Malaysia’s economy likely grew 5.3% in the third quarter from a year earlier, representing a slowdown from the previous three-month period, according to preliminary official estimates released on Monday.
In the second quarter, gross domestic product grew at an annual rate of 5.9%, its fastest rate in 18 months, driven by increases in household spending, exports and investment.
Last week, the government raised its economic growth forecast for 2024 to 5.3% from 4.8%, up from 4% to 5% previously.
Growth in the third quarter was driven by the services sector, which grew 5.1% from a year earlier, as well as expansion in the manufacturing, construction and transportation sectors. agriculture, according to data from the statistics department.
However, the mining and quarrying sector fell 3.4% year-on-year due to a decline in the natural gas, crude oil and condensate subsectors, the department said.
Exports rose 7.8% in the third quarter from a year earlier, while imports rose 20.8%, the data showed.
Chief statistician Mohd Uzir Mahidin said a stable labor market, moderate inflationary pressure, accommodative fiscal and monetary policies and a continued recovery in tourism are expected to support the economy.
“In addition, positive trends in consumer spending and increased investment are expected to boost economic growth this quarter,” it said in a statement.
Final third-quarter GDP figures are expected to be released on November 15.
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