Malaysia’s economy likely grew 3.4% year-on-year in Q4 —gov’t
KUALA LUMPUR —Malaysia’s economy likely grew 3.4 percent year-on-year in the fourth quarter of 2023, slightly faster than the previous three-month period, official advance estimates showed on Friday.
The pace of expansion in the October-December period was led by the services sector which grew 4.7 percent on-year in the quarter, the Statistics Department said in a statement.
All other sectors including construction, manufacturing, mining and agriculture also registered growth, the department said.
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In the third quarter of 2023, gross domestic product (GDP) had expanded 3.3 percent as strong domestic demand offset a slump in exports. Malaysia’s exports, which have been in decline since March, contracted 8 percent in 2023, according to trade data released separately on Friday.
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The department began releasing preliminary estimates on quarterly economic performance in October last year, citing demand for more timely statistics and to comply with international best practices.
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Malaysia’s full-year economic growth is expected to come in at 3.8 percent in 2023, the department said, below the government’s projection of a 4-percent expansion.
The government and central bank expect economic growth of 4 percent-5 percent in 2024.
Final fourth quarter and 2023 GDP figures are expected to be released on Feb. 16.