Malaysia GDP Q3 2024 +5.3%

According to preliminary data released by the Department of Statistics Malaysia, the country’s economy grew by 5.3 per cent in the third quarter of 2024.

Growth in the Q3 was driven by the services sector, which rose 5.1 per cent from a year earlier, as well as expansion in the manufacturing, construction, and agriculture sectors.

Electrical and electronics exports have also rebounded due to the improved global consumer electronics demand. On commodities, palm oil continues to register double-digit growth, but oil and liquefied natural gas exports remain a drag.

Malaysia’s economy is expected to continue its growth momentum, supported by domestic and export-driven factors, with a positive outlook for 2024. International trade, including both exports and imports, also experienced an increase in the Q3 on a yearly basis.

The Malaysian government and the central bank have projected economic growth between 4 per cent and 5 per cent in 2024.

In its latest outlook, the International Monetary Fund estimated Malaysia’s GDP growth rate to be 4.8 per cent for 2024, and 4.4 per cent for 2025.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, has 667 million people and a territory of 4.5 million Km2; is currently the third largest economy in Asia-Pacific and the fifth largest in the World. The ASEAN Economic Community (AEC) has a combined GDP of USD 4.2 trillion, according to estimates for 2024.