Malaysia 4Q23 Advance GDP - 22 January 2024

4Q23 GDP grew 3.4% while 2023 growth moderated to 3.8%

The Department of Statistics (DOSM), in its second quarterly advance GDP release, showed 4Q23 GDP growth edged up by 3.4% (3Q23: 3.3%), slightly lower than the house projection of 3.7%, while Bloomberg’s consensus at 4.1%

  • For the whole of 2023, GDP moderated to 3.8% in 2023 (2022: 8.7%), within our forecast range of 3.5% - 4.0% but slightly lower than the MoF forecast of ~4.0%. The final and full release of 2023 economic performance is scheduled on February 16.

Growth rebounds in manufacturing, and mining & quarrying sectors, along with expansion in agriculture, nudged overall 4Q23 growth slightly higher despite weaker growth in services and construction sectors

  • The manufacturing sector rebounded slightly to 0.1% (3Q23: -0.1%) following a marginal contraction in the previous quarter. The manufacturing of vegetable and animal oils & fats and food processing and non-metallic mineral products, basic metal & fabricated metal products supported the growth of this sector. However, the growth momentum was capped by the decline in electrical, electronics & optical products, and petroleum, chemical, rubber & plastic products.