GDP growth on track with 5.3% 3Q expansion

Bank Negara is maintaining Malaysia’s 2024 gross domestic product (GDP) growth forecast within the range of 4.8% to 5.3%, driven primarily by robust expansion in investment activity, continued improvement in exports and resilient household spending.

The central bank reports that the economy grew by 5.3% in the third quarter of 2024 (3Q24), a slight decline from 5.9% in 2Q24, but still well within consensus and Bank Negara’s expectations.