PETALING JAYA: Based mostly on advance estimates, Malaysia’s financial system expanded 5.8% within the second quarter of 2024, up from 4.2% within the earlier quarter.
The Q2’24 progress, in accordance with the Division of Statistics Malaysia (DoSM), can be the best because the fourth quarter of 2022 (7.4%).
For the primary half of 2024, it stated, GDP elevated by 5% in comparison with 4.1% in the identical interval final yr.
Malaysia’s financial system is anticipated to proceed its progress momentum, supported by home and export-driven components, with a optimistic outlook for the rest of the yr.
The rise in family consumption expenditures was spurred by the festive and faculty holidays in addition to the fee of Sumbangan Tunai Rahmah Part 2 in April. Moreover, contributors withdrew a complete of RM6.98 billion from Account 3 (Versatile Account) of the Workers Provident Fund (EPF) as of June to help short-term monetary wants.
In response to the Chief Statistician of Malaysia, Datuk Seri Dr Mohd Uzir Mahidin, the estimated progress for the second quarter is according to the most recent indicators such because the Industrial Manufacturing Index, which rose 6.1% and a couple of.4%, respectively in April and Might in comparison with the earlier yr.
In the meantime, the gross sales worth of wholesale and retail elevated 6.6% in April and seven.1% in Might on a year-on-year foundation.
Within the exterior sector, whole commerce, exports and imports skilled will increase in comparison with the identical interval final yr. Different components embody will increase in vacationer arrivals in addition to oil palm manufacturing, and the progress of mega initiatives.
Mohd Uzir stated, “The financial efficiency on this quarter was pushed by the providers sector, with most key sectors displaying higher progress in comparison with the earlier quarter. The providers sector additional elevated to five.6% (Q1’24: 4.7%), bolstered by wholesale & retail commerce, transportation & storage and finance & insurance coverage sub-sectors.”
The manufacturing sector grew to 4.7% from 1.9% within the final quarter, supported by progress in all sub-sectors, primarily non-metallic mineral merchandise, fundamental metallic & fabricated metallic merchandise and Petroleum, chemical, rubber & plastic merchandise.
Moreover, the development sector maintained double-digit progress in Q2’24, with enlargement of 17.2% (Q1’24: 11.9%), which was pushed by robust efficiency throughout all sub-sectors, notably in civil engineering and specialised development actions.
“The griculture sector rose 7.1% (Q1’24: 1.6%) on this quarter, contributed by exceptional progress within the oil palm sub-sector. In the meantime, the mining and quarrying sector eased to three.3% as towards 5.7% within the earlier quarter, attributed to a moderation within the pure fuel sub-sector,” stated Mohd Uzir.