Malaysia’s Q1 GDP growth beats forecasts at 5.6%, but momentum could slow as exports weaken

[KUALA LUMPUR] Malaysia’s economy grew more than expected in the first quarter of 2023, anchored by firm domestic demand. But with the bleak external outlook set to hurt exports, economists expect growth to moderate in coming quarters.

Malaysia’s gross domestic product (GDP) expanded 5.6 per cent year on year in the first quarter, according to official figures on Friday (May 12).

This beat the median forecast of 4.8 per cent by 21 economists in a Reuters poll. But it was slower than the 7.1 per cent growth in the fourth quarter of 2022, revised up from the previous figure of 7 per cent.