Malaysia GDP Annual Growth Rate

Last Release

Jun 30, 2024

Actual

5.9

Units In

4.2

Frequency

Quarterly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
16.1 Jun 2021	-17.2 Jun 2020	4.43 %	2000-2024	N/A

Malaysia is a developing economy in Asia which, in recent years, has successfully transformed from an exporter of raw materials into a diversified economy. The largest sector of the economy is services, accounting for around 54 percent of GDP. Manufacturing sector has been growing in recent years and now accounts for 25 percent of GDP and more than 60 percent of total exports. Mining and quarrying constitutes 9 percent of GDP and agriculture 9 percent.

Latest Updates

Malaysia's economy expanded 5.9% yoy in Q2 of 2024, compared with flash data of a 5.8% growth and a 4.2% rise in Q1. It was the highest GDP growth since Q4 of 2022, amid solid output across all sectors. Services activity accelerated (5.9% vs 4.8% in Q1), boosted by wholesale & retail trade. Also, manufacturing output picked up (4.7% vs 1.9%), lifted by non-metallic minerals, basic metal & fabricated metals; and petroleum, chemical, and rubber & plastics. Moreover, agriculture output jumped considerably (7.2% vs 1.7%), led by palm oil and livestock. Meantime, construction output gained momentum (17.3% vs 11.9%), buoyed by civil engineering and specialized construction. That said, mining and quarrying activity eased (2.7% vs 5.7%), due to moderation in natural gas. On a seasonally adjusted basis, the GDP advanced 2.9% qoq, accelerating from an upwardly revised 1.5% growth in Q1. During H1, the economy grew by 5.1%, stronger than a 4.1% rise in the same period of 2023.