Wed, 28 Sep 2022

Malaysia's economy grows 8.9 pct on year in Q2

Xinhua
12 Aug 2022, 21:05 GMT+10

KUALA LUMPUR, Aug. 12 (Xinhua) -- The Malaysian economy registered a stronger growth of 8.9 percent in the second quarter as domestic demand continued to strengthen, Malaysian Central Bank said Friday.

Bank Negara Malaysia (BNM) said in a statement that the gross domestic product (GDP) was lifted to some extent by the low base from the Full Movement Control Order (FMCO) in June 2021, and the growth in April and May 2022 was particularly robust.

"Domestic demand continued to strengthen, underpinned by the steady recovery in labor market conditions and ongoing policy support," it said.

The higher growth was also reflective of normalizing economic activity as the country moved towards endemicity and reopened international borders.

According to the bank, exports remain supported by strong demand for electrical and electronic (E&E) products.

By sector, it said the services and manufacturing sectors continued to drive growth.

On a quarter-on-quarter seasonally-adjusted basis, the economy increased by 3.5 percent as compared to 3.8 percent in the first quarter.

With the growth in the first half of 2022 at 6.9 percent, BNM said the Malaysian economy is projected to expand further for the remainder of the year.

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