Malaysia's real GDP declined by 0.5% y/y in Q1 2021
Malaysia's real GDP declined at the much softer pace of 0.5% y/y in Q1 2021 compared to a 3.45% y/y decline in Q4 2020, highlighting the economic recovery from the pandemic, and the easing of restrictions in February and March. On a quarterly basis, the economy grew by 2.7% q/q, seasonally adjusted following a 1.5% y/y decline in Q4 2020.
Malaysia's economy received a lift from government consumption, which grew by 5.9% y/y, and a huge rise in goods and services export volume of 11.9% y/y, underpinned by strong demand for semiconductors, which in turn supported manufacturing output, although imports also rose strongly, by 13% y/y in response to stronger domestic demand. Private consumption continued to fall, but at the slower pace of 1.5% y/y, while gross fixed capital formation (investment spending) also declined, at a reduced pace of 3.3% y/y.
Sign in for further data and analysis on Malaysia’s economy on the CEIC Malaysia's Economy in a Snapshot – Q4 2020 report.