Malaysia's economy recorded growth of 5.8% in the second quarter of 2024, which is an increase from 4.2% previously and this is the highest growth since the fourth quarter of 2022 which achieved 7.4%.
The Department of Statistics Malaysia (DOSM) announced that GDP for the first half of 2024 increased by 5.0% compared to 4.1% in the same period the previous year.
In other words, the Malaysian economy is expected to maintain its growth momentum as a result of support from domestic and export factors that have positive prospects for the remainder of this year.
DOSM explained that the increase in household consumption expenditure was boosted by the festive season and school holidays as well as the payment of Rahmah Cash Contribution (STR) Phase 2 in April 2024.
According to the Head of Statistics, Datuk Seri Dr Mohd Uzir said the second quarter growth forecast is in line with the latest indicators such as the Industrial Production Index which increased by 6.1 per cent and 2.4 per cent respectively in April and May 2024 compared to the previous year.
The service sector continued to increase to 5.6 percent supported by the wholesale trade, transportation, storage, finance and insurance subsectors.
The manufacturing sector increased to 4.7 percent from 1.9 percent in the previous quarter and was supported by growth in all subsectors.
In addition, the agricultural sector increased by 7.1 percent in this quarter contributed by the encouraging growth in the palm oil subsector.
