GDP grows faster than expected at 3.3% in 3Q

The strong performance in the July-to-September period was due to growth in the services, construction and agriculture sectors, according to the Statistics Department.

MALAYSIA’S economy grew at a faster pace in the third quarter of 2023 (3Q23), beating street expectations, thanks to strong domestic demand, which offset weaker exports, according to data from Bank Negara and the Statistics Department.

The country’s gross domestic product (GDP) was up 3.3% year-on-year (y-o-y) in 3Q23, bouncing from a near two-year low growth of 2.9% in 2Q23, and beating analysts’ estimates for a 3% y-o-y expansion.