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“The services sector remained the driver of supply-side performance during the period, with all sectors except manufacturing recording positive growth,” said Malaysia’s chief statistician Datuk Seri Dr Mohd Uzir Mahidin.
The Department of Statistics Malaysia (DOSM) has released Volume 2 of the Malaysian Economic Statistics Review (MESR). Thursday (February 29, 2024) 2/2024, focusing on the latest statistical data released in December 2023 and the fourth quarter of 2023, with statistical forecasts for January 2024.
When assessing the current situation of the global economy, the International Monetary Fund predicts that the global economic growth rate will be 3.1% in 2024, rising slightly to 3.2% the following year. In addition, from 2023 to 2024, developed economies are expected to grow from 1.6% to 1.5%; while emerging market and developing economies are expected to grow from 4.1% in 2024 to 4.2% in 2025.
Chief Statistician of Malaysia Datuk Seri Dr. Mohd Uzir Mahidin “In the last quarter of 2023, Malaysia’s economy grew by 3%, a slight slowdown compared to the 3.3% growth in the previous quarter.
“Services remained the driver of supply-side performance during the period, with all sectors except manufacturing posting positive growth,” he added.
Excerpts from the review follow:
external department
- Malaysia’s merchandise trade shrank by 3.2% to RM695.6 billion in the fourth quarter of 2023, compared with RM718.3 billion in the fourth quarter of 2022, as exports fell by 6.9% to total RM366.3 billion, but imports increased by 1.3% ( offset by RM32.9 billion). 300 million.
- As a result, the trade surplus narrowed to RM36.9 billion, a decrease of 45.9% from the same period last year.
- In January 2024, total trade showed a double-digit growth of 13.3%, increasing from RM207.2 billion in January 2023 to RM234.7 billion.
- Exports grew by 8.7% to RM122.4 billion, while imports surged by 18.8% to RM112.3 billion.
- This resulted in the trade surplus shrinking significantly by 44.2% from the previous year to RM10.1 billion.
Malaysia’s service industry
- Malaysia’s services industry experienced significant growth in the fourth quarter of 2023.
- Revenue soared to RM591.4 billion, up 6.6% from the same period last year.
- The service volume index increased by 4.1% to 148.5 points.
- Growth in the sector was driven by strong performance in sectors such as wholesale and retail trade, restaurants and accommodation.
- Overall, revenue from these segments grew 5.9% to a total of RM450.9 billion.
- The volume index for these segments rose 4.2% to 150.2 points.
inflation
- In December 2023, Malaysia’s inflation rate remained stable at 1.5%, showing resilience despite economic fluctuations.
- Part of the reason for stable inflation is the moderate growth of 3.7% in the catering and hotel industry, which has contributed to the overall stability of consumer prices.
- In the fourth quarter of 2023, the inflation rate fell to 3.9% to 1.6% from the same period in 2022, indicating a stable positive trend in prices over time.
- The annual producer price index (PPI) continues to trend downward, and was negative 1.3% in December 2023, reflecting the continued decline in production costs.
- The PPI decline was mainly affected by a downturn in the mining sector (-3.4%) and further declines in the manufacturing, electricity and gas supply sectors, pointing to broader economic challenges beyond consumer prices.
labor
- Malaysia’s labor force situation has improved, with the unemployment rate in the fourth quarter of 2023 at 3.3%, a decrease of 0.3 percentage points from the fourth quarter of 2022 (3.6%).
- Due to continued employment growth (annual growth of 2.5%), the number of unemployed persons fell by 5.9% this quarter.
- The number of workers increased by 2.2% year-on-year to 16.91 million, and the labor participation rate remained at a strong level of 70.1%.
Read more about labor market performance in the fourth quarter of 2023 here.
Datuk Seri Dr Mohd Uzir Mahidin added: “The leading index showed a positive turn, growing by 0.3% to reach 110.1 points.
In December 2023, it was 109.8 points in the same period last year.
“This remarkable rebound marks the first positive growth after nine months
The decline for several consecutive months was mainly due to a significant increase of 41.5% in the number of approved housing units.
“Although still below the 100-point trend, the smoothed growth rate of the leading index in December 2023 suggests that economic performance will improve for the foreseeable future, supported by strong domestic demand and a stable labor market. ” he commented.
Read more: Malaysia’s labor productivity by industry, Q4 2023 | HR Online
LEAD IMAGES/DOSM
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