Malaysia's New Dashboard Reveals Spending Trends and Poverty Reduction
Malaysia's Department of Statistics (DOSM) has introduced an online dashboard, accessible via https://open.dosm.gov.my, that integrates essential economic indicators such as income, expenditure, poverty, and inequality. This tool provides insights into the nation's economic landscape, revealing trends in household spending and poverty reduction.
In 2024, Malaysians spent an average of RM5,566 per month. Food and beverages accounted for a significant portion of this, at RM876 (15.7%). Notably, spending on restaurants and hotels surged to 17.0%, indicating a growing preference for dining out.
Transport expenses took up 11% (RM611) of monthly budgets. Housing, utilities, and dining out together consumed the largest portion, at 23.5% (RM1,307) and 17.0% (RM948) respectively. Overall, household spending grew at a compounded annual rate of 3.9% compared to 2022.
Urban poverty has decreased to 3.7%, while rural poverty stands at 10.0%. This progress is reflected in the national absolute poverty incidence, which improved to 5.1% in 2024, affecting about 416,000 households. The hardcore poverty rate has also decreased to 0.09%, affecting fewer than 8,000 households.
The DOSM's new online dashboard offers valuable insights into Malaysia's economic trends. With a focus on reducing poverty and understanding expenditure patterns, these statistics can inform policy decisions and help target resources effectively.
