The headquarters of Bank Negara Malaysia, the nation's central bank, stand in Kuala Lumpur, Malaysia, on Thursday, March 4, 2010.
Bank Negara Malaysia (BNM) said the 3% year-on-year growth in gross domestic product during the October-December period was driven by improving labor market conditions and easing cost pressures.
"Growth in 2024 will be driven by resilient domestic expenditure and improvement in external demand," the central bank said in a statement.
The fourth quarter reading was below advanced estimates released on Jan. 19 by the Statistics Department and analysts' forecast in a Reuters poll of a 3.4% expansion.
On a quarter-on-quarter seasonally-adjusted basis, Malaysia's economy contracted 2.1%, compared to a 2.6% rise in the third quarter.
Organizations:
Bank Negara Malaysia, Statistics Department
Locations:
Bank, Kuala Lumpur, Malaysia