Malaysia’s economy is estimated to have grown 3.9% in the first quarter of 2024 from a year earlier.

The manufacturing sector rebounded to 1.9% growth in the first quarter of this year from a 0.3% contraction in the final quarter of 2023, while the agriculture sector rose 1.3% year-on-year in the same period, driven by oil palm and livestock production.

Malaysia’s exports fell 0.8% in March from a year earlier, having also decreased by the same amount in February.

The central bank last month forecast a 5% rise in exports in 2024, recovering from an 8% contraction last year.

The central bank held its key interest rate steady at 3.00% at a policy meeting in March, saying it was at a level that was supportive to the economy.

The government and central bank expect full-year economic growth of 4%-5% in 2024. Malaysia’s full-year 2023 growth was 3.7%, a sharp drop from a 22-year high of 8.7% in 2022.