Malaysia’s economy grew 5.1% in 2024, up from 3.6% in 2023, the Department of Statistics reported on 14 February 2025. GDP reached RM1.93 trillion at current prices and RM1.65 trillion at constant prices.
The fourth quarter expanded 5% from a year earlier, although output fell 1.1% on a seasonally adjusted quarterly basis. The differing comparisons showed why an economy could record healthy annual growth while losing momentum during a particular quarter.
Capital formation was an important annual driver, rising 12%. Construction output increased 17.5% across 2024, while services rose 5.4% and manufacturing advanced 4.2%. Private consumption increased 5.1%, contributing alongside investment to the broader expansion.
The release also showed variation across industries. Agriculture and mining contracted year on year in the final quarter, while services, manufacturing and construction grew. For businesses reviewing this period, the sector figures offer more useful context than the headline alone. These are the estimates reported in the original release.