BUSINESS

AMBANK SEES MALAYSIA'S 2022 GDP GROWTH AT 8.5-9 PER CENT AND 4.5 PER CENT FOR 2023

17/11/2022 08:58 PM

KUALA LUMPUR, Nov 17 (Bernama) -- AmBank Research expects Malaysia’s economic growth for 2022 to be at 8.5 to 9.0 per cent with fourth quarter (4Q22) gross domestic product (GDP) expansion projected to hover at around six to 8 per cent.

The research house said in a note today that growth will be supported mainly by private consumption, external trade and low-base effects.

However, for 2023, it is looking at slower growth of 4.5 per cent as the downside risks become more pronounced.

Malaysia’s GDP registered a stronger growth of 14.2 per cent year-on-year (y-o-y) in 3Q22 compared to 8.9 per cent in 2Q22, the highest growth rate recorded since 2Q21 (15.9 per cent y-o-y).

On the supply side, the services sector increased by 16.7 per cent y-o-y (2Q22:12.0 per cent), manufacturing grew 13.2 per cent (2Q22:9.2 per cent) while mining and quarrying accelerated to 9.2 per cent from a contraction of 0.5 per cent previously. 

Exports grew robustly by 23.9 per cent y-o-y (2Q22: 10.4 per cent ) supported by strong demand for electrical and electronic (E&E) products while imports increased by 24.4 per cent (2Q22: 14.0 per cent).

The trade surplus contracted by 32 per cent y-o-y to RM18.09 billion.

Malaysia’s headline inflation in September rose 4.5 per cent on-year against 4.7 per cent in August; on a monthly basis, it moderated to 0.1 per cent month on month.

The unemployment rate recorded a lower rate of 3.6 per cent, declining 0.1  per cent compared to 3.7 per cent in August 2022.

The Industrial Production Index increased by 10.8 per cent in September.

-- BERNAMA

 

 


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