Malaysia’s gross domestic product (GDP) decreased to a slower pace of 2.7 per cent in the third quarter of 2020 (3Q20) from the 17.1 percent contraction in the second quarter of 2020, said the Department of Statistics Malatysia (DOSM).
Chief statistician Mohd Uzir Mahidin said the economic performance in 3Q20 was uplifted by a rebound in the manufacturing sector, while other sectors showed an improved negative growth compared to the previous quarter.
“Overall, the performance in the third quarter was mainly driven by the manufacturing sector which grew 3.3 per cent compared to the decline 18.3 per cent in the previous quarter, supported by electrical, electronics and optical, as well as vegetable and animal oils and fats, and food processing products.
“The favourable performance was attributed by exports-oriented industries which turnaround to 5.0 per cent from -13.5 per cent in the second quarter of 2020 and this was reflected in the performance of total exports in the month of September 2020 which recorded a positive double-digit growth,” he said in a statement today.
- Bernama
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