KUALA LUMPUR, Nov 15 — Chief Statistician Datuk Seri Mohd Uzir Mahidin today announced that Malaysia’s gross domestic product (GDP) officially grew 5.3 per cent in the third quarter (Q3) this year.

In a joint press conference with Bank Negara Malaysia (BNM), he said the growth was driven by greater investments and continued improvement in exports.

"In Q3 of 2024, the Malaysian economy advanced by 5.3 per cent. This was supported by stronger expansion in investment activities, higher goods and services export as well as expansion in household spending and in positive labour market conditions and also implementation of new policies such as new public service remuneration system and progressive wage.

"On the expedition side, domestic demand was driven mainly by stronger investment,” he said at Sasana Kijang here.

On the supply side, Mohd Uzir said most sectors showed expansion except for mining, with the most growth seen in services and manufacturing.

Mohd Uzir said the agriculture sector’s growth was supported by a moderate increase in oil palm production amid contraction in fisheries output and that the mining sector growth declined following maintenance activity in the oil and gas subsector.

He added that the foreign direct investment (FDI) recorded a higher net inflow of RM14.5 billion for the period.

"These inflows reflect turnaround in investment of earning, larger equity injection and continued inflow in debt instrument.

"This investment were channelled mainly to services sector brought predominantly in information and communication and wholesale and retail trade subsectors,” he said.

He noted that the FDIs were primarily from Singapore, Hong Kong, and Switzerland.

For the same period, direct investment abroad (DIA) also rose to a net outflow of RM18.9 billion.

"The main sector were manufacturing followed by services and mining and quarry. Saudi Arabia, Indonesia and Canada were the main destination of direct investment abroad,” he said.

BNM Governor Datuk Seri Abdul Rasheed Ghaffour said the performance put Malaysia on track to see positive growth next year despite increasing risks both here and abroad.

"Meanwhile, headline inflation is expected to average between 2.0 per cent and 3.5 per cent in 2025,” he said.