Economic Update
Local
Gross Domestic Product (GDP) – 3Q23 - On Course to Recovery Path despite Global Challenges Persists
Mon, 20-Nov-2023 09:05 am
by Jayden Tan • Apex Research

Another quarter of lacklustre growth – Malaysia 3Q23 Real GDP grew +3.3% yoy (vs 2Q22: +2.9% yoy), while GDP increased 5.2% qoq (2Q23: -0.8% qoq). The aforementioned performance came above market’s expectations which stood at +3.0% yoy, mainly attributed by the slightly stronger than expected household spending and growth in investment which registered improvement of +4.6% yoy and +5.1% yoy respectively. This is underpinned by sustained growth of household spending, driven by improvements in the labor market (unemployment rate in 3Q23 was at 3.4% compared to 2Q23 at 3.5%), as well as advancements in multi-year projects and capacity expansion initiatives undertaken by businesses. Meanwhile in the supply side, improved performance was led by Services, Agriculture and Construction sectors. Cumulatively, the Malaysian economy grew +3.9% yoy for 9M23 as compared to +9.6% yoy in 9M22.

Sentiment: Positive
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EUR 4.675505 4.679374
CNY 0.611103 0.611560
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