Malaysia's economy grows higher than forecast in Q2
Saturday, 20/07/2024 10:30 (GMT+7)
Malaysia's economy is anticipated to have expanded at a faster pace in the second quarter than the first, government advance estimates showed on July 19, though some analysts expect momentum to slow down due higher inflation and weak domestic spending.
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| Malaysia’s gross domestic product for the April-June quarter is forecast to have expanded 5.8% from a year earlier, according to the National Statistics Department (Photo: thestar.com.my) |
Gross domestic product for the April-June quarter was forecast to have expanded 5.8% from a year earlier, data from the National Statistics Department showed.
Chief statistician Mohd Uzir Mahidin said the growth was driven by the services sector, which recorded expansion of 5.6% against 4.7% in the previous quarter.
The growth will be further bolstered by better performances in the wholesale and retail trade, transportation and storage, and finance and insurance sub-sectors, Mohd Uzir added.
The total trade, exports and imports also experienced an increase as compared to the same period last year, he noted.
Malaysia's exports in June rose 1.7% year-on-year, below market expectations. Exports recorded an annual growth of 3.9% in the first half of 2024, the trade ministry said.
For the first half of 2024, GDP rose 5% compared with 4.1% in the same period last year, according to the statistics department.
Malaysia's economy is expected to continue its growth momentum, supported by domestic and export-driven factors, with a positive outlook for the remainder of the year, the department added.
The government and the central bank have projected economic growth of 4%- 5% in 2024./.
CPV (Source: VNA)