Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. The NAJIB administration also is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. As an oil and gas exporter, Malaysia has profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with strained government finances, has forced Kuala Lumpur to begin to reduce government subsidies. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplies more than 40% of government revenue. The central bank maintains healthy foreign exchange reserves, and a well-developed regulatory regime has limited Malaysia''s exposure to riskier financial instruments and the global financial crisis. Nevertheless, Malaysia could be vulnerable to a fall in commodity prices or a general slowdown in global economic activity because exports are a major component of GDP. In order to attract increased investment, NAJIB has raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but he has encountered significant opposition, especially from Malay nationalists and other vested interests.

Approximately 30% of goods are price-controlled

$85.91 billion (31 December 2011 est.)

$72.77 billion (31 December 2010 est.)

$384.2 billion (31 December 2011 est.)

$358.1 billion (31 December 2010 est.)

$362.1 billion (31 December 2011 est.)

$328.4 billion (31 December 2010 est.)

$414 billion (31 December 2011)

$410.5 billion (31 December 2010)

$256 billion (31 December 2009)

Peninsular Malaysia - palm oil, rubber, cocoa, rice; Sabah - palm oil, subsistence crops; rubber, timber; Sarawak - palm oil, rubber, timber; pepper

Peninsular Malaysia - rubber and oil palm processing and manufacturing, light manufacturing, pharmaceuticals, medical technology, electronics, tin mining and smelting, logging, timber processing; Sabah - logging, petroleum production; Sarawak - agriculture processing, petroleum production and refining, logging

5.8 billion bbl (1 January 2011 est.)

2.4 trillion cu m (1 January 2011 est.)

Electronic equipment, petroleum and liquefied natural gas, wood and wood products, palm oil, rubber, textiles, chemicals

China 17.9%, Singapore 12.8%, Japan 10.6%, US 8.6%, Thailand 4.4%, Hong Kong 4.1% (2010 est.)

Electronics, machinery, petroleum products, plastics, vehicles, iron and steel products, chemicals

Singapore 20.5%, China 13.7%, Japan 10%, US 7.9%, Thailand 6%, Indonesia 5.6% (2010 est.)

$133.6 billion (31 December 2011 est.)

$106.5 billion (31 December 2010 est.)

$87.81 billion (31 December 2011 est.)

$81.5 billion (31 December 2010 est.)

$112.1 billion (31 December 2011 est.)

$101.3 billion (31 December 2010 est.)

$109.3 billion (31 December 2011 est.)

$96.76 billion (31 December 2010 est.)