Gross Domestic Product (GDP)
Malaysia's GDP grew by 5.3% in the third quarter of 2024, a slight dip from 5.9% in the previous quarter. This growth was led by the Services and Manufacturing sectors, although the Mining and quarrying sector contracted. Quarter-on-quarter, the economy saw a robust increase of 4.6% compared to 0.8% in Q2. The Services sector moderated slightly to 5.1% growth, driven by Wholesale & retail trade, Transportation & storage, and Business services. Meanwhile, Manufacturing expanded by 5.7%, supported by strong output in electronics, petroleum, chemicals, and metals. The Agriculture sector grew by 4%, though slower than in Q2, with notable contributions from Oil palm and Livestock, despite a drop in Fishing.
The Mining and quarrying sector declined by 3.4%, impacted by lower output in Natural gas and Crude oil, while the Construction sector maintained robust growth at 19.5%, led by Specialized construction and Non-residential building activities. Cumulatively, Malaysia's GDP for the first three quarters of 2024 rose by 5.1%, a significant improvement over the 3.8% growth recorded during the same period in 2023, highlighting a solid economic trajectory despite sectoral fluctuations.
International Investment Position (IIP)
As of Q2 2024, Malaysia's International Investment Position (IIP) showed a reduced net asset value of RM81.0 billion, down from RM157.0 billion in Q1. Financial assets totaled RM2.50 trillion, primarily from Direct (32.6%) and Portfolio investments (30.2%). Liabilities also rose, reaching RM2.42 trillion, with significant contributions from Direct (45.4%) and Portfolio investments (29.2%). In Direct investment, net liabilities increased to RM282.4 billion, with asset values dropping to RM817.2 billion, mostly in Equity & investment fund shares and Debt instruments. Liabilities in Direct investment grew to RM1.10 trillion, largely due to equity holdings.
Malaysia's Direct Investment Abroad (DIA) decreased to RM671.8 billion, led by investments in the Services sector (69.8%), with Asia being the largest regional focus, especially Singapore and Indonesia. Meanwhile, Foreign Direct Investment (FDI) in Malaysia rose to RM954.2 billion, predominantly in the Services sector (50.8%), followed by Manufacturing (41.8%) and Mining & quarrying (4.8%). Asia remained the primary FDI source, with Singapore, Hong Kong, and the United States as the top investing countries. These figures highlight a dynamic investment landscape, with significant activity in both outbound and inbound investments across key economic sectors.
Exchange Rate
Note: The rates represent the last day of the quarter, not an average.
Inflation
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