The Gross Domestic Product (GDP) of Malaysia grew 4.4 per cent in the third quarter of 2019 after recording a growth of 4.9 per cent during the second quarter of 2019. Inflation below 5% is in green.The ringgit has not been internationalised since September 1998, an effect due to the Malaysia is well-endowed with natural resources in areas such as agriculture, forestry and minerals. In response, Mahathir alleged that the European Union is at risk of starting a trade war with Malaysia regarding its "grossly unfair" policies geared towards decreasing the use of palm oil, which Mahathir stated was "unfair" and an example of "rich people…[trying] to impoverish poor people".Malaysia's industrial sector accounts for 36.8%, over a third of the country's GDP in 2014, and employs 36% of the labour force in 2012. This was recognised by the World Travel & Tourism Council (WTTC), who declared Malaysia as "a destination full of unrealized potential"´with the main strength as the availability of a vast range of diverse attractions to suit alltastes relatively affordable prices and; largely unspoilt destination.Medical tourism is a significant sector of Malaysia's economy, with an estimated 1 million travelling to Malaysia specifically for medical treatments alone in 2014, contributing around US$200 million (about RM697 mil) in revenue to the economy.Malaysia is reputed as one of the most preferred medical tourism destinations with modern private healthcare facilities and highly efficient medical professionals.In 2014, Prince Court Medical Centre, a Malaysian hospital, was ranked the world's best hospital for medical tourists by MTQUA.The Malaysian government targets to hit RM 9.6 billion (US$3.2 billion) in revenue from 1.9 million foreign patients by 2020.Petronas is also the custodian of oil and gas reserves for Malaysia. The economy is also influenced by the government through agencies such as the Economic Planning Unit and government-linked wealth funds such as The government's development plans, called the Malaysian Plan, currently the The following table shows the main economic indicators in 1980–2017. Many major global machinery & equipment (M&E) manufacturers have set up bases in Malaysia to complement home-grown M&E companies, while other Malaysian oil and gas companies are focused on key strategic segments such as marine, drilling, engineering, fabrication, offshore installation and operations and maintenance (O&M). GDP Growth Rate in Malaysia averaged 1.16 percent from 2000 until 2020, reaching an all time high of 5.50 percent in the third quarter of 2002 and a record low of -5.90 percent in the first quarter of 2001.
Malaysian Ambassador to Japan Datuk Ahmad Izlan Idris said the main exports from Malaysia to Japan were Malaysia is an important trading partner for the United States. Agriculture is now a minor sector of the Malaysian economy, accounting for 7.1% of Malaysia's GDP in 2014 and employing 11.1% of Malaysia's labour force, contrasting with the 1960s when agriculture accounted for 37% of Malaysia's GDP and employed 66.2% of the labour force. Malaysia encourages foreign oil company participation through production sharing contracts, in which significant amount of oil will be given away to the foreign oil company until it reaches a production milestone. Malaysia is a major hub for electrical component manufacturing, with factories of international companies like Malaysia is a major hub for solar equipment manufacturing, with factories of companies like Many international companies have the majority of production capacity located in The automotive industry in Malaysia consists of 27 vehicle producers and over 640 component manufacturers.The Malaysian automotive industry is Southeast Asia's sole pioneer of indigenous car companies, namely Malaysia has a large construction industry of over RM102.2 billion (US$32 billion).
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