KUALA LUMPUR (Dec 24): Malaysia’s economy sustained strong growth in the first three quarters of 2024 (9M2024), expanding by 5.2% from January to September, said the Department of Statistics Malaysia.

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the growth signifies a notable improvement from the 3.8% growth recorded during the same period in 2023.

“The robust performance reflects continued resilience despite global uncertainties, and is seen as a positive sign for the country’s economic stability. 

“Hence, Malaysia’s economy is poised for steady development as 2024 progresses,” he said in a statement on the release of the Malaysian Economic Statistics Review Volume 12/2024 report on Tuesday. 

He added that Malaysia’s industrial production index (IPI) posted 2.1% year-on-year (y-o-y) growth in October, driven by manufacturing (+3.3%) and electricity (2.5%), while mining declined by 2.8%.

Mohd Uzir noted that on a monthly basis, the IPI bounced back with a growth of 1.7%.

“Simultaneously, the manufacturing sector recorded an increase of 3.0% y-o-y in sales to RM161.3 billion in October, primarily fuelled by the food, beverages and tobacco sub-sector, surging by 11.2%.

“The wholesale and retail trade industry showed a persistent growth in October, which saw sales reaching RM150.1 billion, a 5.5% increase from the previous year,” he said.

Meanwhile, the country’s trade performance remained steady in October, with total trade growing by 2.1% y-o-y to reach RM244.3 billion.

“Exports saw a modest rise of 1.6%, totalling RM128.1 billion, while imports grew by 2.6% to RM116.1 billion,” he said. 

Despite a 7.6% dip in the trade surplus, which stood at RM12.0 billion, month-on-month figures were more promising, with exports rising by 3.7%, imports up 4.8%, and total trade 4.2% higher.

On the labour market, Mohd Uzir emphasised that Malaysia’s labour market continued its positive momentum in the workforce growth as it expanded by 1.7%, rising to 17.27 million from 16.97 million in October 2023, pushing the labour force participation rate up to 70.5%.

“Employment also saw a boost, with a 1.9% increase to 16.72 million,” he said.

He also highlighted that Malaysia’s leading index saw a 1.5% y-o-y increase in October, rising to 111.1 points from 109.5 points a year earlier. 

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