Malaysia's Jan-March economic data shows positive outlook: Statistics Department

 

The economic indicators for the first three months of 2022 stipulate Malaysia’s positive economic outlook in the near future with high mobility foreseen following the opening of international borders, the Department of Statistics Malaysia (DOSM) said.

Chief statistician Mohd Uzir Mahidin said in addition, the recent Employees Provident Fund (EPF) special withdrawal is expected to increase the demand for goods and services that will stimulate the economy.

“Nonetheless, the ongoings in the global scenario is expected to increase commodities prices which lead to inflation expectation,” he said in a statement today.

“The country’s total trade sustained its robust performance, posting a growth of 17.5 percent in February 2022, and reaching RM184.8 billion from RM157.3 billion in February 2021,” he said.

Both exports and imports soared 16.8 percent and 18.4 percent year-on-year to record RM102.3 billion and RM82.5 billion, respectively, leading the trade surplus to widen by 10.7 percent.

Meanwhile, Malaysia’s total trade maintained its double-digit momentum in March 2022, expanding 27.3 percent.

Exports rose 25.4 percent, imports increased by 29.9 percent and trade balance remained in surplus, up 10.3 percent.

On sectoral performance, Uzir noted that following the increase in the Manufacturing Index (5.2 percent) and Electricity Index (3.9 percent), the Industrial Production Index (IPI) increased 3.9 percent in February 2022 compared to the same month of the previous year.

Meanwhile, Malaysia's Manufacturing sales value in February 2022 stood at RM131.6 billion, growing 11.2 percent compared to the previous year.

Reflecting on the country's labour scenario, he said the continuous economic and social activities that led to the recovery of businesses and revival of the domestic tourism sector have greatly benefitted Malaysia's labour situation.

“The number of employed persons in February 2022 rose 3 percent to 15.73 million persons. Thus, the employment-to-population ratio increased by 1.1 percentage points to 66.3 percent in February 2022, higher than in February of the previous year at 65.2 percent.

“Meanwhile, the unemployment rate improved compared to the previous month to record 4.1 percent,” Uzir said.

- Bernama