Saturday, May 28

Bank Negara: Malaysia records 5 pct GDP growth in Q1 2022

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The country’s GDP has met the projections set by economic analysts, who were optimistic about the country’s improving domestic demand, especially private consumption which forms 58.8 per cent of the GDP. — AFP photo

KUALA LUMPUR (May 13): Malaysia’s economy has rebounded in the first quarter of 2022 (Q1 2022), registering a 5 per cent growth versus a contraction of 0.5 per cent in Q1 2021.

The positive economic performance was underpinned by improving domestic demand as economic activities continued to normalise with the easing of containment measures.

The country’s gross domestic product (GDP) has met the projections set by economic analysts who were optimistic about the country’s improving domestic demand, especially private consumption which forms 58.8 per cent of the GDP.

“The improvement also reflects the recovery in the job market, with the unemployment rate declining further to 4.1 per cent (Q4 2021: 4.3 per cent), as well as continued policy support,” said Bank Negara Malaysia  (BNM) Governor Datuk Nor Shamsiah Mohd Yunus.

Speaking at the press conference on Malaysia’s Q1 2022 GDP performance here today, she said that strong external demand amid the continued upcycle in global technology had helped to boost growth.

On the supply side, the services and manufacturing sectors have continued to drive economic growth, expanding by 6.5 per cent and 6.6 per cent, respectively.

On a quarter-on-quarter seasonally adjusted basis, the economy grew by 3.9 per cent in Q1 2022, compared to 4.6 per cent in Q4 2021.

Headline inflation moderated to 2.2 per cent during the quarter from 3.2 per cent in Q4 2021. — Bernama