Varnam Malaysia
  • Home
  • News
  • Celebrity
  • Reviews
  • Features
  • Music
  • Trailers
  • Culture
No Result
View All Result
Varnam Malaysia
  • Home
  • News
  • Celebrity
  • Reviews
  • Features
  • Music
  • Trailers
  • Culture
No Result
View All Result
Varnam Malaysia
No Result
View All Result
Home News

Bank Negara: 3.3% Growth In Malaysia’s Economy In The Third Quarter Of The Year

by Tivyasruthi Nair Prem Ananth
November 17, 2023
Share on FacebookShare on TwitterSend

In the third quarter of 2023, Malaysia experienced a 3.3% year-on-year growth in its economy, as indicated by the gross domestic product (GDP). The primary driving force behind this expansion was the substantial contribution from private-sector spending.

Gross Domestic Product (GDP) measures the monetary value of all final goods and services produced within a country during a specified timeframe, usually a quarter or a year. It serves as a key economic indicator, reflecting the overall health and size of an economy. GDP encompasses the total value of goods and services purchased by end consumers, providing insight into a nation’s economic performance and trends.

Image source: Business Today

Bank Negara Malaysia (BNM) reported today that the performance during the July-September period showed improvement compared to the preceding quarter. The growth observed in the third quarter builds on the momentum from the second quarter. The central bank anticipates that household spending will continue to be a key driver, serving as a stabilizing force for overall economic growth.

“Household spending remained supported by continued growth in employment and wages. Meanwhile, investment activity was underpinned by the progress of multi-year projects and capacity expansion by firms, Weaker external demand is cushioned by resilient domestic spending,” Bank Negara Malaysia governor Datuk Shaik Abdul Rasheed Abdul Ghaffour stated during the media briefing.

Image source: The Edge Malaysia

In Q3 2023, the economy exhibited a 2.6% quarter-on-quarter growth, a notable increase from the 1.5% recorded in Q2 2023, as indicated by seasonally adjusted figures. The Malaysian economy, as a whole, demonstrated a robust expansion of 3.9% over the initial three quarters of 2023.

This quarter, headline inflation eased to 2%, showing a decline from the previous quarter’s 2.8%. The decrease in non-core inflation was influenced by a drop in fresh food and fuel prices. Core inflation also decreased, reaching 2.5% from the previous quarter’s 3.4%, although it remained higher than its long-term average spanning from 2011 to 2019, which stood at 2%.

Related:  How Saresh D7 Champions Unity & Diversity in Malaysian Tamil Cinema

The decline in core inflation was primarily influenced by specific service sectors. Notably, expenses related to dining out, such as food away from home, as well as spending in restaurants and cafés, played a significant role in moderating inflation. Additionally, the category of personal transport repair and maintenance also contributed to the overall reduction in core inflation. These selected services collectively contributed to the observed moderation in the core inflation rate during the specified period.

Image source: Central Banking

Looking ahead, Governor Abdul Rasheed Ghaffour of BNM expressed optimism about the Malaysian economy, stating that despite the global challenges, it is expected to grow by approximately 4% in 2023 and between 4% and 5% in 2024. The anticipated growth will be fueled by the continuous expansion of domestic demand, supported by stable employment and income opportunities, particularly within sectors focused on the domestic market. This projection underscores the resilience of the Malaysian economy in the face of external uncertainties.

“This growth performance along with other favourable economic developments would provide support to the ringgit,” he said. Malaysia’s economic landscape, as outlined by BNM Governor Abdul Rasheed Ghaffour, displays a positive trajectory despite global challenges. The forecasted growth of around 4% in 2023 and a range of 4%–5% in 2024 underscores the nation’s resilience. This outlook reflects Malaysia’s ability to navigate global uncertainties and signals a promising path for continued economic development in the coming years.

Source: Free Malaysia Today

Follow us on Instagram, Facebook or Telegram for more updates and breaking news. 

Filed Under Bank Negara MalaysiaDatuk Shaik Abdul Rasheed Abdul GhaffoureconomyGDPMalaysiaMalaysian Ringgit
https://lomp.at/g3fz3
Share2Tweet1Send

YOU MIGHT ALSO LIKE

Image Source: BERNAMA
News

Deepavali 2025: Police to Strengthen Safety in Crowded Areas

by Kavitha
October 12, 2025

In conjunction with the Deepavali celebration on October 20, the police will strengthen security at public places where large crowds...

Read more
Image Source: Astro Awani
News

OPS Lancar: PDRM Expects Surge of 2.1 Million Vehicles During Deepavali Week

The Royal Malaysia Police (PDRM) expects around 2.1 million vehicles to be on the roads nationwide starting 18 October, in...

Read more
by Kavitha
October 10, 2025
Image Source: Rapid KL Facebook
News

Rapid KL Deploys 82 Special Buses for MotoGP 2025

Rapid KL has announced that it will provide 82 special buses to transport fans attending the MotoGP World Championship at...

Read more
by Kavitha
October 9, 2025
Image Source: Health
News

Influenza Cases in Selangor Surge Over 80% in a Week, Majority Linked to Schools

Influenza cases in Selangor have spiked dramatically, rising by more than 80% in just one week, with the majority of...

Read more
by Shivashangkari Chandran
October 8, 2025
News

Malaysian Pannir Selvam Executed in Singapore for Drug Trafficking

Malaysian national Pannir Selvam Pranthaman, 38, has been executed in Singapore after being convicted of trafficking 51.84 grammes of heroin...

Read more
by Kavitha
October 8, 2025
News

Temporary Shift to Online Learning for 72 Schools During ASEAN Summit

A total of 72 schools across Kuala Lumpur and Selangor will conduct online classes during the upcoming 47th ASEAN Summit,...

Read more
by Shivashangkari Chandran
October 7, 2025
News

118 New Tents to Replace Collapsed Brickfields Deepavali Bazaar Stalls

In an unfortunate turn of events yesterday, strong winds and heavy rain caused all the tents at the Brickfields Deepavali...

Read more
by Kavitha
October 3, 2025
Image Source: Malay Mail
News

Several Roads in Brickfields, Masjid India Closed for Deepavali Bazaar Until Oct 19

Several roads in Brickfields and Masjid India will be temporarily closed to traffic from September 29 to October 19 to...

Read more
by Kavitha
October 2, 2025
Image Source: JustRunLah
News

30 Roads to Close for KL Standard Chartered Marathon This Weekend

Around 30 roads in the city centre will be closed in stages this weekend for the Kuala Lumpur Standard Chartered...

Read more
by Shivashangkari Chandran
October 2, 2025
Image Source: petronasletourdelangkawi Instagram
News

Road Closures Across Selangor for Le Tour de Langkawi 2025

Several major roads across Selangor will be temporarily closed starting Thursday, 2 October 2025, to make way for Stages 5,...

Read more
by Kavitha
October 1, 2025
Load More

TRENDING

  1. 1

    Influenza Cases in Selangor Surge Over 80% in a Week, Majority Linked to Schools

  2. 2

    Temporary Shift to Online Learning for 72 Schools During ASEAN Summit

  3. 3

    [PART 1] Light, Colours & Traditions: Deepavali Bazaars Happening Across Malaysia This October

  4. 4

    Malaysian Pannir Selvam Executed in Singapore for Drug Trafficking

  5. 5

    Pearly and Thinaah Storm Into Arctic Open Quarter-Finals

  • Advertise With Us
  • Jobs
  • Contact Us
  • Privacy Policy

© 2025 Vijandren Ramadass. All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Celebrity
  • Reviews
  • Features
  • Music
  • Trailers
  • Culture

© 2025 Vijandren Ramadass. All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Celebrity
  • Reviews
  • Features
  • Music
  • Trailers
  • Culture

© 2025 Vijandren Ramadass. All Rights Reserved.