19-1-2024 (KUALA LUMPUR) Malaysia’s economy is anticipated to have expanded by 3.4 per cent year-on-year in the fourth quarter of 2023, as indicated by official advance estimates released on Friday. This growth rate represents a slight acceleration from the previous three-month period, with the services sector spearheading the expansion by recording a 4.7 per cent year-on-year growth.
According to the Statistics Department, all major sectors, including construction, manufacturing, mining, and agriculture, contributed to the overall growth in the October-December period. The positive performance of the services sector reflects a broader resilience in Malaysia’s economic landscape.
In the third quarter of 2023, the country’s gross domestic product (GDP) had expanded by 3.3 per cent, bolstered by robust domestic demand that offset a decline in exports. Despite the challenges faced by Malaysia’s export sector, which contracted by 8 per cent in 2023, the overall economic growth trajectory remained positive.
The Statistics Department initiated the release of preliminary estimates on quarterly economic performance in October last year, aiming to provide more timely statistics and align with international best practices.
While Malaysia’s full-year economic growth for 2023 is expected to be 3.8 per cent, slightly below the government’s projection of a 4 per cent expansion, both the government and central bank anticipate economic growth in the range of 4 per cent to 5 per cent in 2024.
The final figures for the fourth quarter of 2023 and the full-year GDP are scheduled to be released on February 16, offering a comprehensive overview of Malaysia’s economic performance during the specified period.
