Malaysia's economy likely grew 3.4% in Q4

Malaysia’s economy likely grew 3.4% year-on-year in Q4 —gov’t

/ 01:17 PM January 19, 2024

Malaysia's economy likely grew 3.4% year-on-year in Q4 —gov't

People buy fruits at a market in Kuala Lumpur, Malaysia, Feb 18, 2016. REUTERS/Olivia Harris/File photo

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.

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All other sectors including construction, manufacturing, mining and agriculture also registered growth, the department said.

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READ: Malaysia posts weakest GDP growth in nearly 2 years as exports slump

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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Below gov’t projection

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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READ: Malaysia announces new taxes, cuts subsidies in tighter 2024 spending plan

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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.

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Final fourth quarter and 2023 GDP figures are expected to be released on Feb. 16.

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TAGS: economic growth, Malaysia, services sector

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