Overview

Malaysia’s GDP expected to grow 4.8 per cent in Q4, reaching 5.1 per cent for 2024

Malaysia’s advance GDP estimates grew by 4.8 per cent in the fourth quarter of 2024 as compared to 5.3 per cent in the previous quarter. The economy’s performance was driven by positive growth in the Services, Manufacturing and Construction sectors. However, the Agriculture and Mining & quarrying sectors experienced a contraction during this quarter.  In terms of quarter-on-quarter performance, Malaysia’s economy increased by 2.5 per cent as compared to 4.6 per cent in the third quarter of 2024.

The Services sector increased to 5.3 per cent (Q3 2024: 5.2%). The sector's performance was underpinned by positive expansion across all sub-sectors, with Wholesale & retail trade, Transportation & storage and Information & communication being the key contributors. The Manufacturing sector moderated to 4.3 per cent in the fourth quarter of 2024 as compared to 5.6 per cent in the preceding quarter. This growth was supported by the production of Electrical, electronic & optical products; Petroleum, chemical, rubber & plastic products and Vegetable and animal oils & fats and food processing products. The Mining and quarrying sector declined 1.4 per cent, compared to a negative 3.9 per cent in the third quarter of 2024. The performance was attributed to the lower production in the Crude oil & condensate sub-sector, while the Natural gas sub-sector recorded marginally increased in this quarter. The Agriculture sector contracted by 0.6 per cent in the fourth quarter of 2024 as compared to 3.9 per cent growth in the previous quarter. The decline was attributed to slower performance in the Oil palm and Forestry & logging sub-sectors, meanwhile Rubber sub-sector recorded double-digit growth in this quarter.  The Construction sector strengthened 19.6 per cent as compared to 19.9 per cent recorded in the previous quarter. The performance was mainly supported by the growth of Residential buildings and Non-residential buildings during this quarter.

Overall, Malaysia's economy for the year increased to 5.1 per cent from 3.6 per cent recorded in the preceding year. The Services sector registered a growth of 5.3 per cent in 2024, followed by the Manufacturing (4.2%) and Construction (17.2%) sectors. Additionally, the Agriculture and Mining & quarrying sectors grew at 3.0 per cent and 0.8 per cent, respectively.

The Department of Statistics Malaysia (DOSM) is committed to compile and disseminate statistics that serve the needs of statistical users. DOSM will release the preliminary GDP for 2024 on 14 February 2025.

The full publication can be downloaded through eStatistik portal.

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