Malaysia GDP grew 4.2% in 1Q24

THE Malaysian economy grew at a higher rate of 4.2% in the first quarter of 2024 (4Q 2023: 2.9%), driven by stronger private expenditure and positive turnaround in exports.

Household spending was higher amid continued growth in employment and wages, according to statistics released by Bank Negara Malaysia and Department of Statistics Malaysia (DOSM).

Better investment activities were supported by higher capital spending by both the private and public sectors. Exports rebounded amid higher external demand, according to BNM.

On the supply side, BNM said that most sectors registered higher growth. The manufacturing sector was lifted by a rebound across both the electrical and electronic (E&E) and non-E&E industries.

The stronger growth in the services sector was driven by higher retail trade activities and continued support from the transport and storage subsector. On a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 1.4% (4Q 2023: -1%), it added. — TMR / pic TMR FILE