Malaysia GDP Q2 2024 +5.8%

According to the latest data released by the Department of Statistics Malaysia, the country’s economy grew by 5.8 per cent in the second quarter of 2024.

On a quarter-on-quarter basis, Malaysia’s economy grew by 0.7 per cent in April-June, reversing the 3.1 per cent contraction registered in Q1.

The growth in Q2 was driven by the services sector, which recorded an expansion of 5.6 per cent, bolstered by wholesale and retail trade, transportation and storage and finance and insurance sub-sectors.

For the first half of 2024, GDP rose by 5 per cent compared with 4.1 per cent in the same period in 2023.

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 2024. Total trade, including both exports and imports, also experienced an increase on a yearly basis.

The Malaysian government and the central bank have projected economic growth between 4 per cent and 5 per cent in 2024.

In its latest outlook, the International Monetary Fund estimated Malaysia’s GDP growth rate to be 4.4 per cent for both 2024 and 2025.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, has 667 million people and a territory of 4.5 million Km2; is currently the third largest economy in Asia-Pacific and the fifth largest in the World. The ASEAN Economic Community (AEC) has a combined GDP of USD 4.2 trillion, according to estimates for 2024.