Malaysia's economy grows 4.2% in 1Q, beating expectations

Malaysia's gross domestic product (GDP) grew at a rate of 4.2% in the first quarter of 2024, an increase from 2.9% growth in the preceding quarter as the economy was bolstered by strong private expenditure and a positive turnaround in exports.

During the press conference of the first quarter 2024 gross domestic product figures on Friday (May 17), Chief Statistician Malaysia Datuk Sri Dr. Mohd Uzir Mahidin reported that the growth was higher than the 3.9% year-on-year increase put forward in an advance estimate by the National Statistics Department as well as in a Bloomberg survey of economists.

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