Department of Statistics said Malaysia’s advance GDP estimates grew better in the first quarter of 2024 at 3.9 per cent as compared to 3.0 per cent in the preceding quarter.
However, in terms of quarter-on-quarter performance, Malaysia’s economy declined 3.4 per cent from 3.1 per cent growth in the fourth quarter of 2023. The economic performance was driven by positive growth in all sectors during the quarter, led by the Services sector.
The Services sector expanded 4.4 per cent from 4.2 per cent in the fourth quarter of 2023. The favourable performance was attributed to the Wholesale & retail trade, Transportation & storage and Business services sub-sectors. Furthermore, the Finance & insurance sub-sector rebounded in this quarter. The Manufacturing sector expanded 1.9 per cent in this quarter after recorded a negative growth of 0.3 per cent in the fourth quarter of 2023. This growth was backed by Non-metallic mineral products, basic metal & fabricated metal products and Transport equipment, other manufacturing & repair. Nonetheless, Vegetable and animal oils & fats and food processing contracted in this quarter.
The Mining and quarrying sector increased to 4.9 per cent from 3.8 per cent in the fourth quarter of 2023. The better performance of this sector was underpinned by the increased production in the Natural gas sub-sector during this quarter. The Agriculture sector grew by 1.3 per cent in the first quarter of 2024 as compared to 1.9 per cent growth in the previous quarter. The performance was contributed by the growth of the Oil palm and Livestock sub-sectors. Meanwhile, Forestry & logging and Fishing sub-sectors displayed negative growth in this quarter.
The Construction sector registered a strong growth of 9.8 per cent in the first quarter of 2024 as compared to 3.6 per cent in the preceding quarter. The expansion was supported by Civil engineering, Specialised construction activities and Residential buildings. Nevertheless, Non-residential buildings remained decrease in this quarter.
