Overview

Malaysia’s GDP is estimated to be 3.4 per cent in the fourth quarter of 2023 and recorded a growth of 3.8 per cent in 2023 

Malaysia’s advance GDP estimates showed a growth of 3.4 per cent in the fourth quarter of 2023, compared to 3.3 per cent in the preceding quarter. In terms of quarter-on-quarter performance, Malaysia’s economy moderated to 3.5 per cent from 5.2 per cent recorded in the third quarter of 2023. The Services sector was spearheaded the economic performance in this quarter, with all other sectors experiencing positive growth.

The Services sector grew at 4.7 per cent, compared to 5.0 per cent in the third quarter of 2023. The performance was propelled by Wholesale & retail trade, Transportation & storage and Business services sub-sectors. Furthermore, Food & beverages and Accommodation sub-sectors, which are related to tourism activities, also expanded. The Manufacturing sector grew marginally by 0.1 per cent in this quarter after recorded a negative growth of 0.1 per cent in the third quarter of 2023. This sector’s growth was supported by Vegetable and animal oils & fats and food processing, followed by and Non-metallic mineral products, basic metal and fabricated metal products. Nonetheless, Electrical, electronic & optical products and Petroleum, chemical, rubber & plastic products showed decreases in this quarter. The Mining and quarrying sector rebounded to 3.7 per cent from a marginal decrease of 0.1 per cent in the third quarter of 2023. The favourable performance of this sector was underpinned by the increased production in the Natural gas and Crude & condensate sub-sectors during this quarter. The Agriculture sector increased by 1.2 per cent in the fourth quarter of 2023 (Q3 2023: 0.8%). The better performance was contributed by the growth of the Oil palm, Other agriculture and Livestock sub-sectors. Likewise, the recovery in the Rubber sub-sector also supported the expansion in this sector. However, Fishing and Forestry & logging sub-sectors showcased negative growth in this quarter. Construction sector eased to 2.5 per cent in the fourth quarter of 2023 (Q3 2023: 7.2%). The moderation in the Construction sector was influenced by Civil engineering and Residential buildings. Nevertheless, Specialised construction activities and Non-residential experienced declines in this quarter. 

Overall, for the year 2023, Malaysia's economy moderated to 3.8 per cent from 8.7 per cent recorded in the preceding year. The Services sector registered a growth of 5.4 per cent in 2023, followed by the Construction (5.8%) and Manufacturing (0.8%) sectors. Additionally, the Mining & quarrying sector grew at 1.0 per cent and Agriculture sector grew marginally for two consecutive years (2023: at 0.5%). The modest economic performance for the year 2023 is influenced by a decline in exports of goods, experiencing a decrease of 8.0 percent in 2023 driven by weak global demand and low commodity prices. This is also in line with the slow performance of the Manufacturing sector, which grew marginally by 0.8 per cent as compared to the 8.1 per cent recorded in 2022. 

The Department of Statistics Malaysia (DOSM) is committed to compile and disseminate statistics that serve the needs of statistical users. The preliminary GDP estimates, providing a detailed and comprehensive analysis for the fourth quarter of 2023 and the overall Malaysian economic performance in 2023, will be released on 16th February 2024.

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