BIX ARTICLE
Malaysia's 2Q economic growth accelerates faster than expected, advance estimates show
Jul 19, 2024
|
3 min read
Featured Posts
SRI Sukuk: The Journey Towards Sustainable and Responsible Investment
Jul 23, 2020
|
5 min read
Securities Commission's Capital Market Masterplan 3 (CMP3)
Sep 21, 2021
|
2 min read
What If We Allowed Retail Investors to Directly Invest in Malaysia’s Government Bond?
Aug 24, 2021
|
8 min read
Islamic Bonds Come Under Microscope After Garuda Indonesia Default
Aug 19, 2021
|
8 min read
Photo by Shahrin Yahya/The Edge
Gross domestic product (GDP) is estimated to have grown 5.8% in April to June, when compared to the same period last year, the Department of Statistics Malaysia said in a statement. That compares to the median 4.7% expansion predicted in a Bloomberg survey. In the first quarter, the economy grew 4.2% year-on-year (y-o-y).
The pace of growth was also the fastest since 4Q2022. For the first half of the year (1H2024), GDP increased by 5.0%, compared to a 4.1% growth in 1H2023.
The comprehensive data for the latest quarter will be released on Aug 16.
“Malaysia's economy is expected to continue its growth momentum, supported by domestic and export-driven factors, with a positive outlook for the remainder of the year,” the department said.
The increase in household consumption was spurred by the festive and school holidays as well as the Sumbangan Tunai Rahmah payment in April, it said. Further, a total of RM6.98 billion was withdrawn from the Employees Provident Fund’s Account 3 by June to support short-term financial needs.
The growth estimate for 2Q2024 is in line with the latest indicators, such as the industrial production index and higher wholesale and retail sales, said chief statistician Datuk Seri Dr Mohd Uzir Mahidin.
External trade also grew, and “other factors include an increase in tourist arrivals as well as oil palm production, and progress in the development of megaprojects”, he noted.
On the supply side, the services sector — which accounts for more than half of Malaysia’s economic output — expanded 5.6% in 2Q2024, thanks to wholesale and retail trade, as well as the transportation-and-storage, and finance-and-insurance sub-sectors.
Manufacturing activities, meanwhile, rose 7.1%, supported by growth in all sub-sectors, mainly non-metallic mineral products, basic metal and fabricated metal products, as well as petroleum chemical, rubber and plastic products.
Construction expanded 17.2%, led by civil engineering and specialised construction activities, while the agriculture sector grew 7.1%, on the back of a growing palm oil sub-sector.
Mining and quarrying activities rose 3.3%, moderating from a 5.7% y-o-y growth in the previous quarter, due to lower output in the natural gas sub-sector.
Source: Malaysia's 2Q economic growth accelerates faster than expected, advance estimates show (2024, 19 July). theedgemarkets.com. Retrieved from https://theedgemalaysia.com/node/719608
Disclaimer
The information provided in this report is of a general nature and has been prepared for information purposes only. It is not intended to constitute research or as advice for any investor. The information in this report is not and should not be construed or considered as an offer, recommendation or solicitation for investments. Investors are advised to make their own independent evaluation of the information contained in this report, consider their own individual investment objectives, financial situation and particular needs and should seek appropriate personalised financial advice from a qualified professional to suit individual circumstances and risk profile.
The information contained in this report is prepared from data believed to be correct and reliable at the time of issuance of this report. While every effort is made to ensure the information is up-to-date and correct, Bond and Sukuk Information Platform Sdn Bhd (“the Company”) does not make any guarantee, representation or warranty, express or implied, as to the adequacy, accuracy, completeness, reliability or fairness of any such information contained in this report and accordingly, neither the Company nor any of its affiliates nor its related persons shall not be liable in any manner whatsoever for any consequences (including but not limited to any direct, indirect or consequential losses, loss of profits and damages) of any reliance thereon or usage thereof.
YOU MAY ALSO LIKE
ARTICLE
Nov 27, 2024
|
3 min read
ARTICLE
Nov 07, 2024
|
4 min read
ARTICLE
Oct 22, 2024
|
3 min read
ARTICLE
Oct 22, 2024
|
4 min read