Southeast Asia's third richest country posts 5.3% GDP growth in Q3
Malaysia's economy grew 5.3% from a year earlier in the third quarter, slowing from 6% in the previous three-month period, according to official advance estimates.
Malaysia, Southeast Asia's third-richest country by nominal GDP per capita, reported a robust 5.3% GDP growth in the third quarter of 2022, according to official figures. This growth was notable across all economic sectors, except for mining and quarrying, which experienced a decline of 4.9% compared to the previous year. The services sector led the expansion, increasing by 5.4%, while manufacturing activity grew by 7.5%, driven by export-oriented industries.
The construction sector also saw a rise of 6%, partly due to increased data center development projects. As a key player in the global artificial intelligence infrastructure boom, Malaysia has benefited from the surge in demand for its tech products and semiconductors. The Malaysian government recently raised its 2026 growth projections for the second time this year, projecting the economy to expand close to the upper end of the forecast range of 4.8% to 5.3%.
The central bank has maintained its primary policy rate at 2.75% since May of last year, following a reduction amid global tariff uncertainties. The final third-quarter GDP data is set to be released on November 18.
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