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 advanced by 5.3% yoy in Q3 of 2024, slowing from the strongest rise in six quarters of 5.9% in Q2, flash data showed. Expansion in the services sector moderated (5.1% vs 5.9% in Q2) but all sub-groups rose positively. In addition, agricultural output notably slowed (4.0% vs 7.2%), mainly weighed by a contraction in the fishing sub-sector. Simultaneously, mining and quarrying activity shrank (-3.4% vs 2.7%), due to declines in natural gas and crude oil & condensate. In contrast, output accelerated for manufacturing (5.7% vs 4.7%), lifted by electrical, electronic, and optical products. Meanwhile, robust construction activity continued (19.5% vs 17.3%), buoyed by specialized construction activities and non-residential buildings. On a seasonally adjusted basis, GDP grew 4.6%, a strong pick-up from a downwardly revised 0.8% growth in Q2. During the first three quarters of 2024, the economy expanded 5.1%, much stronger than a 3.8% rise in the same period of 2023.