Malaysian economy grows 3.3 pct in Q3 on resilient domestic demand

Xinhua
17 Nov 2023, 19:44 GMT+10

KUALA LUMPUR, Nov. 17 (Xinhua) -- The Malaysian economy expanded by 3.3 percent in the third quarter, anchored by resilient domestic demand, the Malaysian Central Bank said Friday.

Bank Negara Malaysia (BNM) said in a statement that household spending in the quarter remained supported by continued growth in employment and wages.

Meanwhile, investment activity was underpinned by the progress of multi-year projects and capacity expansion by firms.

Exports remained soft amid prolonged weakness in external demand, but were partially offset by the recovery in inbound tourism, according to the bank.

On the supply side, BNM said the services, construction and agriculture sectors remained supportive of growth.

However, it said this was partly offset by the decline in production in the manufacturing sector given the weakness in demand for electrical and electronic (E&E) products and lower production of refined petroleum products.

On a quarter-on-quarter seasonally adjusted basis, the Malaysian economy grew by 2.6 percent.

Overall, the Malaysian economy expanded by 3.9 percent in the first three quarters of 2023.

Going forward, BNM said growth will remain resilient despite external headwinds on account of firm domestic demand.

"Despite the challenging global environment, the Malaysian economy is projected to expand by around 4 percent in 2023 and 4 percent to 5 percent in 2024," BNM Governor Abdul Rasheed Ghaffour said.

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