Malaysia 4Q24 GDP - 17 February 2025

Growth beat expectations at 5.0% on strong services, construction and net exports

GDP grew 5.0% YoY in 4Q24 (3Q24: 5.4%), beating house and market expectations (KIBB: 4.6%; Bloomberg consensus: 4.8%) as well as higher than DOSM's advance estimate (4.8%). Full-year 2024 growth expanded to 5.1% (2023: 3.6%), slightly above our 5.0% projection

• Despite exceeding expectations, growth slowed from the previous quarter due to weaker manufacturing, mining and agriculture sectors. However, the slowdown was mitigated by strong expansion in the services and construction sectors. On the demand side, domestic demand moderated amid slower public and private spending, though a strong rebound in net exports helped offset the impact.
• Meanwhile, seasonally adjusted QoQ growth fell (- 1.1%; 3Q24: 1.9%), the lowest since 3Q21 (-2.9%) amid a broad-based decline except for the mining sector.
• Among ASEAN-5 (+VN, excluding TH), Malaysia’s 4Q24 GDP growth matched Indonesia and Singapore but lagged behind Vietnam (7.6%) and the Philippines (5.2%).