Malaysia’s GDP Expected To Hit 5.1 Pct In 2024 Vs 3.6 Pct In 2023 -- DOSM
KUALA LUMPUR, Jan 17 (Bernama) -- Malaysia’s 2024 gross domestic product (GDP) is projected to grow by 5.1 per cent compared to the 3.6 per cent growth recorded in 2023, supported by positive growth across all sectors, said the Department of Statistics Malaysia (DOSM).
The growth is expected to be driven by the 4.8 per cent growth in the fourth quarter of 2024 (4Q 2024) following a stronger 5.3 per cent growth in 3Q 2024, DOSM said in its 4Q 2024 advance GDP estimates released today.
Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said Malaysia’s economic growth is supported by strong domestic demand and a recovering external sector, alongside strategic investments in areas like renewable energy and digital infrastructure, including data centres.
“These efforts have attracted foreign investments and contributed to economic stability. Additionally, recent increases in tourist arrivals and civil servant pay are expected to boost household spending and retail activity further, contributing positively to overall economic momentum,” he said.
Regarding 4Q 2024’s performance, Mohd Uzir said the quarter’s economic expansion was propelled by the services sector, which grew 5.3 per cent against 5.2 per cent in 3Q 2024, led by the wholesale and retail trade, transportation and storage, as well as information and communication sub-sectors.
He said the manufacturing sector is estimated to expand at a slower pace of 4.3 per cent in 4Q 2024 versus 5.6 per cent in the preceding quarter, mainly supported by electrical, electronic and optical products, as well as petroleum, chemical, rubber and plastic products.
He added that the construction sector growth is projected to moderate to 19.6 per cent in 4Q 2024 from 19.9 per cent, mainly contributed by residential and non-residential building segments.
On the agriculture sector, Mohd Uzir said it is anticipated to contract 0.6 per cent in 4Q 2024 versus the 3.9 per cent increase in 3Q 2024, influenced by the decrease in the oil palm sub-sector.
“The decrease in the mining and quarrying sector is estimated to narrow to 1.4 per cent from the 3.9 per cent drop in the previous quarter due to the contraction in the crude oil and condensate sub-sector,” he said.
Overall, for 2024, Mohd Uzir said the services sector is projected to expand 5.3 per cent from a 5.1 per cent increase in 2023, while the manufacturing sector is expected to jump 4.2 per cent from 0.7 per cent in 2023, attributable to both domestic and export-oriented industries.
Meanwhile, he said the construction sector is anticipated to grow remarkably by 17.2 per cent in 2024 from 6.1 per cent in 2023, while the agriculture sector is estimated to increase by three per cent in 2024 from 0.7 per cent in 2023.
“The mining and quarrying sector is likely to see a marginal growth of 0.8 per cent compared with 0.5 per cent in the previous year,” he added.
According to DOSM, subsequent to the advance estimates, the preliminary GDP, which provides a detailed and comprehensive analysis for the 4Q 2024, will be released on Feb 14, 2025.
-- BERNAMA
