Chief Statistician Uzir Mahidin said this was an improvement from the 3.8% growth rate recorded during the same period in 2023.

“The robust performance reflects continued resilience despite global uncertainties and is seen as a positive sign for the country’s economic stability.

“Hence, Malaysia’s economy is poised for steady development as 2024 progresses,” he said in a statement on the release of the Malaysian Economic Statistics Review Volume 12/2024 report today.

He said Malaysia’s industrial production index (IPI) posted a 2.1% year-on-year growth in October, driven by manufacturing (3.3%) and electricity (2.5%), while mining declined by 2.8%.

On a monthly basis, the IPI bounced back with a growth of 1.7%.

“Simultaneously, the manufacturing sector recorded an increase of 3.0% year-on-year in sales to RM161.3 billion in October, primarily fuelled by the food, beverages and tobacco sub-sector, which surged by 11.2%.

“The wholesale and retail trade industry showed persistent growth in October, with sales reaching RM150.1 billion, a 5.5% increase from the previous year.”

Malaysia’s overall trade performance remained steady in October, with total trade growing by 2.1% year-on-year to reach RM244.3 billion.

“Exports saw a modest rise of 1.6%, totalling RM128.1 billion, while imports grew by 2.6% to RM116.1 billion,” Uzir said.

Malaysia’s labour market continued its positive momentum with the workforce expanding by 1.7%, rising to 17.27 million from 16.97 million in October last year, and pushing the labour force participation rate up to 70.5%.

“Employment also saw a boost, with a 1.9% increase to 16.72 million,” he said.