Malaysia's gross domestic product (GDP) grew at a rate of 4.2% in the first quarter of 2024, an increase from 2.9% growth in the preceding quarter as the economy was bolstered by strong private expenditure and a positive turnaround in exports.
During the press conference of the first quarter 2024 gross domestic product figures on Friday (May 17), Chief Statistician Malaysia Datuk Sri Dr. Mohd Uzir Mahidin reported that the growth was higher than the 3.9% year-on-year increase put forward in an advance estimate by the National Statistics Department as well as in a Bloomberg survey of economists.
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During the press conference of the first quarter 2024 gross domestic product figures on Friday (May 17), Chief Statistician Malaysia Datuk Sri Dr. Mohd Uzir Mahidin reported that the growth was higher than the 3.9% year-on-year increase put forward in an advance estimate by the National Statistics Department as well as in a Bloomberg survey of economists.
Read more at https://tinyurl.com/4dbj8svx
WATCH MORE: https://thestartv.com/c/news
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NewsTranscript
00:00 In the first quarter of 2024, the Malaysian economy expanded by a higher rate of 4.2%.
00:13 This was supported by higher household spending, export turnaround and higher tourist arrivals,
00:21 improving labour market conditions and stronger investment activities.
00:26 On a seasonal, adjusted quarter-on-quarter basis, GDP showed a stronger growth momentum
00:32 of 1.4%, higher than the decrease of 1.0% in the fourth quarter of 2023.
00:41 On expenditure side, expansion in domestic demand was driven mainly by private sector
00:47 spending.
00:48 Private consumption recorded higher growth supported by spending in discretery and necessity
00:55 items.
00:56 Growth in investment reflected improvements in structure and M&E investment, as well as
01:04 continued fleet asset spending by government and public corporations.
01:09 Meanwhile, net export registered a smaller contraction and recovering boosts in services
01:15 export.
01:16 On the supply side, most sectors recorded highest growth.
01:21 Growth in the service sector was driven by higher retail trade activities and continued
01:27 support from transport and storage subsector.
01:30 Meanwhile, the manufacturing sector turned around to record positive growth following
01:36 the improvement in the E&E and the primary related clusters.
01:42 Highest growth in the construction sector was driven by the faster progress in civil
01:47 engineering projects and stronger support for special trade and residential activities.
01:54 Growth in the mining sector was supported by higher natural gas output.
01:59 However, the agriculture sector recorded a more moderate growth, particularly for production
02:05 of rubber and food crops amid hot weather conditions.
02:11 In addition to today's release, Department of Statistics Malaysia also published annual
02:16 GDP report for the year 2023, which encompasses the revision of GDP data for the year 2021,
02:24 2022, and 2023 at the rate of 3.3%, 8.9%, and 3.6% respectively.
02:36 Revision is based on the update of the company annual reports, the annual Excellence Survey
02:41 2021 and Economic Census 2022-2022, as well as secondary data by the relevant agency.
02:49 [Background noise]
02:55 [ Silence ]