Economy D-8

Overview of Malaysia’s Economic Data for 2023

In 2023, Malaysia’s economy exhibited a mixed performance characterized by various growth rates across sectors, influenced by both domestic and global factors.

GDP Growth

Annual Growth Rate: Malaysia’s GDP growth for the year was approximately 4.0%, reflecting a recovery from the previous year’s fluctuations. The economy grew by 4.2% in the first half of 2023, with a notable slowdown to 3% in Q4 due to external economic pressures and subdued global demand.

Quarterly Performance: The economy expanded by 5.1% in H1 compared to a 4.1% rise in the same period of 2022, indicating a robust start to the year before tapering off in the latter half.

Sectoral Contributions

Services Sector: This sector was a significant contributor, growing at 4.2% in Q4, driven by increased domestic spending and tourism recovery.

Manufacturing Sector: The manufacturing industry faced challenges, contracting by 0.3% in Q4 due to weaknesses in electronics and electrical production, despite overall sector growth earlier in the year.

Construction Sector: Growth slowed to 2.5% YoY in Q4 from 7.2%, reflecting a cooling off after earlier strong performance.

Agriculture and Commodities: The agriculture sector showed resilience with slight growth, while the commodities sector benefited from higher oil and gas production.

Inflation and Labor Market

Inflation Rate: Headline inflation decreased to 1.6% in Q4 from 2.0%, indicating easing price pressures which could support consumer spending.

Labor Market: The labor force reached approximately 16.97 million, with an unemployment rate around 3.3%, suggesting a tightening labor market bolstered by policy reforms and infrastructure projects.

Future Outlook

The outlook for 2024 appears optimistic, with expectations of improved domestic demand and a potential resurgence in external demand, particularly in technology-related sectors. The central bank has maintained its overnight policy rate at 3.0%, reflecting confidence in ongoing economic recovery efforts.

Overall, Malaysia’s economic data for 2023 highlights a year of recovery tempered by external challenges, with positive indicators for future growth driven by domestic consumption and strategic policy initiatives.

D-8 CountriesGross Domestic Product(GDP)

Annual GDP Growth Rates for D-8 Countries

Country	GDP Growth (2023)	GDP Growth (Q2 2024)
Bangladesh	6.3%	6.5%
Eqypt	5.2%	4.8%
Indonesia	5.0%	3.8%
Iran	2.5%	1.7%
Malaysia	3.7%	5.9%
Nigeria	3.0%	2.5%
Pakistan	3.9%	2.1%
Turkey	5.3%	0.1%

Notes:

– The 2023 figures represent annual GDP growth rates for the full year.

– The Q2 2024 figures are quarter-on-quarter growth rates for the second quarter of 2024.

– The data is based on the latest available information from the OECD and other reputable sources.

These growth rates illustrate the varying economic performance of the D-8 countries in recent years. While most have seen positive growth, the pace has slowed in some countries like Turkey in Q2 2024. The data provides a snapshot of the economic trends in these developing nations.

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GDP Per Capita for D-8 Countries

Country	GDP Per Capita	GDP Per Capita (Estimates 2024)
Bangladesh	1140	1500
Eqypt	3700	3900
Indonesia	4400	4600
Iran	5200	5300
Malaysia	11, 691	12,253
Nigeria	4200	4400
Pakistan	1600	1700
Turkey	10500	10800

Notes:

– The figures represent nominal GDP per capita and are subject to revisions as new data becomes available.

– The values for Q2 2024 are estimates based on current economic trends and projections.

These figures illustrate the economic status of the D-8 countries as they continue to develop and grow within the global economy.

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GDP Composition by Sector for D-8 Countries

Country	Agriculture (%)	Industry (%)	Services (%)	Total GDP (2023)	Total GDP (Q2 2024)
Bangladesh	14.30%	30.50%	55.20%	$509.5 billion	$520 billion
Egypt	11.00%	32.50%	56.50%	$378.1 billion	$385 billion
Indonesia	13.80%	39.20%	47.00%	$1.29 trillion	$1.31 trillion
Iran	9.90%	36.10%	54.00%	$440 billion	$445 billion
Malaysia	7.60%	37.20%	55.20%	$400 billion	$410 billion
Nigeria	22.00%	27.00%	51.00%	$440 billion	$445 billion
Pakistan	19.50%	20.50%	60.00%	$376 billion	$380 billion
Turkey	8.90%	28.30%	62.80%	$1 trillion	$1.02 trillion

Notes:

– Agriculture includes farming, forestry, fishing, and livestock.

– Industry encompasses manufacturing, construction, mining, and utilities.

– Services cover trade, finance, real estate, public administration, and other service sectors.

– The total GDP figures are estimates based on nominal values for each year.

This breakdown highlights the economic structure of each D-8 country, indicating the relative importance of agriculture, industry, and services in their economies as of 2023 and projected for Q2 2024.

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D-8 CountriesInflation and Prices

Inflation Rate for D-8 Countries

Country	Inflation Rate (2023)	Inflation Rate (Q2 2024)
Bangladesh	9.00%	7.50%
Egypt	33.88%	29.50%
Indonesia	5.50%	4.20%
Iran	44.58%	40.00%
Malaysia	3.50%	3.00%
Nigeria	22.00%	20.10%
Pakistan	30.77%	28.00%
Turkey	53.86%	45.00%

Notes:

– Inflation Rate: The percentage change in the consumer price index (CPI) year-over-year.

– The figures for Q2 2024 are estimates based on current trends and projections.

This data highlights the varying inflationary pressures faced by each D-8 country, with Turkey and Iran experiencing particularly high inflation rates in both years, while Malaysia maintains a relatively low inflation rate. The economic conditions reflect challenges in managing prices, especially in countries with high inflation rates like Egypt and Pakistan.

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Consumer Price Index (CPI) for D-8 Countries

Country	Annual CPI (2023)	Monthly CPI (Q2 2024)
Bangladesh	9.00%	7.5% (June 2024)
Egypt	33.88%	29.5% (June 2024)
Indonesia	5.50%	4.2% (June 2024)
Iran	44.58%	40.0% (June 2024)
Malaysia	3.50%	3.0% (June 2024)
Nigeria	22.00%	20.1% (June 2024)
Pakistan	30.77%	28.0% (June 2024)
Turkey	53.86%	45.0% (June 2024)

Notes:

– The annual CPI figures for 2023 represent the percentage change in the consumer price index compared to the previous year.

– The monthly CPI figures for Q2 2024 are estimates for June 2024 based on current trends and projections.

This data highlights the significant inflationary pressures faced by several D-8 countries, particularly Iran, Turkey, Egypt, and Pakistan, which experienced annual CPI rates above 30% in 2023. Bangladesh, Malaysia, and Indonesia maintained relatively lower inflation rates during this period. The projected monthly CPI figures for June 2024 suggest that while inflation may be easing in some countries, it remains a concern for policymakers in the D-8 region.

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Producer Price Index (PPI) for D-8 Countries

Country	Annual PPI (2023)	Monthly PPI (Q2 2024)
Bangladesh	8.50%	7.0% (June 2024)
Egypt	35.00%	30.0% (June 2024)
Indonesia	5.00%	4.0% (June 2024)
Iran	45.00%	42.0% (June 2024)
Malaysia	1.50%	0.3% (June 2024)
Nigeria	20.00%	18.5% (June 2024)
Pakistan	28.00%	25.0% (June 2024)
Turkey	50.00%	47.0% (June 2024)

Notes:

– Annual PPI: The percentage change in the producer price index compared to the previous year.

– Monthly PPI: The estimated change in the producer price index for June 2024 based on current trends.

These estimates reflect significant inflationary pressures in several D-8 countries, particularly in Iran, Turkey, and Egypt, which have experienced high producer price inflation in recent years. The figures for Malaysia indicate a more stable pricing environment, while countries like Nigeria and Pakistan also face substantial inflation challenges.

For precise and updated figures, it is recommended to consult official statistics from national statistical agencies or international economic organizations.

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