Bond Market Updates

Summary Malaysia’s economic growth remained resilient in 3Q2026, exceeding market expectations. Gross domestic product (GDP) grew by an estimated 5.3% (consensus: 5.1%; 2Q2026: 6.0%), supported by manufacturing (+7.5%) and services (+5.4%). Construction growth moderated but remained above its pre-pandemic trend. Exports reached a record high in September, while inflation remained contained. Exports surged by 54.5% […]

Summary Real activity moderated at the start of 3Q2026. Wholesale and retail trade volume growth moderated to 4.1% in July, mainly reflecting slower wholesale activity, while industrial production growth eased to 4.7% on weaker mining output. Manufacturing remained firm at 6.4%, with forward indicators turning more constructive. Approved investments also remained strong at RM218.5 billion

Summary Malaysia’s economy outperformed expectations in 2Q2026, with final gross domestic product (GDP) growth revised up to 6.0% (advance estimate: 5.8%; 1Q2026: 4.4%), supported by broad-based growth across the services, manufacturing, construction and mining sectors. Data-centre investment and the global technology upcycle continued to support activity, while resilient labour conditions and contained inflation reinforced the

Summary Malaysia’s economy exceeded expectations in 2Q2026, with the advance estimate pointing to gross domestic product (GDP) growth of 5.8% (1Q2026: 5.4%), driven by resilient domestic demand, stronger manufacturing activity and a sharp rebound in mining output. Reflecting the stronger-than-expected first-half performance, MARC Ratings has revised its 2026 GDP growth forecast upward to 5.1% (previously:

Summary Exports recorded double-digit growth for the second consecutive month, with growth accelerating to 45.3% in May (Apr: 37.3%). This strong performance was underpinned by the continued semiconductor upcycle, alongside stronger supply chain diversification amid ongoing geopolitical uncertainties. Regional trade activity is expected to remain supported by improving manufacturing conditions, as the latest Purchasing Managers’

Summary Malaysia’s gross domestic product growth remains well supported by both domestic and external demand, providing a strong buffer against near-term uncertainties. Although a marginal slowdown in private sector activity and exports of goods and services moderated 1Q2026 growth to 5.4% (4Q2025: 6.2%), underlying domestic demand remains resilient. Private consumption was supported by festive spending

Summary Malaysia’s economy opened 2026 on solid footing, with 1Q2026 gross domestic product (GDP) advance estimates expanding by 5.3%, anchored by services (5.4%) and an accelerating manufacturing sector (5.8%). External trade reinforced this momentum, with March exports reaching RM148.8 billion (+8.3%), driven by electrical and electronics (E&E) products (+15.0%). However, the full macroeconomic impact of

Summary The ongoing conflict in the Middle East has led to spillover effects beyond oil price fluctuations. In March, Brent crude oil prices surged to approximately USD99 per barrel, a significant rise compared to February’s average of USD69 per barrel. Disruptions at the Strait of Hormuz, a critical transit route for fertiliser, have also contributed

Summary Malaysia’s economy closed 2025 on a strong note, with 4Q2025 gross domestic product (GDP) growing by 6.3%, surpassing the advance estimate of 5.7% (3Q2025 actual: 5.4%). This lifted the full-year growth in 2025 to 5.2%, matching 2024’s pace (2024: 5.1%). Moving into 2026, economic momentum is underpinned by firmer external demand and steady private

Summary Malaysia ended 2025 on a strong footing, with its 4Q2025 gross domestic product (GDP) advance estimate rising by 5.7%, bringing full-year growth to an estimated 4.9%, above consensus expectations. Growth in 4Q2025 was broad-based, led by services (5.4%; 3Q2025: 5.0%) and manufacturing (6.0%; 3Q2025: 4.1%) due to strong external demand for electrical and electronic