Maybank Investment Bank Bhd (Maybank IB) estimated that Malaysia's GDP will grow by 5.4% year-on-year (YoY) in the third quarter of 2024 (3Q24), slightly surpassing its advanced estimate (AE) of 5.3% YoY that was released on Oct 21, 2024.

In a note today, the research house said the real GDP growth estimate is driven by projections of stronger growth in the services sector at 5.6% YoY compared to AE's 5.1% YoY.

"This estimate also aligns with the AE growth for the manufacturing (5.7% YoY) and construction (19.5% YoY) sectors.

"The projections also reflect lower growth than the AE for agriculture at 3.1% YoY compared to the AE of 4% YoY, and mining to contract 4.5% YoY against AE's 3.4% contraction YoY," it added.

Malaysia's GDP for 3Q24 is scheduled to be released on Nov 14.