2022 GDP Surges 8.7%, Outperforming Forecast, Leading ASEAN Growth
The service sector was the main contributor to the supply side, with a 10.9% growth in 2022 (compared to 1.9% in 2021), led by the wholesale & retail trade and transportation & storage segments.
Malaysia's 4th quarter (4Q) 2022 Gross Domestic Product (GDP) growth stood at 7% year-on-year (yoy), a decrease from the 14.2% yoy growth in the 3rd quarter (3Q) of 2022.
Despite this, the country's full-year 2022 GDP growth was 8.7% yoy, which surpassed the government's forecast of 6.5% to 7% and was among the highest growth rates in ASEAN countries. The private consumption sector remained the key driver of growth, with a 7.4% yoy increase due to improved labour market conditions.
The service sector was the main contributor to the supply side, with a 10.9% growth in 2022 (compared to 1.9% in 2021), led by the wholesale & retail trade and transportation & storage segments.
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GDP and Manufacturing
The manufacturing sector, which had grown by 13.2% yoy in 3Q22, moderated to 3.9% yoy in 4Q22 due to a slowdown in the global semiconductor industry. The sector still managed to register a 8.1% growth in 2022 (compared to 9.5% in 2021). The construction sector rose 10.1% yoy in 4Q22, while the mining & quarrying sector continued its growth at 6.8% yoy in 4Q22, with the natural gas sub-segment as the main driver.
On the demand side, final consumption growth moderated to 6.3% yoy in 4Q22, with private consumption sustaining its growth at 7.4% yoy. The government consumption sector moderated to 2.4% yoy, with supplies and services as the main contributors to growth. Meanwhile, the gross fixed capital formation rose 8.8% yoy.
The agriculture sector was flat, with a marginal increase of 0.1% yoy compared to -0.2% yoy in 2021. The oil palm sub-sector was the main contributor, with a 9.6% yoy increase in growth. However, the fishing and forestry & logging segments slipped by 0.7% yoy and 5.5% yoy, respectively.
In conclusion, Malaysia's economy showed strong growth in 2022, despite the moderated growth in the 4Q22. The private consumption sector remained the key driver of growth, while the service, manufacturing, and mining & quarrying sectors also contributed to the supply side. The agriculture sector posted a marginal increase, while the demand side saw moderated growth in the final consumption and government consumption sectors. The gross fixed capital formation also rose 8.8% yoy.
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