KUALA LUMPUR, Dec. 9 (Xinhua) -- Malaysia's retail industry achieved a positive growth rate of 3.8 percent in retail sales as compared to the same period in 2023, the Retail Group Malaysia (RGM) said Monday.

This latest quarterly result was in line with market expectations, RGM said in a statement.

It noted that the rising cost of living continued to be the biggest challenge of the retail industry during the third quarter of this year as it had affected Malaysian consumers from all income groups.

For the first nine months of this year, the growth rate of Malaysia's retail industry rose by 3.8 percent, as compared to the same period in 2023.

Based on the latest retail results, RGM has revised upwards its retail sale projection to 3.9 percent for 2024.

For the fourth quarter of 2024, the growth rate estimate has been revised upwards from 3.2 percent to 4.4 percent.

RGM also forecasts a 4 percent growth rate for Malaysia's retail industry in 2025.

Similar to this year, the biggest challenge for the country's retail industry in the new year is the rising cost of living. Enditem

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