Private consumption rose 15.1per cent in the third quarter from a year ago and exports increased 18.7per cent, the central bank said, adding that growth was evident across sectors including services, construction and manufacturing. The central bank said it expects GDP to surpass the government's projection of 6.5per cent-7per cent in 2022, but sees growth slowing to 4.0per cent-5.0per cent next year. The GDP data also comes as Malaysia is due to hold national elections this month, with the economy and inflation likely to be at the top of voters' considerations. It surpassed the economic growth of many regional peers, including Indonesia, the Philippines, Singapore and Vietnam.
The third-quarter jump was driven by a continued expansion in domestic demand, a firm recovery in the labour market, solid exports, and ongoing policy support, said Nor Shamsiah. Economists in a Reuters poll had expected GDP to rise 11.7per cent after it increased 8.9per cent in the previous quarter. Gross domestic product (GDP) grew at its fastest pace since the second quarter of 2021 in the July-September period. "The moderation in global growth will particularly have an impact on Malaysia's exports." "We acknowledge there are still some spots in our economy that have yet to return to pre-pandemic condition," central bank governor Nor Shamsiah Yunus told a news conference on Friday. Malaysia's economy has bounced back rapidly from the COVID-19 pandemic after the government started easing restrictions in April but there are concerns that a slowdown in the world economy could hurt export growth going forward. While the central bank sees 2022 growth surpassing government projections, it said a slowdown in quarterly expansion was in line with an expected moderation in growth. The economy grew by a higher-than-expected 14.2per cent in the third quarter from a low base a year earlier, when COVID-19 containment measures curbed economic activity.
KUALA LUMPUR :Malaysia's economy expanded at its fastest pace in over a year in the third quarter, outrunning the growth rate in many of its Southeast Asian peers, but the central bank said the outlook was clouded by the risk of a global slowdown.
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