Malaysia’s second-quarter GDP grows at fastest annual pace in a year

General view of the Petronas Twin Towers and other commercial buildings, seen from KL Tower, in Kuala Lumpu July 24, 2020. Malaysia’s economic output grew 8.9% year on year in the second quarter, boosted by expanding domestic demand and robust exports, it said Bank Negara Malaysia’s governor Nor Shamsiah Mohd Yunus on Friday.

Mohd Rasfan | AFP | Getty Images

Malaysia’s economy expanded in the second quarter at its fastest annual pace in a year, boosted by expanding domestic demand and robust exports.

Gross domestic product (GDP) rose 8.9% year-on-year in April-June, the central bank said. That was faster than the 6.7% growth forecast in a Reuters poll and higher than the previous quarter’s 5% annual increase.

It was also faster than any annual rate since the second quarter of 2021, when GDP had grown 16.1% from a low year-ago figure.

Seasonally adjusted GDP for April-June increased by 3.5% over the previous three months, when quarterly growth was 3.8%.

Malaysia’s economy has been on a strong recovery path since the country reopened its borders in April.

Full-year growth for 2022 would come in at the high end of the previously forecast range of 5.3% to 6.3%, central bank Bank Negara Malaysia (BNM) said.

Gradual adjustments to the overnight rate are necessary to avoid stronger measures going forward, BNM said, adding that all steps would be taken in a measured and gradual manner.

The central bank raised interest rates for the second straight meeting in July.

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Joshua Buckhalter

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