Malaysia’s economy is estimated to have grown by 5.8% in the second quarter (Q2) of 2024 compared to a year earlier, driven by the services sector and a recovery in exports.
This follows a 4.2% growth in Q1. The services sector grew by 5.6%, with significant contributions from wholesale and retail trade, transportation and storage, and finance and insurance.
Economy grew
Exports rose 1.7% in June, with an annual growth of 3.9% in the first half of 2024. The overall GDP for the first half of 2024 increased by 5% compared to 4.1% the previous year.
The central bank maintained its key interest rate at 3.00%, projecting manageable inflation between 2% and 3.5% for the year. Official Q2 GDP figures will be released on August 16.
Anwar Thanks the People
In a brief video statement on his social media accounts, PM Anwar Ibrahim thanks the people for their support which helped his government achieve a growth rate that exceeds the target.
“Alhamdulillah, the 5.8 percent growth exceeded the ‘target’ or projection by all parties. With full humility, I say a million thanks to the people, infinite appreciation to the workers whether in the government or the private sector, infinite thanks to the professionals and thanks to the investors who continue to believe in the direction of the MADANI Economy,” he says.
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