Aug. 16, 2024
Malaysia's Economy Posts Fastest Growth in 18 Months
TMTPOST--Malaysia's economy grew at its quickest pace in a year and a half during the second quarter, driven by robust household spending, exports, and investment. The central bank is now optimistic that full-year growth will likely hit the upper end of its projected range. According to data released on Friday, the country's gross domestic product (GDP) increased by 5.9% from April to June, up from 4.2% in the first quarter. This growth exceeded both analysts' expectations and early government estimates, which had forecast a 5.8% rise. The second-quarter expansion is the fastest since the fourth quarter of 2022, when the economy grew by 7.4%. On a seasonally adjusted quarter-on-quarter basis, GDP rose by 2.9%, compared to a 1.5% increase in the January-to-March period, as reported by Bank Negara Malaysia (BNM) and the Department of Statistics.
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