Malaysia's Economic Growth Slowed to 5.3% in the Third Quarter
Jayson 21 Oct 2024 11:19
Malaysia's economic growth slowed in the third quarter, with data from the Statistics Department showing that gross domestic product (GDP) grew 5.3% year-on-year, down from 5.9% in the previous quarter.
Although GDP grew 4.6% month-on-month in September, the overall growth rate was still affected by the contraction of the mining industry and the slowdown in the service industry. Specifically, the service industry growth slowed from 5.9% to 5.1%, and the growth rate of the agricultural sector also dropped from 7.2% to 4.0%.
However, the manufacturing growth rate rose from 4.7% to 5.7%, and the construction industry grew strongly by 19.5%. But the mining and quarrying industry contracted by 3.4% due to lower production of natural gas, crude oil, etc.
The government predicts that the economic growth rate will be between 4.5% and 5.5% next year, but economist Shivaan Tandon expects that the economic growth rate will slow to 5.0% next year due to rising inflation, and the central bank may keep interest rates unchanged.
Although GDP grew 4.6% month-on-month in September, the overall growth rate was still affected by the contraction of the mining industry and the slowdown in the service industry. Specifically, the service industry growth slowed from 5.9% to 5.1%, and the growth rate of the agricultural sector also dropped from 7.2% to 4.0%.
However, the manufacturing growth rate rose from 4.7% to 5.7%, and the construction industry grew strongly by 19.5%. But the mining and quarrying industry contracted by 3.4% due to lower production of natural gas, crude oil, etc.
The government predicts that the economic growth rate will be between 4.5% and 5.5% next year, but economist Shivaan Tandon expects that the economic growth rate will slow to 5.0% next year due to rising inflation, and the central bank may keep interest rates unchanged.
