Malaysia GDP Trends Q3 2023

According to the latest data released on November 17, 2023 by Malaysia's Department of Statistics, the country's GDP grew by 3.3 percent in the third quarter of 2023.

The Q3 GDP performance was faster than the 2.9 per cent growth recorded in the second quarter of 2023 and exceeded economists' expectations of 3 per cent.

On a quarterly basis, GDP expanded by 2.6 per cent in the third quarter after 1.5 per cent in the previous quarter.

Malaysia's economic growth is expected to meet the government's target of 4 per cent in 2023, driven by strong domestic spending, improving labour market conditions, and rising tourism.

The International Monetary Fund (IMF) has estimated that Malaysia’s GDP growth rate will be 4 percent in 2023, in line with the growth target set by the country's government.