Malaysia’s GDP growth eases in Q2
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./.