Overview

Malaysia’s GDP is estimated to grow by 5.3 per cent in the third quarter of 2024

Malaysia’s advance GDP estimates increased by 5.3 per cent in the third quarter of 2024 as compared to 5.9 per cent in the previous quarter. The modest performance was driven by all sectors, particularly the Services and Manufacturing sectors, while the Mining & quarrying sector experienced a decline in this quarter. In terms of quarter-on-quarter performance, Malaysia’s economy increased substantially by 4.6 per cent as compared to 0.8 per cent growth in the second quarter of 2024.

The Services sector moderated to 5.1 per cent from 5.9 per cent in the second quarter of 2024. The sector's performance was spearheaded by positive growth across all sub-sectors, notably Wholesale & retail trade, Transportation & storage and Business services. The Manufacturing sector expanded 5.7 per cent in the third quarter of 2024 as compared to 4.7 per cent in the preceding quarter. This growth was backed by the production of Electrical, electronic & optical products; Petroleum, chemical, rubber & plastic products; and Non-metallic mineral products, basic metal & fabricated metal products. The Agriculture sector increased by 4.0 per cent in the third quarter of 2024 as compared to 7.2 per cent growth in the previous quarter. The performance was supported by the growth of the Oil palm, Other agriculture and Livestock sub-sectors, while the Fishing sub-sector recorded negative growth in this quarter. The Mining and quarrying sector contracted by 3.4 per cent in this quarter from 2.7 per cent in the second quarter of 2024. The decline was attributed to lower production in the Natural gas and Crude oil & condensate sub-sectors during this quarter. The Construction sector remained strong at 19.5 per cent in this quarter from 17.3 per cent in the second quarter of 2024. The performance was bolstered by double-digit growth in all sub-sectors, particularly in Specialised construction activities and Non-residential buildings. 

Overall, Malaysia’s economy for the first three quarters of 2024 increased by 5.1 per cent as compared to 3.8 per cent in the same period in 2023. 

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 the third quarter of 2024 on 15 November 2024.

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Baharudin Mohamad

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Email: baharudin[at]dosm.gov.my

Phone: 03 8885 7942

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