Illustrative image (Photo: Straits Times) Hanoi (VNA) - Malaysia's gross domestic product (GDP) grew by 2.9% year-on-year in the second quarter of this year, mostly thanks to improving labour market, continued increase in domestic demand and higher tourism activities, said Governor of the Bank Negara Malaysia Datuk Shaik Abdul Rasheed Abdul Ghaffour.
However, it expanded slower than the 5.6% recorded in the first quarter due to weaker external demand amid the global technology downturn and decreased production, as well as the impact of the high base effect from the second quarter of 2022.
Abdul Rasheed said the Malaysian economy is projected to expand close to the lower end of the 4-5% range this year.
Growth will continue to be supported by domestic demand amid improving employment and income as well as implementation of multi-year projects, he said, adding that headline inflation during the quarter continued to moderate to 2.8-3.6%.
The same day, the Malaysian Ministry of Investment, Trade, and Industry (MITI) released its July 2023 report, indicating that the country's trade volume decreased by 14.4% annually to 216.41 billion RM (47 billion USD) due to weakening global demand and lower commodity prices./.
