KUALA LUMPUR, Nov 17 Reuters Malaysia39;s economy grew faster than expected in the third quarter, with the central bank expecting buoyant domestic demand to continue offsetting a slowdown in exports.

Gross domestic product GDP expanded 3.3 from a year earlier in the JulySeptember period, data from Bank Negara Malaysia BNM and the Statistics Department showed, beating analysts39; estimates for a 3 expansion and recovering from a near twoyear low of 2.9 in the second quarter.

The reading was in line with advance estimates released on Oct. 20.

Malaysia39;s economic growth is expected to meet the government39;s target of 4 this year, driven by strong domestic spending, improving labour market conditions, and rising tourism, BNM Governor Abdul Rasheed Ghaffour told reporters.

Malaysia39;s economic fundamentals remain strong and supportive of growth moving forward, he said, adding that GDP had exceeded prepandemic levels.

The government estimates the economy will expand by between 4 to 5 in 2024.

The Southeast Asian economy has faced sharply slower growth this year after a 22year high of 8.7 in 2022, amid weaker international demand.

Malaysia, a major global supplier of palm oil and semiconductors, saw exports decline 12 in the third quarter, though the central bank expects a recovery amid a pickup in the tech cycle next year.

The central bank held its key interest rate unchanged at 3.00 earlier this month amid moderating inflation, and warned of risks due to…