Malaysia 3Q23 Advance GDP - 23 October 2023

DOSM estimates 3Q23 GDP at 3.3% on strong services sector performance

The Department of Statistics (DOSM), in its first quarterly advance GDP release, showed that 3Q23 GDP expanded by 3.3% (2Q23: 2.9%). This is higher than our forecast of 1.7% and Bloomberg’s consensus of 2.7%

  • According to the DOSM, the advance GDP estimates for 3Q23 are compiled based on data from the first two months of the quarter. It added that the GDP growth is subject to revision when more comprehensive data becomes available. The estimates, however, only showed the supply-side components of GDP.
  • Overall, GDP grew by 3.9% in the first three quarters of 2023 versus 9.2% recorded in the same period of last year.