1Q24 growth climbs 3.9%, led by services sector and manufacturing recovery
The Department of Statistics (DOSM), in its third quarterly advance GDP release, showed 1Q24 GDP growth expanded to 3.9% (4Q23: 3.0%)
- This is slightly higher than the house projection of 3.3% but matches Bloomberg’s consensus of 3.9%. On a quarterly basis, growth declined by 3.4% (4Q23: 3.1%), versus house projection of -4.0%. The detailed 1Q24 GDP results will be released on May 17.
Resilient services sector, a manufacturing recovery, along with stronger construction and mining performance more than offset the moderation in agriculture
- The services sector expanded to 4.4% (4Q23: 4.2%), led by growth in the wholesale & retail trade, transportation & storage, and business services sub-sectors, as well as a rebound in the finance & insurance sub-sector.
- The manufacturing sector rebounded to 1.9% (4Q23: -0.3%) following two consecutive quarters of decline. Growth for this sector was contributed by non-metallic mineral products, basic metal & fabricated metal products, and transport equipment, and other manufacturing & repair. However, growth was partially capped by the weakness in vegetable and animal oils & fats and food processing.
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