Asian Currencies Steady as Yen Holds Firm, Oil Tops $100 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
German Inflation Accelerates to 2.9% in August 
South Korea GDP Surges on Chip and AI Boom 
Fitch Eyes Japan Budget for Fiscal Discipline 
US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
Asian Stocks Fall as Oil Tops $100, Yields Rise 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
UK Food Inflation Forecast to Hit 6.4% by Mid-2027 
Oil Prices Hold Near Highs as U.S.-Iran Conflict Escalates 
Asian Stocks Mixed as Korean Chipmakers Rally 
Brent Oil Tops $100 as Middle East Conflict Threatens Supply 
ECB Rate Hike in Focus as Oil Tops $100 
Oil Prices Rally as Brent Nears $100 on U.S.-Iran Escalation 
China Exports Surge 25% in August as Trade Surplus Hits $119 Billion 
China Buys 1 Million Tons of U.S. Soybeans Ahead of Xi Visit 
Iran Threatens Gulf Energy Assets as U.S. Tensions Escalate 
Add as a preferred source on Google
Malaysia’s Q3 Economic Growth Slows to 5.3%
Malaysia's economy is projected to have grown by 5.3% in the third quarter of 2024 compared to the previous year, marking a slowdown from the 5.9% growth recorded in the second quarter. This decline, reported by the official advance estimates released on Monday, is attributed to various factors affecting economic momentum.
In Q2, the country experienced its fastest economic expansion in 18 months, fueled by increased household spending, robust exports, and higher investment levels. In response to these dynamics, the Malaysian government recently revised its economic growth forecast for 2024, now estimating growth between 4.8% and 5.3%, up from the previous range of 4% to 5%.
The growth in the third quarter was primarily driven by the services sector, which saw a 5.1% increase from the previous year. Additionally, expansions were observed in the manufacturing, construction, and agriculture sectors, according to data from the Statistics Department. However, the mining and quarrying sector faced challenges, contracting by 3.4% year-on-year due to declines in natural gas and crude oil production.
Trade dynamics also showed variation, with exports rising 7.8% year-on-year while imports surged by 20.8%. Chief Statistician Mohd Uzir Mahidin noted that a stable labor market, manageable inflation, supportive fiscal and monetary policies, and an ongoing recovery in tourism are expected to bolster economic performance.
Final GDP figures for the third quarter will be published on November 15.
