Kuala Lumpur, November 12 (QNA) – Malaysian economy recorded a growth of 14.2% in the third quarter of 2022, supported by the increasing domestic demand, the recovery of labor markets and exports of electrical and electronic products.
Governor of the Central Bank of Malaysia Nor Shamsiah binti Mohd Yunus said that the boost to growth was partly due to the lower base impact, as a result of strict containment measures in the third quarter of last year.
She stated that based on the good growth recorded in the first nine months of 2022, the overall growth in 2022 is expected to exceed 7.0%.
The Governor added that economic crises are usually associated with a GDP contraction, high unemployment, business closures, and the failure of financial intermediation, meanwhile Malaysia’s economy have not seen these indicators and that GDP has grown in four consecutive months since the last quarter of 2021.
She noted that the service sector grew by 16.7%, the manufacturing industry by 13.2%, agriculture by 1.2%, mining by 9.2% and construction by 15.3%. (QNA)