Malaysia's GDP Estimated to Expand by 5.8 Percent in Q2
The DOSM said in a statement that this growth is the highest since the fourth quarter of 2022 (7.4 percent).
For the first half of 2024, the GDP is seen to increase by 5 percent as compared to 4.1 percent in the same period last year.
According to the DOSM, Malaysia's economy is expected to continue its growth momentum, supported by domestic and export-driven factors, with a positive outlook for the remainder of the year.
It said the estimated growth for this second quarter was in line with the latest indicators. Other factors include the increase of tourist arrivals as well as oil palm production and the progress development of mega projects.
The economic performance in the reporting quarter was also driven by the services sector, with most key sectors showing better growth compared to the previous quarter, said the DOSM.
The services sector is projected to increase by 5.6 percent, bolstered by wholesale and retail trade, transportation and storage and finance and insurance sub-sectors.
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