Malaysia’s GDP estimated to increase by 5.1% in 2024, up from 3.6% in 2023

The services, manufacturing, and construction sectors recorded growth of 5.3%, 4.2%, and 17.2% respectively, while agriculture and mining and quarrying sectors grew at 3% and 0.8% respectively.

The Department of Statistics Malaysia (DOSM) has released its data for the Advance Gross Domestic Product (GDP) Estimates for the fourth quarter of 2024, indicating a growth of 4.8%. This was attributed to the positive growth in the services, manufacturing and construction sectors while the agriculture and mining and quarrying sectors contracted in the same quarter.

Looking at the country’s quarter-on-quarter performance, the economy increased by 2.5% as compared to the 4.6% increase in Q3.

The services sector saw an increase from 5.2% to 5.3% between Q3 and Q4 due to the positive expansion across all sectors. The wholesale and retail trade, transportation and storage, and information & communication sub-sectors were the key contributors to this increase.

With an initial 5.6% increase in the manufacturing sector in Q3, the economic growth moderated to 4.3% in Q4. The growth was supported by the production of electrical, electronic & optical products; petroleum, chemical, rubber & plastic products and vegetable and animal oils & fats and food processing products.

On the other hand, the mining and quarrying sector decreased to 1.4% as compared to the 3.9% in Q3 due to the lower production in the crude oil and condensate sub-sector. Meanwhile, the natural gas sub-sector increased in Q4.

Similarly, growth in the agriculture sector fell by 0.6% from the 3.9% growth back in Q3. The decrease was recorded to be the result of slower performance in the oil palm and forestry and logging sub-sectors while the rubber sub-sector experienced a double-digit growth in Q4.

The construction sector, meanwhile, remained constant as it hovered at a 19.6% growth, similar to the previous quarter of 19.9%. The performance was mainly supported by the growth of Residential buildings and Non-residential buildings during this quarter.

In an overview, Malaysia’s economy is estimated to grow from from 3.6% in 2023, to 5.1% in 2024.

The services, manufacturing, and construction sectors recorded a growth of 5.3%, 4.2%, and 17.2% respectively, while agriculture and mining and quarrying sectors grew at 3% and 0.8% respectively.

READ MORE: Unemployment rate in Malaysia remained at 3.2% in November 2024: DOSM

Lead image/ Ministry of Economy Department of Statistics Malaysia Official Portal