'Beyond all market predictions, this is a good sign.'
Malaysia's gross domestic product (GDP) increased 14.2% year-on-year in the 3rd quarter (Q3) compared to the market forecast of 11.7% and the 8.9% recorded during the previous quarter.
On a quarterly basis, Malaysia's growth grew by 1.9%, and the overall national economy experienced a 9.3% jump from the first quarter of 2022.
It was underlined that the surge factor occurred as a result of the strengthening of domestic demand from the development of the labor market including the continued support of government policies.
The data of each sector for production is as follows:
Services increased 16.7% compared to 12% with sub-sectors such as wholesale and retail trade; transportation and storage; as well as food and drinks reaching 2 digits.
Manufacturing jumped 12.2% compared to 9.2% with sub-sectors:
Electrical and electronic goods at 17.3%.
Transportation and repair goods at 36.9%.
Non-ferrous and ferrous goods at 13.4%.
Mining grew 9.2% compared to -0.5% with sub-sectors:
Crude oil and condensate at 2.5%.
Construction grew 15.3% compared to 2.4%.
Agriculture increased by 1.2% compared to -2.4%.
Malaysia's GDP reading for spending can be carefully summarized below.
Private spending fell 15.1% from 18.3%.
Government spending rose 4.5% from 2.6%.
Fixed investment stood at 13.1% from 5.8%.
Exports jumped 23.9% from 10.4%.
Imports gained 24.4% from 14%.
In the meantime, the Governor of Bank Negara Malaysia, Tan Sri Nor Shamsiah Mohd Yunus, did not rule out the possibility that the country's inflation could rise to 4.5% this quarter with core inflation rising to 3.7% from 2.5%.
Following that, BNM put the GDP growth forecast at 4% to 5% next year.
