Financial News: Malaysia GDP Growth Slows In Q3

Malaysia GDP Growth Slows In Q3

10/21/2024 - 04:45:00 (RTTNews)

(RTTNews) - Malaysia's economy posted a slower growth in the third quarter on a contraction in mining output and a moderation in services growth, official data revealed Monday.

Gross domestic product grew 5.3 percent on a yearly basis in the third quarter after rising 5.9 percent in the previous quarter, advance estimates from Department of Statistics showed.

On a quarterly basis, GDP expanded strongly by 4.6 percent in the September quarter, much faster than the 0.8 percent rise in the second quarter.

The production-side breakdown of GDP showed that the service sector growth eased to 5.1 percent from 5.9 percent. Similarly, the agriculture sector expanded 4.0 percent as compared to 7.2 percent growth in the prior quarter.

Meanwhile, growth in manufacturing improved to 5.7 percent from 4.7 percent. The construction sector logged a strong 19.5 percent expansion, bolstered by specialized construction activities and non-residential buildings.

Due to lower production in the natural gas and crude oil and condensate sub-sectors, the mining and quarrying sector contracted 3.4 percent. Over the first three quarters of 2024, the economy grew 5.1 percent compared to 3.8 percent in the same period last year.

The government forecast the economy to expand in the range of 4.5 percent to 5.5 percent next year.

Capital Economics' economist Shivaan Tandon said the economic growth will ease to 5.0 percent next year from 5.5 percent in 2024.

However, with inflation set to rise on the back of subsidy cuts, the central bank will hold interest rates unchanged for the foreseeable future, the economist added.

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