Malaysia’s GDP estimated to expand to 3.9% in Q1 2024

The economic performance was driven by growth in all sectors during the quarter, led by the services sector. 

Malaysia’s economy is anticipated to expand to 3.9% in the first quarter of 2024, compared to that in Q4 2023 (3.0%). 

The country’s advance Gross Domestic Product (GDP) Report was released on 19 April 2024 (Friday), revealing that Malaysia’s economic performance was driven by growth in all sectors during the quarter and was led by the services sector.  

Here is a summary of the report by sector and by country: 

By sector

Services

The services sector expanded 4.4% in Q1 2024, from 4.2% in Q4 2023. According to the report, the favourable performance was attributed to the

• wholesale & retail trade,
• transportation & storage, and
• business services sub-sectors.

Furthermore, the finance & insurance sub-sector rebounded in this quarter.

Manufacturing

The manufacturing sector expanded 1.9% in this quarter after recorded a negative growth of 0.3% in Q4 2023.

This growth was backed by non-metallic mineral products, basic metal & fabricated metal products and transport equipment, and other manufacturing & repair.

Mining & quarrying

The mining and quarrying sector increased from 3.8% in Q4 2023 to 4.9% in Q1 2024.

The better performance of this sector was underpinned by the increased production in the natural gas sub-sector during this quarter.

Agriculture 

In Q4 2023, the agriculture sector saw 1.9% growth. However, in Q1 2024, there was a slight decrease, recording 1.3%.

The performance was driven by a growth in the oil palm and livestock sub-sectors.

However, the forestry & logging and fishing sub-sectors experienced a decline in this quarter.

Construction

In the construction sector, there was a registered strong growth of 9.8% in Q1 2024. This is in comparison to 3.6% in Q4 2023.

The expansion was supported by civil engineering, specialised construction activities, and residential buildings sub sectors. 

However, the non-residential buildings sub-sector continued to decline in the quarter.

By country

Here is a breakdown of the comparison of advanced estimates and preliminary GDP for selective countries between 2022 and 2023:

READ MORE: Number of unemployed persons in Malaysia decreased in February 2024

Lead image / DOSM