Malaysia GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

5.3

Units In

5.9

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	4.44 %	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 by 5.3% year-on-year in the third quarter of 2024, in line with preliminary estimates but easing from 5.9% growth in the previous quarter. The slowdown was attributed to a softer production growth in the services sector (5.2% vs. 5.9% in Q2) and agriculture (3.9% vs. 7.3%), and a contraction in mining & quarrying (-3.9% vs. 2.7%). In contrast, manufacturing (5.6% vs. 4.7%) and construction (19.9% vs. 17.3%) saw accelerated growth. On the expenditure side, private consumption moderated (4.8% vs. 6%), while growth picked up for government spending (4.9% vs. 3.6%) and fixed investments (15.3% vs. 11.5%). Net external trade also contributed negatively to GDP, as imports advanced 13.5% (vs. 8.7%), while exports rose at a slower pace of 11.8% (vs. 8.4%). On a seasonally adjusted quarterly basis, GDP expanded 1.8%, down from 2.9% in the prior quarter.