Malaysia's economy expands 5.2 pct in first three quarters of 2024 - DOSM

KUALA LUMPUR: Malaysia's economy has sustained strong growth in the first three quarters of 2024, expanding by 5.2 per cent from January to September, said the Department of Statistics Malaysia (DOSM).

Chief statistician Datuk Seri Mohd Uzir Mahidin said the growth signifies a notable improvement from the 3.8 per cent growth recorded during the same period in 2023.

"The robust performance reflects continued resilience despite global uncertainties and is seen as a positive sign for the country's economic stability.

"Hence, Malaysia's economy is poised for steady development as 2024 progresses," he said in a statement on the release of the Malaysian Economic Statistics Review (MESR) Volume 12/2024 report today.

He added that Malaysia's Industrial Production Index (IPI) posted 2.1 per cent year-on-year (y-o-y) growth in October 2024, driven by manufacturing (3.3 per cent) and electricity (2.5 per cent), while mining declined at 2.8 per cent.

Mohd Uzir noted that on a monthly basis, the IPI bounced back with a growth of 1.7 per cent.

"Simultaneously, the manufacturing sector recorded an increase of 3.0 per cent y-o-y in sales, to RM161.3 billion in October 2024, primarily fuelled by food, beverages and tobacco sub-sector, surging at 11.2 per cent.

"The wholesale and retail trade industry showed a persistent growth in October 2024, which saw sales reaching RM150.1 billion, a 5.5 per cent increase from the previous year," he said.

Meanwhile, the country's trade performance remained steady in October 2024, with total trade growing by 2.1 per cent y-o-y to reach RM244.3 billion.

"Exports saw a modest rise of 1.6 per cent, totalling RM128.1 billion, while imports grew by 2.6 per cent to RM116.1 billion," he said.

Despite a 7.6 per cent dip in the trade surplus, which stood at RM12.0 billion, month-on-month figures were more promising, with exports, imports, and total trade rising by 3.7 per cent, 4.8 per cent, and 4.2 per cent, respectively.

On the labour market, Mohd Uzir emphasised that Malaysia's labour market continued its positive momentum in the workforce growth as it expanded by 1.7 per cent, rising to 17.27 million from 16.97 million in October 2023, pushing the labour force participation rate up to 70.5 per cent.

"Employment also saw a boost, with a 1.9 per cent increase to 16.72 million," he said.

He also highlighted that Malaysia's Leading Index saw a 1.5 per cent y-o-y increase in October 2024, rising to 111.1 points from 109.5 points a year earlier.

-- BERNAMA

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