Malaysia's GDP Grows 4.8% in Q4 2024

Malaysia's economy is projected to have grown by 5.1% in 2024, a notable improvement from the 3.6% growth recorded in 2023, according to the Department of Statistics Malaysia (DOSM). The economy expanded by 4.8% in the fourth quarter of 2024, a decrease from 5.3% in the previous quarter, driven primarily by strong growth in the Services sector. Manufacturing growth slowed to 4.2%, while the Construction sector showed robust growth at 17.2%. Despite the overall positive growth, the Agriculture and Mining sectors faced contractions, indicating some sectoral weaknesses. Chief statistician Dr. Mohd Uzir Mahidin highlighted that strong domestic demand, recovering tourism, and strategic investments are key factors supporting the economic growth. Final figures for the fourth quarter and full-year 2024 GDP are expected to be released on February 14.