As COVID-19 restrictions eased and global demand rose, Malaysia’s GDP rebounded, growing by 3.1% in 2021 following a 5.6% contraction in 2020. Although the delta COVID-19 variant and rising prices dampened demand at the beginning of the year, all components had recovered strongly by the fourth quarter. Private consumption expanded by 1.9%, public consumption by 6.6%, private investment by 2.6%, and exports of goods and services by 15.9%. Supply-side growth was driven by manufacturing, which grew by 9.5% in 2021 due to relaxed restrictions and a robust recovery in global exports. Unemployment eased from 4.9% at the start of 2021 to 4.2% by the end of the year. The central bank continued its accommodative stance with a 1.75% policy rate. GDP is forecast to accelerate to 6.0% in 2022 as the recovery continues, before slowing to 5.4% in 2023.  
Source: Asian Development Outlook 2022.
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 1.0 (Oct23)1.0 1.0
Broad Money Growth 2 2.9 (Sep23)2.9 2.9
Headline Inflation Rate 3 2.0 (Sep23)2.0 4.5
Industrial/ Manufacturing Production Growth Rate 3 -0.5 (Sep23)-0.3 10.8
Merchandise Export Growth 3 -16.2 (Sep23)-16.2 -21.3
Exchange Rate Index 4 126.5 (Oct23)124.8 125.2
1 Monthly average, local index.
2 %.
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
Source: Bloomberg LP; CEIC database; Department of Statistics of Malaysia.

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