17-5-2024 (KUALA LUMPUR) Malaysia’s economy demonstrated resilience in the first quarter of 2024, registering a 4.2% year-on-year growth, driven by robust household spending and a recovery in exports, according to data released by the government and central bank on Friday.
This growth outpaced the 3.9% forecast by economists polled by Reuters, aligning with the advance estimates provided by the Statistics Department. The final quarter of 2023 saw its annual growth figure adjusted slightly downward to 2.9%.
Exports played a significant role in this positive outcome, increasing by 2.2% compared to the previous year after experiencing three consecutive quarters of decline. This data was jointly presented by Bank Negara Malaysia (BNM) and the Statistics Department at a press briefing.
“Looking ahead, exports are projected to strengthen throughout the year, bolstered by ongoing demand and consistent exports from our trade partners,” stated BNM Governor Abdul Rasheed Ghaffour. He highlighted that both external and domestic indicators point towards sustained economic growth in the foreseeable future.
On a quarter-on-quarter basis, after adjusting for seasonal variations, the economy grew by 1.4%, a notable recovery from the 1% contraction recorded in the final quarter of 2023.
Additionally, Malaysia’s current account surplus expanded significantly to 16.2 billion ringgit (approximately $3.46 billion) in the first quarter. This marks a substantial increase from the previous quarter’s surplus of 900 million ringgit.
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