Malaysian economy likely grew 3.9% in Q1
Published on: Friday, April 19, 2024
By: FMT Reporters
Economic growth during Q1 of 2024 was spearheaded by the services sector and supported by the wholesale and retail trade, transport and storage, and business services sub-sectors. (AP pic)
PETALING JAYA: The Malaysian economy grew by 3.9% in the first quarter of the year based on advance estimates from the statistics department.
This compares to 3% growth last quarter, during which time lower exports weighed on the economy.
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In a statement, chief statistician Uzir Mahidin said this year’s Q1 growth was spearheaded by the services sector, which saw a 4.4% increase.
“(This was) supported by the wholesale and retail trade, transport and storage, and business services sub-sectors,” he said.
The construction sector showed substantial growth at 9.8% against 3.6%, mainly driven by the civil engineering sub-sector.
The manufacturing sector rebounded to 1.9% after recording a 0.3% contraction in Q4 2023.
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The agriculture sector rose to 1.3% (Q4 2023: 1.9%) during this quarter due to higher oil palm and livestock production.
The statistics department also said that the mining and quarrying sector expanded by 4.9% in Q1 2024, with the natural gas sub-sector being the main contributor.
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Trade up 7.1% in Q1
In a separate statement, the investment, trade and industry ministry said Malaysia achieved its highest-ever Q1 trade, export and import value this year, in line with the recovery in global trade.
The ministry said total trade expanded 7.1% year-on-year to RM690.59 billion for a trade surplus of RM34.22 billion in Q1 2024.
“Exports in Q1 2024 increased by 2.2% to RM362.41 billion compared to Q1 2023, on the back of higher exports of manufactured and mining goods,” it said.
Exports of iron and steel products, machinery, equipment and parts, crude petroleum and liquefied natural gas experienced significant growth.
Meanwhile, imports surged by 13.1% to RM328.19 billion due to robust imports of capital and intermediate goods meant for the manufacturing of products for exports.
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