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Malaysia, Economy

The economy of Malaysia once relied principally on the production of raw materials for export, most importantly petroleum, natural rubber, tin, palm oil, and timber. Recently, however, the manufacturing sector has grown in importance, helping the nation’s economy expand 7 percent annually in the period 1990-2000. Tourism has also become an important sector in Malaysia’s economy. In 1997 Malaysia’s annual budget included revenues of about $23.1 billion and expenditures of about $19.72 billion. The value of gross domestic product (GDP) was $89.7 billion in 2000. Services accounted for 44 percent of the GDP; industry, including mining and construction, 45 percent; and agriculture, forestry, and fishing, 11 percent.

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