Household Debt In Malaysia
Malaysia s household debt to gdp ratio is updated yearly available from dec 2002 to dec 2019.
Household debt in malaysia. Kuala lumpur april 3. According to the bank negara s annual report 2010 malaysia s household debt at end of 2010 was rm 581 billion or 76 of gdp gross domestic product the bank claimed that the household debt is still manageable because of income growth high levels of savings and favourable employment opportunities. Malaysia s household debt ratio down but still high says bnm facebook twitter petaling jaya march 27. Malaysian rating corp bhd chief economist nor zahidi alias said malaysia s overall household debt level after falling significantly recently has started rising again albeit marginally.
Malaysia s household debt level remained elevated at 82 2 of gross domestic product gdp according to bank negara malaysia bnm. Malaysia s household debt accounted for 82 7 of the country s nominal gdp in dec 2019 compared with the ratio of 82 0 in the previous year. The overall household debt levels continued to rise with residential property loans remaining as the key driver of debt growth. Malaysia s total household debt to gross domestic product gdp ratio has eased further for the fourth consecutive year to 83 at end 2018 compared with 83 8 in 2017.
The bulk was for house financing which accounted for 55 of total. This compares with 83 as at end 2018. Households debt in malaysia decreased to 68 percent of gdp in the first quarter of 2020 from 68 20 percent of gdp in the fourth quarter of 2019. The data reached an all time high of 86 9 in dec 2015 and a record low of 60 4 in dec 2008.
This follows a series of measures implemented by the government and the bank since 2010 coupled with strengthened lending practices by both banks and major non bank financial institutions nbfis. Households debt to gdp in malaysia averaged 62 26 percent of gdp from 2006 until 2020 reaching an all time high of 69 80 percent of gdp in the fourth quarter of 2015 and a record low of 48 70 percent of gdp in the third quarter of 2008. Composition of household debt the composition of household debt changed little over the period 2000 07. Household debt growth rhs graph 2 household indebtedness 1 year on year change in per cent.
Bank negara said overall household debt level remained elevated at.