Senior Economist Julia Goh and Economist Loke Siew Ting at UOB Group review the recently published advanced readings for the Q3 GDP in Malaysia. Key T
akeaways For the first time, Malaysia released an advanced 3Q23 GDP estimate last Fri . It is based on the first two months ’s available data to estimate the real economic performance by production approach for the quarter. The preliminary result showed that real GDP grew by 3.3% y/y in 3Q23, marking a marginal improvement from 2.9% in 2Q23. Actual 3Q23 GDP numbers will be released on 17 Nov alongside the current account data. The 3.
0% and the Ministry of Finance ’s revised growth target of ~4.0% for 2023. We expect a higher growth of 4.6% in 2024 , assuming a moderate soft landing scenario globally despite heightened uncertainties. Other positive catalysts for domestic growth include an expansionary Budget 2024 and initiatives outlined under the New Industrial Master Plan 2030, National Energy Transition Road, and Mid-Term Review of 12th Malaysia Plan.
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