Malaysia's economy grew 5.2% in Q3 on-year, official advance estimate shows
A fishmonger holds a basket of fish at a wet market in Kuala Lumpur city centre, Malaysia, on Oct 18, 2024. (Photo: REUTERS/Hasnoor Hussain)
KUALA LUMPUR: Malaysia's economy grew 5.2 per cent in the third quarter from a year earlier, official advance estimates showed on Friday (Oct 17), accelerating from the first half of the year on strong domestic consumption.
In the second quarter, Malaysia's gross domestic product had expanded by 4.4 per cent on an annual basis, matching the pace set in the first three months of the year, despite a slowdown in exports.
The increase in the July-to-September quarter was underpinned by solid performances in all sectors, with domestic demand continuing to drive growth, the statistics department said in a statement.
Domestic consumption received a further boost by a series of government measures to support the economy, including a cut in interest rates in July and a one-off disbursement of cash aid to eligible Malaysians in August, Chief Statistician Mohd Uzir Mahidin said.
"Sustained capital investment and rising external demand further bolstered economic expansion, despite headwinds from uncertain trade policies," he said.
Final third-quarter GDP figures are expected to be released on Nov 14.
Malaysia's economy is projected to grow between 4 per cent and 4.8 per cent this year, slowing from last year's 5.1 per cent due to uncertainties around global trade and tariffs. In August, the United States imposed a levy of 19 per cent on imports from Malaysia.
The government said this month that it expects economic growth of between 4 per cent and 4.5 per cent next year.
The services sector grew 5.1 per cent from a year earlier in the third quarter, while manufacturing rose 4.0 per cent, Mohd Uzir said.
The mining sector jumped 10.9 per cent after declining 5.2 per cent in the previous quarter, while construction was up 11.2 per cent, he said.
Separate data released on Friday showed export growth jumping to 12.2 per cent on an annual basis in September, up from 1.9 per cent in August and surpassing an analyst forecast of 3.4 per cent.
