Malaysia's economy is projected to have grown by 5.3% in the third quarter of 2023 compared to the same period last year.

However, this growth rate is slower than the 5.9% expansion recorded in the second quarter, which marked the highest growth in 18 months.

The services sector played a significant role in this growth, increasing by 5.1% year-on-year, alongside contributions from manufacturing, construction, and agriculture.

In contrast, the mining and quarrying sector faced a decline of 3.4% year-on-year, primarily due to reduced output in the oil and condensate sub-sectors.

Exports saw a robust increase of 7.8% in the third quarter, while imports surged significantly by 20.8%.

Looking ahead, positive trends in consumer spending and rising investments are expected to further stimulate economic growth in the upcoming quarter.

Chief Statistician Mohd Uzir Mahidin emphasized that a stable labor market, moderate inflation, supportive fiscal and monetary policies, and a recovery in tourism will bolster economic performance.

In light of these developments, the Malaysian government has raised its economic growth forecast for 2024 to a range of 4.8% to 5.3%, up from a previous estimate of 4% to 5%.

Final GDP figures for the third quarter are expected to be released on November 15, providing further insights into the economic landscape.