Malaysia’s Q1 2020 GDP Growth of 0.7% YoY Exceeds Expectations

Malaysia’s economic growth increased just 0.7% year-over-year (YoY) in Q1 2020, the lowest it witnessed since Q3 2009, when the economy contracted 1.1%, according to the Department of Statistics Malaysia (DOSM). Although Gross Domestic Product (GDP) exceeded expectations of a 1% YoY contraction forecast as per a poll taken from 21 economists on the 12th of May 2020, it was still below the 3.6% YoY growth rate experienced in Q4 2019 and the 4.5% YoY growth recorded in the same quarter last year (Q1 2019).

Chief Statistician of the DOSM, Datuk Seri Dr Mohd Uzir Mahidin, stated that all sectors saw negative growth except services and manufacturing which grew 3.1% YoY and 1.5% YoY, respectively in Q1 2020. The Movement...