Bank Negara Malaysia attributes the performance to a strong increase in investment activities amid higher exports.
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Read More:
https://www.freemalaysiatoday.com/category/nation/2024/11/15/malaysias-gdp-grows-5-3-in-q3-2024/
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NewsTranscript
00:00The economy grew 5.3% in the third quarter of this year thanks to robust investment activities
00:08and a continued rise in exports.
00:11Bank Negara Malaysia Governor Abdullah Rashid Ghaffour also attributed the growth to expansion
00:15in household spending as well as favourable labour market conditions and government policy
00:20support.
00:21Abdullah Rashid said in the external sector, exports continued to strengthen on the back
00:26of recovering external demand and positive spillovers from the global tech upcycle.
00:31He said the stable inflation rate of 1.9% for both headline and core inflation was a
00:36result of these factors.
00:38According to Rashid, the share of Consumer Price Index items showing monthly price increases
00:44decreased to 38.9% in Q3, down from 49.4% in Q2.
00:50As for the Ringgit, the central bank said it appreciated by 14.9% against the US dollar
00:56with the Ringgit nominal effective exchange rate rising by 9.9%.
01:01Rashid said this improvement was partly due to the US Federal Reserve's shift towards
01:05monetary policy easing, which reduced pressure on regional currencies, including the Ringgit.