Malaysia's Gross Domestic Product (GDP) recorded a strong growth of 5.9% in the second quarter of 2024 after recording a growth of 4.2% in the previous quarter.
Malaysia's Chief Statistician, Datuk Seri Mohd Uzir said the country's economic growth in the second quarter was mainly driven by a significant increase in household spending and a strong labor market.
The increase in household consumption expenditure was boosted by the festive season and school holidays, the payment of the Rahmah Cash Contribution (STR) Phase 2 in April 2024 as well as the release of Account 3 (Flexible Account) of the Employees' Provident Fund (EPF).
In addition, factors such as the significant influx of tourists, increased fixed capital investment and the progress of large-scale projects for data centers have had a positive impact on the Malaysian economy.
Economic growth of 5.9 percent in the second quarter of 2024 is driven mainly by the Service and Manufacturing sectors.
Previously, Prime Minister Datuk Seri Anwar Ibrahim on July 20 said the country had successfully broken the 'wall of depression' when it recorded economic growth of 5.8 percent in the second quarter of 2024.
According to him, the amazing growth is an extraordinary number because it exceeds the projections presented by all parties.
