Economy of Sarawak
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The economy of Sarawak is the fourth-largest of the states of Malaysia, making up 9.3% of the Malaysian gross domestic product (GDP) in 2022.[3] Meanwhile, Sarawak is home to 7.9% of the Malaysian population (2.56 million out of 32.4 million people in Malaysia) based on the 2020 census.[2][18]
Quick Facts Currency, Fiscal year ...
Currency | Malaysian ringgit (MYR) |
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Calendar year[1] | |
Statistics | |
Population | 2.56 million (2020)[2] |
GDP | RM 140,200 million (nominal, 2022)[3] |
GDP rank | 4th out of 15 states in Malaysia (including two federal territories)[3] |
GDP growth | 6.5% (2022)[3] |
GDP per capita | RM 80,857 (2022)[3] |
GDP per capita rank | 3rd out of 15 states in Malaysia (including two federal territories)[4] |
GDP by sector |
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1.9% (first quarter of 2022)[5] | |
Population below poverty line |
|
0.387 (2019)[6] | |
0.737 (2021)[7] | |
Labour force |
|
Labour force by occupation |
|
Unemployment | 3.3% (second quarter of 2022)[8] |
External | |
Exports | RM 100,591 million (2019)[10] |
Export goods |
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Main export partners |
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Imports | RM 41,120 million (2020)[12] |
Import goods |
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Main import partners |
|
FDI stock | RM 28.2 billion (2022)[13] |
Public finances | |
Revenues | RM 13.3 billion (2023)[14] |
Expenses | RM 11.5 billion (2023)[15] |
| |
All values, unless otherwise stated, are in US dollars. |
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Sarawak economy has traditionally heavily depended on natural resource extraction and exports, including oil and gas, timber and palm oil. These commodities still produce a significant proportion of Sarawak's gross domestic product.[19] Main trade partners of Sarawak are: Peninsular Malaysia, China, and Japan.[11]