Malaysia's crude in-country output (GDP) reading saw a sudden increase of 8.9% in Q2 (Q2) versus the previous 5% record.
According to Bank Negara Malaysia (BNM), strong domestic demand behind a steady recovery in the labor market and basic support in April and May were among the main contributors to economic growth.
This case indirectly indicates that economic activity is moving normally when the country moves into an endemic phase which also witnessed the re-opening of borders between nations.
BNM review again, Malaysia's economy has grown 6.9% in the first half and is expected to continue to increase for the remainder of 2022.
Looking at the details of the report, the service and manufacturing sectors continue to lead growth while export demand for electrical and electronic products (E&E) remains pagan.
Follow the comprehensive summary of Malaysia's GDP reading below:
Household use increased 18.3% from 5.5% in Q1.
Consolidation continued to add 5.8% from 0.2% in Q1.
Royal spending is modest 2.6% versus 6.7%.
Net foreign trade is seen as negative if exports reach 10.4% while imports jump 14%.
Service spending came in at 12% from 6.5% in Q1, production stood at 9.2% versus 6.6% and construction came in at 2.4% versus -6.2%.
Mining decreased -0.5% from -1.1% and agriculture shrank -2.4% from 0.1%.
On a seasonally adjusted annual rate basis, GDP grew 3.5% followed by a 3.8% increase which saw a decline in Q1.
