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Malaysia’s economy grew by 8.9 pct in Q2 – BNM

Malaysia’s economy grew by 8.9 pct in Q2 – BNM

KUALA LUMPUR: Malaysia’s economy posted a sterling growth of 8.9 pct in the second quarter (Q2) of 2022 as domestic demand continued to strengthen, underpinned by the steady recovery in labour market conditions and ongoing policy support.

In a statement today, Bank Negara Malaysia (BNM) said the higher growth was also reflective of normalising economic activity as the country moved towards endemicity and reopened international borders.

While the gross domestic product (GDP) was lifted to some extent by the low base from the Full Movement Control Order (FMCO) in June 2021, the central bank said growth in April and May 2022 was particularly robust.

On a quarter-on-quarter seasonally-adjusted basis, it said the economy increased by 3.5 per cent as compared to 3.8 per cent in Q1 2022.– BERNAMA