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:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“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)