Senior Economist Julia Goh and Economist Loke Siew Ting at UOB Group review the latest GDP figures in Malaysia. Key Takeaways Malaysia’s economic grow
Senior Economist Julia Goh and Economist Loke Siew Ting at UOB Group review the latest GDP figures in Malaysia.Malaysia’s economic growth eased further to 2.9% y/y in 2Q23 , which was lower than our estimate and Bloomberg consensus . The pace of growth is the slowest since 3Q21 albeit largely weighed down by a high base effect from last year. On a seasonally adjusted basis, GDP recorded a larger increase of 1.5% q/q .
Despite a sustained easing trend from its peak in 3Q22, growth performance is not bad considering the negative external outlook and normalisation of domestic demand as pandemic measures are rolled back. Malaysia’s domestic demand has fared well given the negative external outlook while foreign inflows persisted and the labor market improved.
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