FX.co ★ Malaysia GDP Growth Eases To 5.3% In Q3

Malaysia's economic growth experienced a slowdown in the third quarter, as highlighted by a contraction in the mining and quarrying sector, according to a report from the Department of Statistics released on Monday.

In the third quarter, the nation's gross domestic product (GDP) achieved an annual growth rate of 5.3 percent. This represents a decrease from the 5.9 percent growth observed in the previous quarter, the preliminary data indicates.

On a quarterly scale, however, GDP showed a robust expansion of 4.6 percent in the September quarter, a significantly faster pace than the 0.8 percent growth recorded in the second quarter.

Breaking it down by sector, the service sector experienced a moderation in annual growth, registering 5.1 percent compared to 5.9 percent. The agriculture sector saw growth of 4.0 percent, a decrease from the 7.2 percent increase recorded in the prior quarter.

In contrast, the mining and quarrying sector faced a decline, contracting by 3.4 percent year-on-year, a reversal from the 2.7 percent growth observed the previous month. This decrease was primarily due to reduced output in the natural gas, crude oil, and condensate sub-sectors.