Malaysia’s economy is projected to have achieved a commendable 5.3% growth in the third quarter of 2024 compared to the same period last year, as per the official advance estimates released on Monday. While this represents a slight moderation from the impressive 5.9% growth rate seen in the previous quarter, it underscores the resilience of the Malaysian economy and its robust trade dynamics.
The government has positively revised its economic growth forecast for 2024 to a range of 4.8% to 5.3%, up from the previous estimate of 4% to 5%, reflecting confidence in the nation’s trade capabilities.
Growth was notably driven by the services sector, which expanded by 5.1% year-on-year, demonstrating the strength of consumer services and tourism. Additionally, the manufacturing, construction, and agriculture sectors contributed to this positive momentum. Despite a slight decline of 3.4% in the mining and quarrying sector due to fluctuations in the natural gas and crude oil markets, the overall outlook remains bright.
Exports surged by an impressive 7.8% in the third quarter, showcasing Malaysia’s competitiveness in international markets, while imports increased by 20.8%, indicating strong domestic demand and an active trade environment.
Chief Statistician Mohd Uzir Mahidin highlighted that the combination of a stable labor market, moderate inflation, and supportive fiscal and monetary policies, along with a recovering tourism sector, bodes well for future trade and economic expansion. “The positive trends in consumer spending and increasing investment are set to further stimulate growth and enhance Malaysia’s position in global trade,” he noted.
Final GDP figures for the third quarter are expected to be released on November 15, providing further insights into Malaysia’s economic landscape.
#ITCNewsUpdates #BreakingNews #TradeGrowth #MalaysiaEconomy #EconomicOutlook #GlobalTrade