Kuala Lumpur: Malaysia’s economy recorded strong growth in the first three quarters of 2024, expanding by 5.2% from January to September, says the statistics department.
Chief Statistician Uzir Mahidin said this was an improvement from the 3.8% growth rate recorded during the same period in 2023.
Advertisement“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 Volume 12/2024 report today.
SPONSORED CONTENT Ford aims to boost its presence in Sabah, Sarawak The improved ride quality makes the Ranger more comfortable for passengers. Read more He said Malaysia’s industrial production index (IPI) posted a 2.1% year-on-year growth in October, driven by manufacturing (3.3%) and electricity (2.5%), while mining declined by 2.8%.
On a monthly basis, the IPI bounced back with a growth of 1.7%.
Advertisement (adsbygoogle = window.adsbygoogle || []).push({});“Simultaneously, the manufacturing sector recorded an increase of 3.0% year-on-year in sales to RM161.3 billion in October, primarily fuelled by the food, beverages and tobacco sub-sector, which surged by 11.2%.
“The wholesale and retail trade industry showed persistent growth in October, with sales reaching RM150.1 billion, a 5.5% increase from the previous year.”
Advertisement (adsbygoogle = window.adsbygoogle || []).push({});Malaysia’s overall trade performance remained steady in October, with total trade growing by 2.1% year-on-year to reach RM244.3 billion.
“Exports saw a modest rise of 1.6%, totalling RM128.1 billion, while imports grew by 2.6% to RM116.1 billion,” Uzir said.
Malaysia’s labour market continued its positive momentum with the workforce expanding by 1.7%, rising to 17.27 million from 16.97 million in October last year, and pushing the labour force participation rate up to 70.5%.
“Employment also saw a boost, with a 1.9% increase to 16.72 million,” he said.