Malaysia's economy registered a more robust growth of 14.2 percent in the third quarter of 2022, underpinned by strong domestic demand, Malaysia's central bank, Bank Negara Malaysia (BNM), said on Friday.
While there were base effects from the negative growth in the third quarter of 2021, growth was still driven by strong domestic demand, underpinned by improvements in the labor market and income conditions and ongoing policy support, BNM said in a statement. Furthermore, exports remained supported by strong demand for electrical and electronics products, and the recovery of inbound tourism lent further support to economic activities. In addition, the service and manufacturing sector continued to drive growth, BNM added.
On a quarter-on-quarter and seasonally-adjusted basis, the economy grew by 1.9 percent in the third quarter compared to 3.5 percent in the second quarter. As a result, Malaysia's economy expanded by 9.3 percent in the first three quarters of 2022.
BNM governor Nor Shamsiah said Malaysia's economy would continue to be supported by firm domestic demand amid continued improvements in the labor market. Meanwhile, BNM said it would continue closely monitoring market developments and ensure that adjustments remain orderly to support effective economic intermediation.
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