Economy
Sarawak has an abundance of natural resources. LNG and petroleum have provided the mainstay of the Malaysia federal government's economy for decades while the State of Sarawak only gets a 5% royalty share from it. Sarawak is also one of the world's largest exporters of tropical hardwood timber and is the major contributor to Malaysian exports. The last UN statistics estimated Sarawak's sawlog exports at an average of 14,109,000 m³ between 1996 and 2000. In 2010, Sarawak had the 3 third largest state economy in Malaysia after Selangor and Johor with a total nominal GDP of RM 50,804M (USD$ 16,542M). Sarawak is also the 2nd largest state in terms of GDP per capita after Penang with RM 33,307.00 (USD$ 10,845.00) in 2010.
Read more about this topic: History Of Sarawak
Famous quotes containing the word economy:
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)