3Q24 growth slows as expected; moderate trend likely to persist in 4Q24
GDP growth slowed to 5.3% YoY in 3Q24 (2Q24: 5.9%), matching house forecasts and market expectations (KIBB: 5.3%; Bloomberg consensus: 5.3%) as well as DOSM's advance estimates
- The slowdown was driven by weaker household spending and weak mining sector, but partially offset by higher investment, rising manufacturing output, and a robust construction sector.
- Meanwhile, seasonally adjusted QoQ growth moderated (1.8%; 2Q24: 2.9%).
- Among ASEAN-5 (+VN, excluding TH) Malaysia recorded the second fastest 3Q24 growth, trailing Vietnam (7.4%; 2Q24: 7.1%).
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