Consumer confidence rises as inflation dips to 20yr-low in Malaysia
In 2023, Malaysia’s gross fixed capital formation (GFCF) reached RM314.5 billion, up from RM298.2 billion in 2022, reflecting a 5.5% growth rate compared to 6.8% in the previous year.
Chief Statistician Datuk Seri Dr. Mohd Uzir Mahidin noted that GFCF accounted for 20.1% of GDP, with significant contributions from services and manufacturing. Services, especially transport, storage, and retail, saw notable increases, while manufacturing growth slowed.
Mining and quarrying grew at 2.9%, agriculture at 0.4%, and construction at 2.7%. The private sector dominated GFCF at 77.2%, with the public sector growing to 8.6%. Among ASEAN peers, Indonesia and Singapore saw GFCF growth of 7.6% and 4.9%, respectively.
Dr Mohd Uzir says, “GFCF remained the second largest component of GDP with a share of 20.1% of the total economy. GFCF grew 5.5% in 2023 compared to 6.8% in the previous year.”
He added that all major activities showed an improvement in 2023, especially investment in fixed assets in services and manufacturing activities.
“The strong performance of services activity was driven by transport & storage and information & communications and wholesale and retail trade sub-activities, which increased by 9.9% and 8.9%, respectively in 2023,” he says.
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