Financial News: Malaysian GDP Growth Accelerates To 5.8%

Malaysian GDP Growth Accelerates To 5.8%

07/19/2024 - 02:47:00 (RTTNews)

(RTTNews) - Malaysia's economic growth improved strongly in the second quarter, spurred by expansion in all productive sectors, official data showed on Friday.

Gross domestic product registered an annual growth of 5.8 percent in the second quarter after rising 4.2 percent in the previous quarter, the Department of Statistics revealed.

Further, this was the strongest growth since the fourth quarter of 2022, when GDP expanded by 7.4 percent.

On a quarterly basis, GDP expanded 0.7 percent in the June quarter, reversing a 3.1 percent fall in the March quarter, the flash data said.

On the production side, the annual growth in the service sector improved to 5.6 percent from 4.7 percent. The agriculture sector grew markedly by 7.1 percent versus a 1.6 percent gain in the previous quarter. The performance was contributed by the growth of the oil palm and livestock sub-sectors.

Similarly, the yearly growth in the manufacturing sector quickened to 4.7 percent from 1.9 percent. Data showed that both mining and quarrying and construction sectors advanced by 3.3 percent and 17.2 percent, respectively.

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