Malaysia GDP 2024 +5.1%

According to data released by the Department of Statistics Malaysia, the country’s economy grew by 5.1 per cent in 2024.

Gross domestic product expanded by 5 per cent in the October-December quarter, down from 5.3 per cent growth in the third quarter but above estimate of 4.8 per cent.

Growth was primarily driven by the continued realization of both new and existing projects, alongside steady household spending supported by favorable labor market conditions and ongoing policy measures. Externally, exports of goods and services expanded, while the growth of capital and intermediate imports moderated.

On the supply side, the services sector was the main engine of growth, bolstered by gains in both consumer-facing and business-related subsectors, while the manufacturing sector benefited from the E&E and primary industries. Additionally, the construction sector sustained double-digit growth, fueled by robust performance across residential, non-residential, and special trade subsectors.

In its latest outlook, the International Monetary Fund estimated Malaysia’s GDP growth rate to be 4.4 per cent for 2025.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten member states, with a population of 667 million people and a territory of 4.5 million km². It is currently the third-largest economy in the Asia-Pacific region and the fifth-largest in the world. The ASEAN Economic Community (AEC) had a combined GDP of USD 4.2 trillion in 2024, according to estimates.