00:00 In the first quarter of 2024, the Malaysian economy expanded by a higher rate of 4.2%.
00:13 This was supported by higher household spending, export turnaround and higher tourist arrivals,
00:21 improving labour market conditions and stronger investment activities.
00:26 On a seasonal, adjusted quarter-on-quarter basis, GDP showed a stronger growth momentum
00:32 of 1.4%, higher than the decrease of 1.0% in the fourth quarter of 2023.
00:41 On expenditure side, expansion in domestic demand was driven mainly by private sector
00:47 spending.
00:48 Private consumption recorded higher growth supported by spending in discretery and necessity
00:55 items.
00:56 Growth in investment reflected improvements in structure and M&E investment, as well as
01:04 continued fleet asset spending by government and public corporations.
01:09 Meanwhile, net export registered a smaller contraction and recovering boosts in services
01:15 export.
01:16 On the supply side, most sectors recorded highest growth.
01:21 Growth in the service sector was driven by higher retail trade activities and continued
01:27 support from transport and storage subsector.
01:30 Meanwhile, the manufacturing sector turned around to record positive growth following
01:36 the improvement in the E&E and the primary related clusters.
01:42 Highest growth in the construction sector was driven by the faster progress in civil
01:47 engineering projects and stronger support for special trade and residential activities.
01:54 Growth in the mining sector was supported by higher natural gas output.
01:59 However, the agriculture sector recorded a more moderate growth, particularly for production
02:05 of rubber and food crops amid hot weather conditions.
02:11 In addition to today's release, Department of Statistics Malaysia also published annual
02:16 GDP report for the year 2023, which encompasses the revision of GDP data for the year 2021,
02:24 2022, and 2023 at the rate of 3.3%, 8.9%, and 3.6% respectively.
02:36 Revision is based on the update of the company annual reports, the annual Excellence Survey
02:41 2021 and Economic Census 2022-2022, as well as secondary data by the relevant agency.
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02:55 [ Silence ]
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