Refreshing a record high in the past five quarters, Malaysia's GDP surged 5.9% in the second quarter (1)
Malaysia's gross domestic product (GDP) increased 5.9% year-on-year in the second quarter of 2024, breaking the strongest growth rate in the past five quarters.
Bank of Malaysia Governor Dato' Abdullahi pointed out at a press conference today that strong economic growth in the next quarter was due to good labor market conditions and increased policy support, household spending increased.
Furthermore, the further recovery in commodity exports and the number of tourists, combined with the strong expansion of investment activities, have also injected momentum into the Chinese economy.
In the second quarter, with the exception of the mining industry, which slowed to 2.7%, all other sectors strengthened year on year. Among them, the construction industry grew the most impressive by 17.3%.
This was followed by agriculture (+7.2%), services (+5.9%), and manufacturing (+4.7%).
Abdulacil also pointed out that various indicators show that Malaysia's economic growth prospects can continue until the second half of the year, such as a further recovery in global orders to drive export performance, issuing more projects, and improving business confidence.
Overall, Malaysia's growth this year will be driven by strong domestic spending and external demand.
Despite strong performance in the second quarter, the Bank of Malaysia is still maintaining its forecast of 4% to 5% growth for the full year of this year.
In terms of inflation, overall and core inflation in the second quarter both increased by 1.9%, slightly higher than 1.7% and 1.8% in the first quarter, respectively.
“The main reason is rising inflation in housing and utilities, and higher inflation in information and communication services.”
Abdulacil said that the inflation outlook is still affected by further domestic policy measures and external development risks.
Currently, the Bank of Malaysia still maintains an overall inflation rate forecast of 2.0% to 3.5% for the whole year.
Source: Nanyang Siang Pao
Disclaimer: This content is for informational and educational purposes only, and does not constitute any specific investment, investment strategy, or recommendation endorsement. The reader shall bear any risk and responsibility arising from reliance on this content. Always conduct your own independent research and evaluation and consult professional advice if necessary before making any investment decisions. The author and related participants are not responsible for any loss or damage resulting from the use or reliance on the information contained in this article.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Nanyang Siang Pau Official Account
《南洋商报》创立于1923年，是马来西亚历史最悠久的中文报纸之一。以财经及商业新闻为主，是商家与投资者必备的新闻资讯平台。
4644Followers
1Following
5046Visitors
Follow
One One One One : china?????
起风了888 : Suppose the English translation is wrong, the report is related to Malaysia GDP growth instead China GDP growth.....
南洋商报 NYSP OP 起风了888 : ya, translation error.
南洋商报 NYSP OP One One One One : My country= Malaysia=Malaysia
BUILD IN AUTO TRANSLATION ERROR.
起风了888 : the middle to bottom part still show bank of China