery & equipment
2 Singapore $101B 15.8% $58.4B $42.3B Machinery & equipment Machinery & equipment
3 United States $92.4B 14.5% $51.9B $40.5B Machinery & equipment Machinery & equipment
4 Japan $36.3B 5.67% $19B $17.3B Raw materials & minerals Machinery & equipment
5 Indonesia $28.1B 4.4% $13.5B $14.7B Raw materials & minerals Raw materials & minerals
6 Thailand $27.7B 4.33% $13.7B $14B Machinery & equipment Machinery & equipment
7 South Korea $25.7B 4.03% $12.3B $13.4B Machinery & equipment Machinery & equipment
8 India $20.1B 3.14% $12.3B $7.8B Machinery & equipment Raw materials & minerals
9 Australia $19.9B 3.12% $11.8B $8.18B Raw materials & minerals Raw materials & minerals
10 Vietnam $19.1B 3% $12.2B $6.89B Machinery & equipment Machinery & equipment

Malaysia's top 10 exports

Malaysia Rank
Machinery & equipment $173B 13/193
Raw materials & minerals $59.7B 21/193
Processed food, beverages & tobacco $28.3B 13/192
Chemicals & pharma $24.5B 25/193
Transport & tourism services $22.3B 29/188
Metals $20.7B 22/192
Textiles & consumer goods $10.3B 28/193
Business & finance services $8.31B 35/188
Manufacturing & construction services $6.5B 15/164
Wood & paper products $5.3B 24/192

Malaysia's top 10 imports

Malaysia Rank
Machinery & equipment $144B 18/193
Raw materials & minerals $61.6B 15/193
Transport & tourism services $25.4B 29/188
Chemicals & pharma $24.6B 31/193
Metals $22B 19/193
Business & finance services $13.8B 32/188
Processed food, beverages & tobacco $13.4B 17/193
Textiles & consumer goods $10.1B 34/193
Precious metals & jewellery $7.32B 20/193
Raw agricultural goods $7.23B 25/193

Economic freedom indices

Malaysia Rank
Economic freedom 67.1 50/197
Property rights 66.3 59/182
Government integrity 51.1 59/182
Judicial effectiveness 66.2 59/182
Tax burden 83.9 65/181
Government spending 82.1 56/180
Fiscal health 48.1 127/181
Business freedom 76.6 47/182
Labor freedom 58.1 78/182
Monetary freedom 79.6 11/180
Trade freedom 83.4 15/181
Investment freedom 60 76/181
Financial freedom 50 89/181

Malaysia's economic freedom by year

Malaysia is ranked 44/180 for economic freedom with a score of 67.1, compared to 62/163 and a score of 61.9 in 2005.

Economic freedom
Judicial effectiveness
Tax burden
Government spending
Fiscal health
Year Index
Economic freedom Judicial effectiveness Tax burden Government spending Fiscal health
1995 71.9 - 74.1 78.3 -
1996 69.9 - 76.7 82.7 -
1997 66.8 - 76.6 83.6 -
1998 68.2 - 76.8 85.3 -
1999 68.9 - 79.4 84.7 -
2000 66 - 79.2 81.3 -
2001 60.2 - 80.6 85.5 -
2002 60.1 - 81.5 84.1 -
2003 61.1 - 81.8 82.9 -
2004 59.9 - 80.9 74.2 -
2005 61.9 - 80.9 75.3 -
2006 61.6 - 81.2 75.1 -
2007 63.8 - 81.8 78.9 -
2008 63.9 - 82.2 80.8 -
2009 64.6 - 83 81.4 -
2010 64.8 - 84.3 81.3 -
2011 66.3 - 84.6 79.2 -
2012 66.4 - 84.5 72.5 -
2013 66.1 - 85.1 73.5 -
2014 69.6 - 84.6 75.6 -
2015 70.8 - 84.4 74 -
2016 71.5 - 85 74.3 -
2017 73.8 67.3 85.3 78.7 76.5
2018 74.5 65.2 85.6 81.3 80.7
2019 74 68.2 85.6 83.2 82.4
2020 74.7 74.6 85.7 84.6 80.2
2021 74.4 70.5 83.8 84.3 79.4
2022 68.1 57.6 83.8 82.9 73.4
2023 67.3 51.6 83.9 82.4 64.5
2024 65.7 65.6 83.9 81.4 42.8
2025 67.1 66.2 83.9 82.1 48.1

More economic indicators

Malaysia Rank
Services, % of GDP
53.6%
2024
114/191
Industry, % of GDP
37.1%
2024
31/194
Agriculture, forestry, and fishing, % of GDP
8.16%
2024
83/193
GNI, Atlas method
$415B
2024
38/194
GNI per capita, PPP
$37,500
2024
56/191
Total reserves including gold
$116B
2024
24/177
Net foreign direct investment
-$2.55B
2024
147/188
Net inflows of foreign direct investment
$15.6B
2024
25/193
Net outflows of foreign direct investment
$13B
2024
24/187
Poverty at national poverty lines
5.8%
2023
165/176
Gross capital formation, % of GDP
21.9%
2024
104/176

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GDP per capita map

GDP per capita

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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.