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Malaysia’s Economic Expansion Estimated at 3.9% in Q1

PETALING JAYA: Malaysia’s economy expanded by 3.9% in the first quarter of the year according to preliminary figures released by the statistics department.

 Malaysia’s Economic Expansion Estimated at 3.9% in Q1

This growth represents an improvement from the 3% seen in the previous quarter, which was affected by lower export activity.

Chief statistician Uzir Mahidin highlighted that the services sector drove the Q1 growth, increasing by 4.4%, led by gains in wholesale and retail trade, transport and storage, and business services.

The construction sector notably surged by 9.8%, largely propelled by civil engineering projects.

Manufacturing rebounded with a 1.9% growth after a contraction of 0.3% in the preceding quarter.

Agriculture expanded by 1.3%, supported by increased oil palm and livestock production.

The mining and quarrying sector grew by 4.9% in Q1 2024, primarily due to expansion in the natural gas sub-sector.

Separately, the Ministry of Investment, Trade, and Industry reported Malaysia’s highest-ever Q1 trade figures this year, with total trade increasing by 7.1% year-on-year to RM690.59 billion, resulting in a trade surplus of RM34.22 billion.

Exports rose by 2.2% to RM362.41 billion, driven by higher shipments of manufactured and mining goods including iron and steel products, machinery, crude petroleum, and liquefied natural gas.

Imports surged by 13.1% to RM328.19 billion, mainly due to increased imports of capital and intermediate goods for manufacturing.

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