The median forecast of economists was for gross domestic product to grow 5.0 percent in the last quarter of 2014 compared with 5.6 percent in the July to September quarter.
Growth for the full year was expected to be at 5.6 percent, faster than 4.7 percent for 2013.
Exports have dropped since June 2014, contracting as much as 3.2 percent in October before picking up again to grow 2.7 percent in December.
Exports to China, Malaysia's biggest trade partner, fell 4.8 percent in 2014.