PETALING JAYA: Malaysia’s gross domestic product for the third quarter of 2023 (Q3 2023) has grown 3.3%, up 0.4 percentage point from the previous quarter.
Bank Negara Malaysia (BNM) said the slight increase in quarterly growth was supported by improvements in domestic demand, labour market conditions, tourism and construction activities.
“Household spending remained supported by continued growth in employment and wages. Meanwhile, investment activity was underpinned by the progress of multi-year projects and capacity expansion by firms,” said BNM in a press release today.
While BNM cautioned that exports are expected to remain soft amid prolonged weakness in external demand, it will be partially offset by the recovery in inbound tourism.
On the supply side, BNM said that the services, construction and agriculture sectors remained supportive of growth.
However, the economic expansion was partly offset by the decline in production in the manufacturing sector given the weakness in demand for electrical and electronic (E&E) products and lower production of refined petroleum products.
“On a quarter-on-quarter seasonally adjusted basis, the economy grew by 2.6% (Q2 2023: 1.5%). Overall, the Malaysian economy expanded by 3.9% in the first three quarters of 2023,” said BNM.
MORE TO COME - FMT
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