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Malaysia’s GDP growth eases in Q2

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.
Malaysia’s GDP growth eases in Q2 ảnh 1Illustrative image (Photo: Straits Times)

Hanoi (VNA) - Malaysia'sgross domestic product (GDP) grew by 2.9% year-on-year in the second quarter ofthis year, mostly thanks to improving labour market, continued increase indomestic demand and higher tourism activities, said Governor of the Bank Negara Malaysia Datuk Shaik Abdul Rasheed AbdulGhaffour.

However, it expanded slower than the 5.6% recordedin the first quarter due to weaker external demand amid the global technologydownturn and decreased production, as well as the impact of the high baseeffect from the second quarter of 2022.

Abdul Rasheed said theMalaysian economy is projected to expand close to the lower end of the 4-5%range this year.

Growth will continue to besupported by domestic demand amid improving employment and income as well asimplementation of multi-year projects, he said, adding that headline inflationduring 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 thecountry's trade volume decreased by 14.4% annually to 216.41 billion RM (47billion USD) due to weakening global demand and lower commodity prices./.

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