Malaysian GDP growth meets target, expands 5.1% in 2024

But fourth quarter figures show expansion slowing as external headwinds loom

Staff work at a chip packaging facility in Malaysia. The country's core manufacturing sector was buoyed by global semiconductor demand in 2024. © Reuters

NORMAN GOH

February 14, 2025 13:08 JST

Updated on February 14, 2025 16:57 JST

KUALA LUMPUR -- Malaysia's economy expanded robustly in 2024 driven by resilient domestic demand and a recovery in exports, data showed on Friday, but the pace of growth eased in the final quarter as headwinds loom for the Southeast Asian manufacturing hub.

Gross domestic product grew 5.1% in 2024, according to figures released by the nation's central bank, up from a revised 3.6% the previous year and meeting the government's target of 4.8% to 5.3%.