Image Credits: The Hill Times
Malaysia’s economic performance in July 2024 showed encouraging signs, with the leading index (LI) registering a growth of 5.2%, climbing to 115.1 points from 109.4 points in the same month last year. Chief Statistician Datuk Seri Mohd Uzir Mahidin attributed this growth primarily to a significant increase in the real imports of semiconductors, which surged by 36.7%. Additionally, the Bursa Malaysia Industrial Index rose by 35.4%, further indicating a robust industrial sector.
Uzir highlighted that the LI’s monthly performance reflected a positive rebound, increasing by 1.1% in July 2024, following a decline of 0.4% in June. He noted that the semiconductor imports, which contributed 1.0% to the LI, signal a resurgence in the technology sector and its related industries. The sustained performance of the LI, which consistently exceeded 100.0 points in July, demonstrates a resilient Malaysian economy bolstered by strong domestic consumption and ongoing demand from international markets.
In parallel, the coincident index (CI) also exhibited positive growth, increasing by 2.8% in July 2024 to reach 127.3 points, up from 123.8 points in the same month the previous year. Uzir stated that this overall improvement in the CI is attributed to enhancements across all components, showcasing the economy’s broad-based recovery.
The CI’s monthly performance also saw a modest increase of 0.7%, driven by various sectors, although the Volume Index of Retail Trade experienced a slight decline of 0.1%. Uzir emphasized that this mixed performance underscores the dynamic nature of Malaysia’s economic landscape as it navigates recovery in the post-pandemic era.
Overall, these indicators reflect a cautiously optimistic outlook for Malaysia’s economy, driven by the technology sector’s resurgence and supported by strong consumer demand. As the country continues to adapt to global economic challenges, these positive trends may pave the way for sustained growth in the coming months.