KUALA LUMPUR, Jan. 19 (Xinhua) -- Malaysia's gross domestic product (GDP) is estimated to grow at 3.4 percent in the fourth quarter of 2023, as compared to 3.3 percent in the previous quarter, based on official advance estimates on Friday.
Overall, Malaysia's economy is expected to grow moderately at 3.8 percent in 2023 after posting a growth of 8.7 percent in 2022, the Department of Statistics Malaysia (DOSM) said in a statement.
"The services sector spearheaded the economic performance in this quarter, with all other sectors experiencing positive growth," said DOSM.
The services sector is projected to increase by 4.7 percent in the fourth quarter of 2023 backed by wholesale and retail trade, transport and storage and business services sub-sectors.
As for the full year, all sectors are also anticipated to experience positive growth, which contributed to this performance.
The services sector is expected to rise by 5.4 percent in 2023. Additionally, Malaysia's economic activity is seen to undergo a recovery phase in 2023. ■
