Malaysia’s GDP grew 4.2% in Q1, fastest in a year

Robust consumption and export recovery help lift economy

(Nikkei Asia) – Malaysia’s economy expanded 4.2% in the January to March quarter from a year earlier, its fastest pace of growth in a year, official data from the central bank showed Friday.

Malaysia’s growth slowed last year due to weak exports after logging revised 5.5% growth in the first quarter of 2023. But the latest gross domestic product figures showed that robust private consumption buoyed the economy. External demand also recovered.

Private consumption in the first quarter rose 4.7%, up from 4.2% growth the previous quarter.

Exports climbed 5.2%, reversing from a 7.9% fall in the October to December period last year.

By industry, the services sector expanded by 4.7%, up from a 4.1% increase the previous quarter.

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