KUALA LUMPUR: Malaysia’s market is estimated to had grown 3. Official advance figures released on Friday ( Apr 19 ) showed that growth in the services sector contributed to a 9.5 % increase in the first quarter of 2024 from a year earlier.
The Statistics Department’s preliminary estimates contrasted with annual growth of 3 % in the last quarter of 2023, when restraintous export weighed on growth.
Mohd Uzir Mahidin, Malaysia’s general researcher, reported that the country’s top 10 major industries, led by a 4, in the first fourth of 2024, which was good growth. 4 per share year-on-year increase in the services field.
“( This was ) supported by the wholesale and retail trade, transport and storage, and business services sub-sectors,” he said in a statement on Friday.
The developing industry regained its position to 1. Compared to the first quarter of this year, the growth rate was 9 %. The agriculture market increased 1 while the last quarter of 2023 saw a 3 percent contraction. 3 per share year-on-year in the same time, driven by fuel hand and cattle manufacturing, Mohd Uzir said.
Malaysia’s imports fell 0. Separate data from the industry department released on Friday showed that the month-ago month had decreased by 8 % from the previous month.
Imports are expected to increase by 5 % in 2024, following an 8 percent decline last year, according to the central bank’s estimates last month.
At a policy meeting in March, the central bank declared that the key interest rate was maintaining a support for the business at 3 %.
In 2024, the government and the central bank anticipate full-year economic growth of 4 % to 5 %. Malaysia’s full-year development dropped quickly in 2023 to 3. 7 percent from the previous 22-year great of 8 7 per share recorded in 2022.
On May 17, the last first-quarter gross domestic product images are anticipated to be released.