KUALA LUMPUR: Advance estimates for Malaysia’s gross domestic product (GDP) suggest the economy expanded 5.8% in the second quarter of 2024.
In a statement, the National Statistics Departments said for the first half of 2024, GDP is estimated to have increased 5% as compared to 4.1% in the same period last year.
On outlook, it said the country’s economy is expected to continue its growth momentum during the quarter supported by domestic and export-driven factors, with a positive outlook for the remainder of the year.
According to the agency, the increase in household consumption expenditures was spurred on by the festive and school holidays as well as the payment of Sumbangan Tunai Rahmah (STR) Phase 2 in April 2024.
Furthermore, a total of RM6.98bil was withdrawn from the Account 3 (Flexible Account) of the Employees Provident Fund (EPF) as of June 2024 to support short-term financial needs.
Chief statistician Datuk Sri Mohd Uzir Mahidin said the estimated growth for this second quarter was in line with the latest indicators such as the industrial production index, which rose 6.1% and 2.4%, respectively in April and May 2024 as compared to the previous year.
Meanwhile, the sales value of wholesale and retail increased 6.6% in April and 7.1% in May on a year-on-year basis.
“In the external sector, the total trade, exports and imports experienced an increase as compared to the same period last year. Other factors include the increase of tourist arrivals as well as oil palm production and the progress development of mega projects,” said Mohd Uzir.
On sector growth, he said the services sector increased to 5.6% as compared to 4.7% in 1Q, bolstered by wholesale and retail trade, transport and storage and finance and insurance sub-sectors.
The manufacturing sector grew to 4.7% from 1.9% in the last quarter, supported by growth in all sub-sectors, while the construction sector recorded double-digit growth of 17.2%, also on a strong performance in all sub-sectors.
The agriculture sector rose 7.1% from 1.6% in 1Q, contributed by remarkable growth in the oil palm sub-sector.
Meanwhile, the mining and quarrying sector eased to 3.3% as against 5.7% in the previous quarter, attributed to a moderation in the natural gas sub-sector.
