Financial News: Malaysia Q3 GDP Growth Confirmed At 5.3%

Malaysia Q3 GDP Growth Confirmed At 5.3%

11/15/2024 - 03:43:00 (RTTNews)

(RTTNews) - Malaysia's economic growth eased as initially estimated in the third quarter, the latest data from the Department of Statistics showed on Friday.

Gross domestic product grew 5.3 percent on a yearly basis in the third quarter after rising 5.9 percent in the previous quarter. That was in line with the flash data published earlier.

On a seasonally adjusted quarterly basis, the economy expanded 1.8 percent.

The overall growth in the third quarter was driven by expansion in investment and household spending.

On the expenditure side, the annual growth in private final consumption moderated to 4.8 percent from 6.0 percent. Meanwhile, government expenditure grew at an accelerated pace of 4.9 percent, led by spending on supplies and services.

The yearly growth in gross fixed capital formation accelerated to 15.3 percent from 11.5 percent. Both exports and imports surged by 11.5 percent and 13.5 percent, respectively.

The performance on the supply side was mainly supported by the services, manufacturing, and construction sectors, the agency said.

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