Malaysia’s economic growth is estimated to have remained robust in November 2025, with an estimated year-on-year (YoY) Gross Domestic Product (GDP) growth of +5.2%, according to a Maybank IBG report. This follows a +6.2% YoY growth recorded in October 2025.
The average GDP growth for the October-November 2025 period stands at +5.7% YoY. This performance, which is higher than the +5.2% YoY growth in 3Q 2025, signals a likely continuation of 5%-plus growth for the entire 4Q 2025, potentially offering a slight upside to the full-year growth estimate of +4.7%.
The advance estimate for 4Q 2025 GDP will be released on January 16, 2026, with the full quarter statistics following on February 13, 2026.Key Sectoral Performance in November 2025
The GDP estimate is based on the performance of the Industrial Production Index (IPI), Distributive Trade Index (DTI), and Crude Palm Oil (CPO) output, which collectively account for 50.5% of GDP.
IPI growth showed moderation in November, slowing to +4.3% YoY from +6.0% YoY in October 2025.
CPO output sustained its double-digit growth momentum, surging by +19.4% YoY in November 2025, up from +13.7% YoY in October. This strong performance is partly attributed to a base effect, as CPO output had declined in the corresponding months in 2024.
The DTI posted slightly lower growth at +5.2% YoY in November, compared to +5.7% YoY in October.
Despite the slight moderation, the Oct-Nov 2025 DTI growth of +5.5% YoY suggests firmer real private consumption growth in the fourth quarter.Trade and Investment Outlook
The report also noted a mixed trade performance for the month: Export growth eased, with both values and volumes expanding at a slower pace (+7.0% YoY / +3.6% YoY). Import growth accelerated sharply (+15.8% YoY / +18.1% YoY), primarily driven by a surge in capital goods imports.
The surge in capital goods imports, coupled with sustained growth momentum in bank loans for “industrial buildings, factories and lands,” indicates that the investment upcycle remains intact.
