Wednesday, May 18, 2022

Malaysia sees 5% GDP growth in first quarter of 2022

The services and manufacturing sectors continued to drive economic growth, expanding by 6.5% and 6.6% respectively.

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Malaysia’s economy rebounded in the first quarter of 2022 (Q1 2022), registering a 5% growth versus a contraction of 0.5% in Q1 2021.

The positive economic performance was underpinned by improving domestic demand as economic activities continued to normalise with the easing of containment measures.

The country’s gross domestic product (GDP) also met the projections set by economic analysts who were optimistic about the country’s improving domestic demand, especially private consumption which forms 58.8% of the GDP.

“The improvement also reflects the recovery in the job market, with the unemployment rate declining further to 4.1% (Q4 2021: 4.3%), as well as continued policy support,” said Bank Negara Malaysia governor Nor Shamsiah Mohd Yunus.

Speaking at the press conference on Malaysia’s Q1 2022 GDP performance in Kuala Lumpur today, she said that strong external demand amid the continued upcycle in global technology had also helped boost growth.

On the supply side, the services and manufacturing sectors continued to drive economic growth, expanding by 6.5% and 6.6% respectively.

On a quarter-on-quarter seasonally adjusted basis, the economy grew by 3.9% in Q1 2022, compared to 4.6% in Q4 2021.

Headline inflation moderated to 2.2% during the quarter from 3.2% in Q4 2021.

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