Malaysia's economy continues to show strength in 2024, posting a 5.2% growth from January to September, driven by key sectors such as manufacturing and wholesale & retail trade.
KUALA LUMPUR: Malaysia's economy has demonstrated strong growth, expanding by 5.2% from January to September 2024, according to the Statistics Department. Chief statistician Datuk Seri Mohd Uzir Mahidin highlighted that this growth marks a significant improvement from the 3.8% growth during the same period in 2023. 'The robust performance reflects continued resilience despite global uncertainties and is seen as a positive sign for the country’s economic stability.
'Hence, Malaysia’s economy is poised for steady development as 2024 progresses,' he said in a statement on the release of the Malaysian Economic Statistics Review (MESR) Volume 12/2024 report on Tuesday (Dec 24). He added that Malaysia’s Industrial Production Index (IPI) posted a 2.1% year-on-year (y-o-y) growth in October 2024, driven by manufacturing (3.3%) and electricity (2.5%), while mining declined by 2.8%.'Simultaneously, the manufacturing sector recorded an increase of 3.0% y-o-y in sales, to RM161.3bil in October 2024, primarily fuelled by the food, beverages, and tobacco sub-sector, surging at 11.2%. 'The wholesale and retail trade industry showed persistent growth in October 2024, with sales reaching RM150.1bil, a 5.5% increase from the previous year,' he said. Meanwhile, the country’s trade performance remained steady in October 2024, with total trade growing by 2.1% year-on-year to reach RM244.3bil. 'Exports saw a modest rise of 1.6%, totalling RM128.1bil, while imports grew by 2.6% to RM116.1bil,' he said. Despite a 7.6% dip in the trade surplus, which stood at RM12bil, month-on-month figures were more promising, with exports, imports, and total trade rising by 3.7%, 4.8%, and 4.2%, respectively. On the labour market, Mohd Uzir emphasised that Malaysia’s labour market continued its positive momentum, with workforce growth expanding by 1.7%, rising to 17.27 million from 16.97 million in October 2023, pushing the labour force participation rate up to 70.5%
ECONOMY GROWTH MALAYSIA INDUSTRIAL PRODUCTION TRADE
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