Malaysia’s GDP for the second quarter grew to 5.8 per cent

Malaysia’s GDP grew to 5.8 per cent in the second quarter, according to advance GDP estimates released by the Department of Statistics Malaysia (DOSM).

 
“Malaysia’s advance GDP estimates expanded by 5.8 per cent in the second quarter of 2024 from 4.2 per cent in the preceding quarter. 

“In terms of quarter-on-quarter performance, Malaysia’s economy increased 0.7 per cent from a decline of 3.1 per cent growth in the first quarter of 2024. 

“The economy’s performance was bolstered by growth in all sectors during the quarter, particularly the Services, Manufacturing and Agriculture sectors,” DOSM said in a statement. 

In the second quarter of 2024, various sectors of Malaysia’s economy showed notable growth. 

The services sector grew by 5.6%, up from 4.7% in the previous quarter, while the manufacturing sector saw a significant rise to 4.7%, a sharp increase from just 1.9% in the first quarter.

The agriculture sector experienced a robust expansion of 7.1%, a substantial improvement from the 1.6% growth recorded earlier.

Conversely, the mining and quarrying sector’s growth slowed to 3.3%, down from 5.7% in the previous quarter.

The construction sector, however, demonstrated remarkable progress, with growth accelerating to 17.2% from 11.9% in the preceding quarter.

“Overall, Malaysia’s economy for the first half of the year 2024 grew at 5.0 per cent as compared to 4.1 per cent in the same period in 2023,” the department said.