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Malaysia’s economy grew by 4.2% in 1Q2024, higher than the advanced estimate of 3.9% (4Q2023: 3.0%), mainly driven by the faster expansion of 4.7% in the services sector (4Q2023: 4.1%). Private consumption registered a healthy 4.7% growth (4Q2023: 4.2%), underpinned by firmer wholesale and retail trade growth of 7.1% in 1Q2024 (4Q2023: 3.7%). Meanwhile, investments …
Malaysia’s economy picked up by 3.9% in 1Q2024 (4Q2023: 3.0%) based on the advanced estimate, close to the official 2024 full-year gross domestic product (GDP) forecast of 4%-5%. The manufacturing sector registered a 1.9% rebound after two quarters of contraction, while growth in the construction sector accelerated to 9.8% (4Q2023: 3.5%). While the services sector …
Monthly Review: Early signs of interest rate outlook divergence Read More »
Bank Negara Malaysia (BNM) projects the domestic economy to grow between 4% and 5% in 2024 (2023: 3.7%), aligning with the government’s estimate while highlighting a potential rebound in the manufacturing sector and a newly forecast contraction in the agricultural sector. Domestic demand remains the anchor of the projection, supported by a lower unemployment rate, …
Monthly Review: Market adjusts to delay in rate cuts Read More »
Malaysia registered a slower gross domestic product (GDP) growth of 3.0% in 4Q2023 (advanced estimate: 3.4%; 3Q2023: 3.3%), as growth in the services sector moderated to 4.2% (3Q2023: 5.0%) while that in the manufacturing sector remained tepid at -0.3% (3Q2023: -0.1%). Consequently, the full-year 2023 GDP growth stood at 3.7% (2022: 8.7%). Looking ahead, we …
Monthly Review: Bond sell-off on resilient US economy Read More »
Malaysia posted a weaker-than-expected advanced gross domestic product (GDP) estimate of 3.4% in 4Q2023 (Consensus: 4.1%; 3Q2023: 3.3%), as growth in the services sector moderated to 4.7% (3Q2023: 5.0%). Consequently, the full-year advanced estimate GDP growth registered 3.8%, below the Budget 2024 estimate of 4.0%. Looking ahead, we project a higher GDP growth of 4.0%-4.5% …
Monthly Review: Rate cut pushback leading to bond sell-off Read More »
The latest economic data for Malaysia was mixed but within expectations. Retail trade was resilient, with growth rebounding to a four-month high of 2.4% (Sep: -0.4%), consistent with the higher domestic-oriented production growth for the month. On the external sector, notwithstanding the subdued November exports data of -5.9% (Oct: -4.4%), petroleum and rubber products rebounded …
Monthly Review: Ongoing disinflation sustains market rally Read More »
Malaysia posted a firmer gross domestic product (GDP) print of 3.3% in 3Q2023 (2Q2023: 2.9%), in line with the advanced estimate, as private consumption rose at a faster pace of 4.6% (2Q2023: 4.3%). Gradual recovery in the tourism industry, together with robust growth in local car sales and credit card purchases should underpin continued resilience …
Monthly Review: Risk-on market against cautious central banks Read More »
Domestic consumption remained resilient, while the softer decline in exports together with better-than-expected economic performance and stable industrial production growth in China may indicate a potential rebound in Malaysia’s manufacturing sector. The escalating geopolitical conflicts in the Middle East have led to higher oil prices, reignited concerns about inflation, and heightened overall economic uncertainties. Despite …
Monthly Review: Escalating geopolitical risks fuel market volatility Read More »
The latest economic data for Malaysia were mixed. Wholesale trade and domestic-oriented manufacturing production for July were resilient, consistent with the positive industrial production growth. However, the external sector remained weak as the latest exports for August fell at a steeper pace of 18.6% (July: -13.0%), dragged by softer demand from key trade partners. Going …
Monthly Review: Global risk-off sentiment drives local yield upsurge Read More »
Malaysia’s economy registered moderate growth of 2.9% in 2Q2023 (1Q2023: 5.6%), presaged by weaker performance of the external sector. Sustained economic expansion over two consecutive quarters has kept growth on track towards the official year-end gross domestic product (GDP) target of 4%-5%. Private consumption and recovering tourism activities remained key drivers, offsetting the weaker external …
Monthly Review: Improvement in foreign inflows into Malaysia’s markets Read More »