KUALA LUMPUR (April 19): Malaysia's economy grew by 3.9% in the first quarter of 2024 1Q2024), as compared to 3.0% in the previous quarter, according to Department of Statistics Malaysia (DOSM) advance gross domestic product (GDP) estimates.

Chief Statistician of Malaysia Datuk Seri Dr Mohd Uzir Mahidin said the economic growth during the period was led by the services sector, with all main sectors experiencing positive growth.
 
"The services sector increased by 4.4% (Q4 2023: 4.2%) in the first quarter of 2024, supported by wholesale & retail trade, transport & storage and business services sub-sectors," he said in a statement Friday.

The manufacturing sector rebounded to 1.9% in this quarter after recording a contraction of 0.3% in the fourth quarter of 2023, noted DOSM.

The growth in this sector was supported by the manufacturing of non-metallic mineral products, basic metal & fabricated metal products; transport equipment, other manufacturing & repair; and petroleum, chemical, rubber & plastic products.

The mining & quarrying sector expanded by 4.9% (4Q2023: 3.8%) in 1Q2024 and the expansion of this sector was driven across all activities, with the natural gas sub-sector being the main contributor.

Mohd Uzir also said the agriculture sector rose to 1.3% (4Q2023: 1.9%) in this quarter from the production of palm oil and livestock.

Meanwhile, the construction sector showed substantial growth at 9.8% as compared to 3.6% in the previous quarter, mainly driven by the civil engineering sub-sector.
 

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