KUALA LUMPUR, Apr 19: Malaysia’s economy grew by 3.9 per cent in the first quarter of 2024 (1Q 2024), based on advance estimates, compared to 3.0 per cent in the previous quarter, spearheaded by the services sector, according to the Department of Statistics Malaysia (DOSM).
Chief statistician Datuk Seri Mohd Uzir Mahidin said the services sector increased by 4.4 per cent (4Q 2023: 4.2 per cent) in 1Q 2024, supported by the wholesale and retail trade, transport and storage and business services sub-sectors.
DOSM said the manufacturing sector rebounded 1.9 per cent in the quarter after recording a contraction of 0.3 per cent in 4Q 2023.
The manufacturing of non-metallic mineral products, basic metal and fabricated metal products, transport equipment, other manufacturing and repair and petroleum, chemical, rubber and plastic products supported the growth in this sector.
On the other hand, Malaysia’s trade performance for January-March 2024 continued its upward trajectory, recording 7.1 per cent year-on-year (y-o-y) growth to RM690.59 billion, with a trade surplus of RM34.22 billion.
In a statement on Malaysia External Trade Statistics, the Investment, Trade and Industry Ministry (MITI) the first quarter (1Q) 2024 exports rose by 2.2 per cent to RM362.41 billion versus 1Q 2023, on the back of higher exports of manufactured and mining goods.
Exports of iron and steel products, machinery, equipment and parts, manufactures of metal, crude petroleum and liquefied natural gas (LNG) recorded notable increases.-BERNAMA
