MALAYSIA’s economy experienced a robust growth of 5.9% in the second quarter of 2024, driven by increased household spending, favourable labor market conditions, and enhanced policy support. This growth rate exceeded the advance estimate of 5.8% released earlier by the statistics department.
Bank Negara Malaysia (BNM) highlighted several contributing factors to this positive economic performance, including a rise in exports, an uptick in tourist arrivals, and significant expansion in investment activities.
BNM Governor Datuk Abdul Rasheed Ghaffour noted that headline inflation is expected to average between 2% and 3.5% for the year.
Household spending continued to be a key driver of Malaysia’s economic growth with private consumption rising by 6%. Public consumption also saw an increase of 3.6%. Private investment grew by 12%, while public investment was up by 9.1%.
In terms of sector performance, the services sector, which comprises more than half of Malaysia’s economic output, expanded by 5.9%. The manufacturing sector saw a growth of 4.7%, the construction sector surged by 17.3%, agriculture increased by 7.2%, and mining production edged up by 2.7%. – Aug 16, 2024
