The Malaysian economy is forecast to grow more slowly than expected in the fourth quarter of 2024 with increases in the services sector, manufacturing while the construction industry declines.
According to the Department of Statistics Malaysia (DOSM), the Gross Domestic Product (GDP) figure is likely to increase by 4.8% in the October to December quarter compared to the previous year.
This is slightly lower than the median increase of 5.1% predicted by Bloomberg.
Overall, the Malaysian economy will grow by 5.1% in 2024, faster than the 3.6% expansion in 2023.
Malaysian Chief Statistician, Datuk Seri Mohd Uzir Mahidin, in his statement said Malaysia's economic growth is supported by strong domestic demand and a recovering export sector alongside strategic investments in energy and digital infrastructure including data centres.
Furthermore, the influx of tourists and the increase in civil servant salaries are expected to further boost household spending and retail activities, contributing positively to the overall economic momentum.
