KUALA LUMPUR: Malaysia's economic growth is expected to show a better performance in the second quarter of 2024 (2Q24), according to the Department of Statistics Malaysia (DoSM).
Chief statistician Datuk Seri Mohd Uzir Mahidin said this is supported by the Leading Index (LI) which bounced back to a positive trajectory of 0.3 per cent to attain 110.1 points in Dec 2023 compared to 109.8 points in the same month of the preceding year.
He added that this was the first positive growth after nine consecutive months of declines, driven by a rebound in the number of housing units approved (41.5 per cent) as compared to negative 25.8 per cent in November 2023.
"Looking at the monthly performance, the LI also increased 0.3 per cent, contributed by the Bursa Malaysia Industrial Index and the number of housing units approved," he said in a statement today.
Meanwhile, DoSM noted that the smoothed growth rate of the LI for December 2023 remained below the 100 points trend.
DoSM added that although it remained below the trend, the Malaysian economy is expected to improve in the near term supported by resilient domestic demand and stable labour market conditions.
Referring to the current economic scenario, the coincident index (CI) rose 2.3 per cent to 123.1 points in Dec 2023 as compared to 120.3 points in the same month of the previous year.
"The uptick was contributed by all components except the industrial production Index (-0.1 per cent)."However, the CI decreased by 0.5 per cent month on month, owing to the unfavourable performance of the Industrial Production Index (-0.3 per cent)," it said.