KUALA LUMPUR (Reuters) -Malaysia’s economy grew 4.8% in the fourth quarter from a year earlier, official advance estimates showed on Friday, slowing from the 5.3% rate in the previous quarter as activity in the agriculture and mining sectors slowed.
Full-year economic growth is expected to come in at 5.1% in 2024, picking up from 3.6% growth in 2023, the statistics department said in a statement.
Growth in the fourth quarter was driven by the services sector, which rose an annual 5.3%, and the manufacturing and construction sectors.
However, the agriculture sector fell 0.6% due to a decrease in the oil palm sub-sector, while the mining and quarrying sector declined by 1.4% due to a contraction in the crude oil and condensate sub-sector, the department said.
“Economic growth is supported by strong domestic demand and a recovering external sector, alongside strategic investments in areas like renewable energy and digital infrastructure,” Chief Statistician Mohd Uzir Mahidin said in the statement.He said increases in tourist arrivals and civil servant pay are expected to further boost household spending and retail activity, contributing to overall economic momentum.
Final fourth-quarter and 2024 GDP figures are expected to be released on Feb. 14.
(Reporting by Ashley Tang; Editing by John Mair)
