Malaysia's economy has shown promising growth, expanding by 5.3% in the third quarter of 2024, according to advance estimates released by the Department of Statistics Malaysia (DoSM). This growth follows a robust 5.9% increase in the previous quarter, indicating a resilient economic recovery driven by various sectors.
Key Takeaways
- GDP Growth: 5.3% in 3Q 2024, down from 5.9% in 2Q 2024.
- Year-to-Date Performance: GDP increased by 5.1% from January to September 2024.
- Sector Contributions: Services and manufacturing sectors led the growth.
- Construction Boom: Construction sector expanded by 19.5%.
- Agriculture Slowdown: Agriculture sector growth slowed to 4.0%.
Economic Overview
The DoSM's advance estimates reveal that Malaysia's Gross Domestic Product (GDP) has increased by 5.1% for the first nine months of 2024, compared to 3.8% during the same period last year. Chief Statistician Datuk Seri Dr. Mohd Uzir Mahidin highlighted several factors contributing to this growth, including a stable labor market, moderate inflation, and supportive fiscal and monetary policies.
Sector Performance
The economic expansion was primarily driven by the following sectors:
- Services Sector: Grew by 5.1%, supported by:
- Manufacturing Sector: Improved growth of 5.7%, with key contributions from:
- Construction Sector: Remarkable growth of 19.5%, driven by:
- Agriculture Sector: Slower growth at 4.0%, primarily due to:
- Mining and Quarrying Sector: Experienced a contraction of 3.4%, attributed to declines in:
Trade Resilience
On the external front, Malaysia's trade demonstrated resilience, with:
- Exports: Quarterly growth of 7.8%.
- Imports: Significant growth of 20.8%.
These figures indicate a robust trade environment, contributing positively to the overall economic landscape.
Looking Ahead
The preliminary GDP report, which will provide a detailed analysis of the third quarter, is scheduled for release on November 15, 2024. This report is anticipated to offer further insights into the economic performance and sectoral contributions, helping stakeholders make informed decisions moving forward.
Sources
- Yahooist Teil der Yahoo Markenfamilie, Yahoo Finance.
- Malaysia’s economy expands 5.3% in 3Q, says DoSM advance estimates, thesun.my.
