FX.co ★ Malaysia Q4 Construction Output Rises the Least in 2 Years

Malaysia’s construction activity rose 10.3% year-on-year in Q4 2025, easing from a 10.6% increase in the previous quarter and marking the slowest growth since Q4 2023. The deceleration was driven by weaker growth in residential building work (5.9% vs 11.6% in Q3), which accounted for 22.6% of total construction, and in civil engineering projects (3.6% vs 8.9%), which made up the largest share at 34.9%. In contrast, non-residential building activity strengthened (18.6% vs 10.0%), representing 30.1% of the total, while special trade activities also accelerated (21.1% vs 15.3%), contributing 12.4%. For 2025 as a whole, construction output grew 12.5%, down from a robust 20.2% expansion in 2024.