KUALA LUMPUR, May 17 — Malaysia’s economy grew at a higher rate of 4.2 per cent in the first quarter of 2024 (1Q 2024) from 2.9 per cent in the fourth quarter of 2023 (4Q 2023), driven by stronger private expenditure and positive turnaround in exports.

Gross domestic product (GDP) growth for 1Q 2023 was 5.6 per cent.

Bank Negara Malaysia (BNM) governor Datuk Abdul Rasheed Ghaffour said that household spending was higher amid continued growth in employment and wages.

“Better investment activities were supported by higher capital spending by both the private and public sectors,” he said when announcing the 1Q 2024 GDP performance here, today. — Bernama