KUALA LUMPUR: Malaysia's economy has demonstrated strong growth, expanding by 5.2% from January to September 2024, according to the Statistics Department.
Chief statistician Datuk Seri Mohd Uzir Mahidin highlighted that this growth marks a significant improvement from the 3.8% growth 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 (MESR) Volume 12/2024 report on Tuesday (Dec 24).
He added that Malaysia’s Industrial Production Index (IPI) posted a 2.1% year-on-year (y-o-y) growth in October 2024, 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 RM161.3bil in October 2024, primarily fuelled by the food, beverages, and tobacco sub-sector, surging at 11.2%.
"The wholesale and retail trade industry showed persistent growth in October 2024, with sales reaching RM150.1bil, a 5.5% increase from the previous year," he said.
Meanwhile, the country’s trade performance remained steady in October 2024, with total trade growing by 2.1% year-on-year to reach RM244.3bil.
"Exports saw a modest rise of 1.6%, totalling RM128.1bil, while imports grew by 2.6% to RM116.1bil," he said.
Despite a 7.6% dip in the trade surplus, which stood at RM12bil, month-on-month figures were more promising, with exports, imports, and total trade rising by 3.7%, 4.8%, and 4.2%, respectively.
On the labour market, Mohd Uzir emphasised that Malaysia’s labour market continued its positive momentum, with workforce growth expanding 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 2024, rising to 111.1 points from 109.5 points a year earlier. - Bernama
