Financial News: Malaysian Economic Growth Fastest In A Year

Malaysian Economic Growth Fastest In A Year

04/19/2024 - 08:00:00 (RTTNews)

(RTTNews) - Malaysia's economic expansion accelerated in the first quarter, driven by positive growth in all productive sectors, official data showed on Friday.

Gross domestic product registered an annual growth of 3.9 percent in the first quarter after rising 3.0 percent in the previous quarter, the Department of Statistics revealed.

Further, this was the strongest growth since the first quarter of 2023, when GDP expanded by 5.6 percent.

On a quarterly basis, GDP contracted 3.4 percent in the March quarter, faster than the 3.1 percent fall in the final quarter of 2023.

On the production side, the annual growth in the service sector improved to 4.4 percent from 4.2 percent. The positive performance was attributed to the wholesale and retail trade, transportation and storage, and business services sub-sectors.

The manufacturing sector rebounded 1.9 percent from last year, and that of mining and quarrying grew at an accelerated pace of 4.9 percent. Both the agriculture and construction sectors advanced by 1.3 percent and 9.8 percent, respectively.

Separate official data showed that Malaysia's trade surplus shrank to MYR 12.8 billion in March from MYR 26.7 billion in the corresponding month last year. In February, the surplus was MYR 11.2 billion.

The decline in trade surplus was attributed to a 0.8 percent annual fall in exports amid a 12.5 percent surge in imports.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Australia Home Loan Data Due On Friday (11 min(s), 15 sec(s) ago)
(RTTNews) - Australia will on Friday release March figures for home loans, highlighting a light da ...Full Story»

U.S. Factory Orders Surge In Line With Estimates In March (07 hr(s), 26 min(s), 15 sec(s) ago)
(RTTNews) - New orders for U.S. manufactured goods surged in line with economist estimates in the ...Full Story»

U.S. Labor Productivity Increases Modestly In Q1, Labor Costs Spike (07 hr(s), 46 min(s), 15 sec(s) ago)
(RTTNews) - A report released by the Labor Department on Thursday showed labor productivity in the ...Full Story»

Brazil Manufacturing Growth Strongest In 33 Months (07 hr(s), 47 min(s), 15 sec(s) ago)
(RTTNews) - Brazil's factory activity expanded at the fastest pace in more than two-and-a-half ...Full Story»

Italy Factory Activity Deteriorates In April (08 hr(s), 10 min(s), 15 sec(s) ago)
(RTTNews) - Italy's manufacturing sector returned to contraction territory in April after a sl ...Full Story»

OECD Raises Global Growth Forecasts (08 hr(s), 17 min(s), 15 sec(s) ago)
(RTTNews) - The Organization for Economic and Co-operation and Development on Thursday lifted the ...Full Story»

U.S. Trade Deficit Narrows Slightly To $69.4 Billion In March (08 hr(s), 22 min(s), 15 sec(s) ago)
(RTTNews) - The U.S. trade deficit edged slightly lower in the month of March, according to a repo ...Full Story»

U.S. Jobless Claims Unchanged From Slightly Upwardly Revised Level (08 hr(s), 29 min(s), 15 sec(s) ago)
(RTTNews) - With the more closely watched monthly jobs report looming, the Labor Department releas ...Full Story»