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Economy of Malaysia vs Seychelles compared: GDP & Debt

Updated on by Georank team

Malaysia has a GDP of $422B compared to $2.17B for the Seychelles, ranking 38/197 and 178/197 by economy size, respectively.

Malaysia has $296B in government debt (70.1% of GDP), compared to $1.25B (57.6% of GDP) in the Seychelles.

Malaysia vs Seychelles GDP by year

Malaysia
Seychelles
1x
Year GDP, current $
Malaysia Seychelles
2024 $422,227,005,429 $2,167,239,562
2023 $399,949,418,753 $2,187,379,755
2022 $407,830,525,990 $2,018,346,589
2021 $373,784,553,030 $1,487,173,795
2020 $337,456,163,961 $1,382,551,752
2019 $365,177,721,022 $1,868,690,097
2018 $358,788,845,713 $1,784,313,927
2017 $319,109,094,160 $1,675,370,641
2016 $301,256,033,870 $1,568,513,348
2015 $301,355,266,965 $1,432,403,352
2014 $338,066,095,097 $1,387,577,870
2013 $323,276,235,524 $1,333,160,407
2012 $314,443,047,642 $1,089,407,839
2011 $297,951,668,675 $1,058,918,707
2010 $255,017,638,456 $981,616,542
2009 $202,257,453,037 $850,901,620
2008 $230,811,614,370 $979,597,394
2007 $193,549,569,478 $1,077,308,814
2006 $162,692,258,307 $1,081,441,283
2005 $143,534,405,819 $977,899,382
2004 $124,749,473,684 $893,012,218
2003 $110,202,368,421 $750,847,230
2002 $100,845,526,316 $742,134,838
2001 $92,783,947,368 $662,064,156
2000 $93,789,736,842 $654,212,394
1999 $79,148,421,053 $662,838,615
1998 $72,167,498,981 $647,287,376
1997 $100,005,323,302 $598,966,982
1996 $100,855,393,910 $535,250,347
1995 $88,705,342,903 $540,733,048
1994 $74,478,356,958 $517,570,058
1993 $66,894,966,969 $504,230,621
1992 $59,167,550,163 $461,409,399
1991 $49,143,148,094 $398,307,170
1990 $44,024,585,240 $392,163,561
1989 $38,847,965,293 $324,333,367
1988 $35,272,109,220 $301,985,618
1987 $32,181,210,158 $265,212,957
1986 $27,734,111,400 $221,147,061
1985 $31,199,633,353 $179,691,483
1984 $33,942,897,422 $160,992,921
1983 $30,347,442,111 $156,098,237
1982 $26,804,493,635 $157,211,790
1981 $25,004,285,792 $163,750,728
1980 $24,488,224,677 $156,783,830
1979 $21,213,264,962 $127,261,099
1978 $16,358,079,862 $85,552,366
1977 $13,139,488,633 $64,526,401
1976 $11,050,234,599 $49,278,982
1975 $9,298,800,799 $47,803,146
1974 $9,496,204,302 $43,134,496
1973 $7,662,902,678 $36,896,280
1972 $5,043,347,250 $30,645,123
1971 $4,244,395,956 $21,965,951
1970 $3,864,145,667 $18,432,032
1969 $3,664,552,041 $16,452,028
1968 $3,330,371,551 $16,074,028
1967 $3,188,924,677 $16,632,032
1966 $3,143,517,944 $16,443,034
1965 $2,956,337,669 $15,603,032
1964 $2,674,423,922 $15,393,032
1963 $2,510,110,348 $13,923,029
1962 $2,001,489,602 $12,642,026
1961 $1,901,856,123 $11,592,024
1960 $1,916,229,477 $12,012,025

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

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

GDP per capita in Malaysia vs Seychelles by year

Malaysia
GDP per capita

GDP per capita, PPP
Seychelles
GDP per capita

GDP per capita, PPP
1x
Year Current $
Malaysia Seychelles
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $11,874 $38,779 $17,859 $33,239
2023 $11,386 $36,467 $18,263 $31,781
2022 $11,755 $34,420 $16,837 $29,973
2021 $10,903 $29,823 $14,983 $29,980
2020 $9,958 $27,475 $14,041 $31,056
2019 $10,920 $28,934 $19,142 $34,219
2018 $10,902 $27,794 $18,440 $32,091
2017 $9,863 $26,416 $17,480 $30,675
2016 $9,477 $25,286 $16,567 $28,811
2015 $9,649 $24,526 $15,333 $25,435
2014 $11,013 $24,307 $15,188 $24,985
2013 $10,714 $23,161 $14,821 $22,487
2012 $10,601 $22,639 $12,337 $22,264
2011 $10,217 $21,324 $12,110 $21,781
2010 $8,899 $20,193 $10,935 $18,982
2009 $7,191 $18,923 $9,747 $18,453
2008 $8,372 $19,480 $11,265 $18,881
2007 $7,169 $18,617 $12,669 $19,473
2006 $6,158 $17,426 $12,783 $17,503
2005 $5,556 $16,371 $11,802 $15,846
2004 $4,939 $15,416 $10,828 $14,160
2003 $4,465 $14,387 $9,070 $14,142
2002 $4,184 $13,656 $8,864 $14,570
2001 $3,944 $13,072 $8,153 $14,615
2000 $4,084 $13,027 $8,064 $14,638
1999 $3,528 $11,980 $8,243 $13,853
1998 $3,294 $11,398 $8,210 $13,675
1997 $4,679 $12,469 $7,747 $13,458
1996 $4,837 $11,709 $7,004 $11,931
1995 $4,363 $10,720 $7,181 $10,809
1994 $3,758 $9,806 $6,975 $10,692
1993 $3,462 $9,018 $6,979 $11,020
1992 $3,141 $8,224 $6,520 $10,243
1991 $2,679 $7,583 $5,655 $9,387
1990 $2,469 $6,887 $5,642 $8,955
1989 $2,244 - $4,689 -
1988 $2,100 - $4,392 -
1987 $1,977 - $3,872 -
1986 $1,760 - $3,368 -
1985 $2,046 - $2,754 -
1984 $2,300 - $2,488 -
1983 $2,124 - $2,426 -
1982 $1,938 - $2,441 -
1981 $1,866 - $2,557 -
1980 $1,886 - $2,478 -
1979 $1,680 - $2,030 -
1978 $1,327 - $1,377 -
1977 $1,092 - $1,044 -
1976 $940 - $814 -
1975 $811 - $806 -
1974 $848 - $745 -
1973 $701 - $649 -
1972 $472 - $547 -
1971 $407 - $402 -
1970 $380 - $344 -
1969 $368 - $314 -
1968 $342 - $314 -
1967 $335 - $333 -
1966 $339 - $338 -
1965 $326 - $328 -
1964 $303 - $332 -
1963 $291.8 - $308 -
1962 $238.8 - $287 -
1961 $232.9 - $270.3 -
1960 $240.8 - $288.1 -

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

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

Malaysia's GDP per capita is $11,874, ranking 79/197, compared to $17,859 in the Seychelles, ranking 63/197. Adjusted for purchasing power (GDP per capita PPP), Malaysia ranks 60th at $38,779, while the Seychelles ranks 67th at $33,239.

Economic indicators

Malaysia Seychelles
Gross domestic product
$422B
2024
$2.17B
2024
GDP rank
38/197
2024
178/197
2024
GDP growth
5.11%
2023-2024
3.47%
2023-2024
GDP per capita
$11,874
2024
$17,859
2024
GDP per capita rank
79/197
2024
63/197
2024
GDP per capita, PPP
$38,779
2024
$33,239
2024
GDP per capita PPP rank
60/197
2024
67/197
2024
Government debt
$296B
2024
$1.25B
2024
Debt-to-GDP ratio
70.1%
2024
57.6%
2024
Government debt per person
$8,322
2024
$10,288
2024
Government debt per person rank
62/185
2024
57/185
2024
Average annual personal income after taxes
$11,005
2026
$10,944
2026
Market capitalization of domestic companies
$449B
2024
$811M
2024
Number of billionaires
19
2025
n/a
Income share by richest 10%
30.9%
2021
23.9%
2018
Income share by poorest 10%
2.3%
2021
2.6%
2018
Government expenditure, % of GDP
23.9%
2024
33.8%
2024
Consumer prices inflation
1.83%
2023-2024
0.31%
2023-2024
Central bank interest rate
2.75%
2025
1.75%
2024
Unemployment rate
3.93%
2022
2.59%
2024
Population
36512221
126311

Spending and national debt comparison by year

Malaysia
Spending

Debt
Seychelles
Spending

Debt
1x
Year % of GDP
Malaysia Seychelles
Government spending Government debt Government spending Government debt
2024 23.9% 70.1% 33.8% 57.6%
2023 24.9% 69.7% 32.9% 55.3%
2022 24.6% 65.5% 31.3% 60%
2021 24.5% 69.2% 38.8% 71%
2020 25% 67.7% 46.7% 77.4%
2019 23.6% 57.1% 31.7% 48.9%
2018 22.8% 55.6% 33% 51.3%
2017 22% 54.4% 34.3% 56.7%
2016 22.9% 55.8% 34.5% 62.8%
2015 24.7% 57% 31.5% 64.7%
2014 26% 55.4% 33.4% 70.4%
2013 27.8% 55.7% 37.8% 68.2%
2012 28.5% 53.8% 38.6% 80.1%
2011 27.1% 51.9% 36.4% 82.5%
2010 26.6% 51.2% 34.6% 82.2%
2009 30.9% 50.4% 32.1% 106.1%
2008 26.9% 39.4% 27% 192.1%
2007 25.9% 39.3% 41.9% 144%
2006 25.6% 39.7% 43.6% 135.1%
2005 24.5% 40.8% 39% 144.1%
2004 25.9% 42% 39.9% 163.2%
2003 28.1% 41.4% 44.6% 177%
2002 27.1% 39.5% 56.3% 195.9%
2001 28.2% 38.1% 46.8% 199.8%
2000 25.6% 32.5% 55.4% 177.8%
1999 24.6% 34.4% 56.1% 159.8%
1998 23.1% 33.6% 60.7% 161.2%
1997 21.2% 29.6% 54.7% 143%
1996 22.4% 32.8% 59.1% 146.7%
1995 22.6% 38.2% 53.1% 133.5%
1994 23.3% 43.7% 63.6% 123.5%
1993 24.6% 51.1% 60.4% 82.2%
1992 28.2% 59.1% 50.7% 79.9%
1991 27.4% 67.3% 52.1% 89.2%
1990 30.5% 74.1% 46.1% 80.4%
1989 - - 51.7% 39.9%
1988 - - 46.7% 41.3%
1987 - - 49.7% 37%
1986 - - 58% 31.5%
1985 - - 53% 26.5%
1984 - - 50.5% 15.3%
1983 - - 47.9% 12.4%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1983–1989, retrieved 2026-02-20).

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

In 2024, Malaysia's government spending was $101B, accounting for 23.9% of its GDP, while the Seychelles spent $732M, or 33.8% of GDP.

Debt-to-GDP ratio is 70.1% in Malaysia and 57.6% in the Seychelles, ranking 58/185 and 85/185, respectively.

Government deficit by year

Deficit/surplus
Malaysia

Seychelles
1x
Year Deficit/surplus, % of GDP
Malaysia Seychelles
2024 -3.95% -0.69%
2023 -3.97% -1.14%
2022 -4.56% -0.76%
2021 -6.03% -5.76%
2020 -4.9% -15.7%
2019 -2.01% 0.42%
2018 -2.64% -0.8%
2017 -2.41% -1.67%
2016 -2.6% 0.02%
2015 -2.55% 1.39%
2014 -2.63% 2.87%
2013 -3.48% 0.33%
2012 -3.1% 2.93%
2011 -3.57% 3.36%
2010 -4.32% 0.52%
2009 -5.88% 4.84%
2008 -3.4% 7.88%
2007 -2.57% -9.93%
2006 -2.6% -2.54%
2005 -2.83% 0.42%
2004 -3.35% 0.44%
2003 -4.6% 3.4%
2002 -3.96% -16.3%
2001 -4.36% -8.93%
2000 -6.05% -14.7%
1999 -3% -10.3%
1998 -0.63% -16.7%
1997 4.84% -5.91%
1996 3.27% -9.69%
1995 3.1% -2.58%
1994 5.45% -6.95%
1993 3.44% -3.62%
1992 1.81% 6.44%
1991 1.6% 3.15%
1990 0.15% 11.9%
1989 - 8.26%
1988 - 11.8%
1987 - 2.77%
1986 - -10.1%
1985 - -4.86%
1984 - -6.09%
1983 - -3.13%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1983–1989, retrieved 2026-02-20).

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

In 2024, Malaysia's government deficit, the difference between spending and revenue, was $16.7B, equivalent to 3.95% of GDP. This compares to the Seychelles' deficit of $15M, or 0.69% of GDP.

Over the past 35 years, Malaysia recorded a fiscal deficit in 27 of those years, while the Seychelles ran a deficit in 19 years. On average, Malaysia posted an annual deficit equal to 2.07% of GDP, compared to deficit of 2.41% of GDP for the Seychelles.

Inflation comparison by year

Inflation
Malaysia

Seychelles
1x
Year Consumer prices inflation
Malaysia Seychelles
2024 1.83% 0.31%
2023 2.49% -1.04%
2022 3.38% 2.63%
2021 2.48% 9.77%
2020 -1.14% 1.2%
2019 0.66% 1.81%
2018 0.88% 3.7%
2017 3.87% 2.86%
2016 2.09% -1.02%
2015 2.1% 4.04%
2014 3.14% 1.39%
2013 2.11% 4.34%
2012 1.66% 7.11%
2011 3.17% 2.56%
2010 1.62% -2.4%
2009 0.58% 31.8%
2008 5.44% 37%
2007 2.03% 5.32%
2006 3.61% -0.35%
2005 2.98% 0.91%
2004 1.42% 3.86%
2003 1.09% 3.3%
2002 1.81% 0.18%
2001 1.42% 5.97%
2000 1.53% 6.27%
1999 2.74% 6.35%
1998 5.27% 2.58%
1997 2.66% 0.62%

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

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

Over the past 28 years, Malaysia has recorded an average annual inflation rate of 2.25%, compared with 5.03% in the Seychelles. In 2024, inflation was 1.83% in Malaysia and 0.31% in the Seychelles.

Top exports between countries

Malaysia
Export category Export value
Machinery & equipment $27.9M
Raw materials & minerals $3.36M
Processed food, beverages & tobacco $2.91M
Chemicals & pharma $1.51M
Wood & paper products $937K
Metals $638K
Animal & marine products $462K
Textiles & consumer goods $454K
Miscellaneous $337K
Raw agricultural goods $25K
Seychelles
Export category Export value
Processed food, beverages & tobacco $2.79M
Animal & marine products $174K
Chemicals & pharma $162K
Machinery & equipment $15K
Textiles & consumer goods $1K

Balance of trade

Malaysia Seychelles
Current account balance
$7.15B
2024
-$176M
2024
Current account balance ranking
26/190
2024
97/190
2024
Current account balance, % of GDP
+1.69%
2024
-8.11%
2024
Goods imports
$223B
2024
$1.39B
2024
Goods exports
$248B
2024
$595M
2024
Service imports
$56.4B
2024
$1B
2024
Service exports
$53.4B
2024
$1.71B
2024
Imports of goods and services, % of GDP
66%
2024
103.2%
2024
Exports of goods and services, % of GDP
71.3%
2024
85.2%
2024

Economic freedom indices

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

Malaysia Seychelles
Economic freedom 68 66.5
Economic freedom ranking 51/197 60/197
Property rights 62.7 82.6
Government integrity 52.9 71.7
Judicial effectiveness 63.4 61.7
Tax burden 83.5 77.3
Government spending 82 68
Fiscal health 62.5 92.2
Business freedom 79.6 71.3
Labor freedom 55.4 52
Monetary freedom 80.8 79.8
Trade freedom 83 81.2
Investment freedom 60 30
Financial freedom 50 30

Economic freedom comparison by year

Malaysia
Seychelles
1x
Year Economic freedom index
Malaysia Seychelles
2026 68 66.5
2025 67.1 66.4
2024 65.7 60.4
2023 67.3 59.5
2022 68.1 61.1
2021 74.4 66.3
2020 74.7 64.3
2019 74 61.4
2018 74.5 61.6
2017 73.8 61.8
2016 71.5 62.2
2015 70.8 57.5
2014 69.6 56.2
2013 66.1 54.9
2012 66.4 53
2011 66.3 51.2
2010 64.8 47.9
2009 64.6 47.8
2008 63.9 -
2007 63.8 -
2006 61.6 -
2005 61.9 -
2004 59.9 -
2003 61.1 -
2002 60.1 -
2001 60.2 -
2000 66 -
1999 68.9 -
1998 68.2 -
1997 66.8 -
1996 69.9 -
1995 71.9 -

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

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

The Economic Freedom Index for Malaysia is 68, ranking 51/197, compared to 66.5 for the Seychelles, ranking 60/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Malaysia Seychelles
Services, % of GDP
53.7%
2024
65.8%
2024
Industry, % of GDP
37%
2024
12.3%
2024
Agriculture, forestry, and fishing, % of GDP
8.13%
2024
2.45%
2024
GNI, Atlas method
$414B
2024
$2.12B
2024
GNI per capita, PPP
$37,450
2024
$32,180
2024
Total reserves including gold
$116B
2024
$774M
2024
Total reserves ranking
24/177
2024
145/177
2024
Net foreign direct investment
-$2.55B
2024
-$262M
2024
Net inflows of foreign direct investment
$15.6B
2024
$226M
2024
Net outflows of foreign direct investment
$13B
2024
-$35.4M
2024
Poverty at national poverty lines
5.8%
2023
25.3%
2018
Gross capital formation, % of GDP
22%
2024
17.2%
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/malaysia/seychelles | 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. International Monetary Fund (IMF) | Public Finances in Modern History (1983–1989, retrieved 2026-02-20)
  6. TradeMap (2020–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. 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.